Carbon Capture And Storage (CCS) Worldwide Market Will Be Worth US$ 2.9 Billion In 2023

According to Fact.MR, a competitive intelligence and market research, the global carbon capture and storage (CCS) market to grow at a CAGR of 13.4% between 2023 and 2033, to reach a valuation of US$ 10.2 billion in 2033.

The process of capturing carbon dioxide from fuel combustion or industrial processes, transporting it by ship or pipeline, and either using it as a resource to produce useful goods or services or permanently storing it underground in geological formations is known as carbon capture, utilization, and storage (CCUS). The demand for carbon capture, utilization, and storage is also increasing as a result of strict environmental standards and regulations.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.factmr.com/connectus/sample?flag=S&rep_id=6943?PS

The current infrastructure of carbon capture and storage supports 44 MtCO2/year capturing globally. However, efforts are being made to upgrade the existing infrastructure to achieve net zero carbon goals by 2050. There are about 35 commercial facilities using CCUS for electricity generation, fuel transformation, and industrial operations and the number is expected to increase to the carbon-capturing goal of 1286 MtCO2/year by 2030.

U.S. and China are among prominent investment hubs due to the growing government investment and rising awareness regarding environmental health.

𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬 𝐟𝐫𝐨𝐦 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐮𝐝𝐲

• By 2033, the global market for carbon capture and storage (CCS) is expected to exceed US$ 10.2 billion
• Pre-combustion has emerged as the most innovative technology in the carbon capture and storage (CCS) market, growing at 15.1% CAGR during the forecast period
• Significant increase in China's Industrial sector expansion is expected to create lucrative growth opportunities for market players
• In 2023, North America is anticipated to account for 38.2% of the global demand for carbon capture and storage (CCS).
• The oil and gas industry uses carbon capture and storage services more than any other end-use industry, accounting for approximately 35.3% of the market

Growing Demand for Decarbonisation Solutions Gear-up and Holds Potential to Spur Billions in Economic Development in the Future, thus Creating Immense Growth Opportunities for the CCS Market Players, Says a Fact.MR analyst.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐟𝐨𝐫 𝐒𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=6943?PS

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭

Owing to the slight fragmentation of the global market for carbon capture and storage (CCS), manufacturers only have a limited amount of room for growth. Since project costs continue to be high, service providers of carbon capture and storage (CCS) aim to establish contracts with end-use industries to channel the captured carbon and generate revenue. CCS service provides prioritized strategic collaborations to accelerate decarbonisation solutions across various industries.

Companies like Calpine, Chevron, Dow, and 8 others, for instance, have pledged to start searching options that could result in the capture and safe storage of up to 50 million TPY of CO2 by 2030 and approximately 100 million TPY by 2040 in Houston's Industrial sector. Hence, the market is highly lucrative and long-term trade relations with potential industry operators are likely to offer immense growth opportunities to the market players.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐂𝐚𝐫𝐛𝐨𝐧 𝐂𝐚𝐩𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐭𝐨𝐫𝐚𝐠𝐞 (𝐂𝐂𝐒) 𝐌𝐚𝐫𝐤𝐞𝐭

By Type:

Direct Air
Bioenergy

By Technology:

Pre-combustion Capture
Oxy-Fuel Combustion Capture
Post Combustion Capture

By Service Type:

Capture
Transportation
Utilization
Storage

By Application:

Agriculture
Oil & Gas
Iron & Steel
Building & Construction
Chemical & Petrochemical

𝐌𝐨𝐫𝐞 𝐕𝐚𝐥𝐮𝐚𝐛𝐥𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐨𝐧 𝐎𝐟𝐟𝐞𝐫

Fact.MR, in its new offering, presents an unbiased analysis of the global carbon capture and storage (CCS) market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.

The study divulges essential insights on the carbon capture and storage (CCS) on the basis type (direct air, bioenergy), technology (pre-combustion capture, oxy-fuel capture, post-combustion), service type (capture, transportation, utilization, and storage) and end-use industry (agriculture, oil & gas, iron & steel, building & construction, chemical & petrochemical, power generation, and others).

𝐊𝐞𝐲 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐂𝐨𝐯𝐞𝐫𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐂𝐚𝐫𝐛𝐨𝐧 𝐂𝐚𝐩𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐭𝐨𝐫𝐚𝐠𝐞 (𝐂𝐂𝐒) 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭

• What will be the estimated size of the Market in 2023?
• At what rate will the global Carbon Capture and Storage (CCS) sales grow until 2033?
• Which are the factors hampering the Carbon Capture and Storage (CCS) demand?
• Which region will spearhead the growth in the global industry by 2033?
• Which are the factors driving sales in the Carbon Capture and Storage (CCS) Market during the forecast period?

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.factmr.com/report/carbon-capture-and-storage-market

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

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Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

This release was published on openPR.