Carbon Capture and Storage (CCS) Market is Likely to Increase at a Significantly High CAGR during Forecast Period 2031 | ADNOC Group, Aker Solutions ASA, BP p.l.c.

Carbon capture and storage market size was valued at $2.8 billion in 2022, and is projected to reach $4.3 billion by 2030, registering a CAGR of 6.5% during the forecast period (2024-2031). Enhanced oil recovery (EOR) is a tertiary oil recovery method deployed to recover over 65% of the total recoverable oil in place not produced through primary and secondary phases. Rising measures to cut the maximum carbon dioxide levels generated from fossil fuel production and utilization boost the carbon capture and storage market. The requirement of significant capital cost to set up large-scale carbon capture and sequestration systems may obstruct the carbon capture and sequestration market growth. The exponentially increasing need for different chemicals to fabricate various raw materials and end-use products for a wide range of industries is likely to augment the chemicals source segment. Furthermore, the fertilizer production segment is also set to grow substantially over the forecast period due to the increasing use of high GHG emitting products such as ammonia & urea, thereby generating the need for handling excessive CO2 content.

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Carbon Capture and Storage Market Segmentation

By Technology

· Pre-Combustion Capture

· Oxy-Fuel Combustion Capture

· Post-Combustion Capture

· Others

By End-Use Industry

· Oil & Gas

· Power Generation

· Iron & Steel

· Chemical & Petrochemical

· Cement

· Others

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Regional Analysis

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

• Latin America

• Middle East and Africa

Company Profiles

· ADNOC Group

· Aker Solutions ASA

· BP p.l.c.

· Carbon Engineering Ltd.

· Chevron Corp.

· China National Petroleum Corp. (CNPC)

· Dakota Gasification Co.

· Equinor Group

· Exxon Mobil Corp.

· Fluor Corp.

· General Electric

· Linde plc

· Mitsubishi Heavy Industries, Ltd.

· NRG Energy, Inc.

· Shell

· TotalEnergies

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