Carbon Capture And Storage Technology Market Size, Share Analysis, Trends, Industry Outlook 2024 To 2033

The carbon capture and storage technology market size has grown rapidly in recent years. It will grow from $2.85 billion in 2023 to $3.26 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to government regulations, strengthened climate targets, presence of numerous high-capacity CCS plants.

The carbon capture and storage technology market size is expected to see rapid growth in the next few years. It will grow to $5.58 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to rising demand for CO2 for EOR activities in the oil & gas industry, environmental impact and sustainability, growing demand from industrial sectors. Major trends in the forecast period include technological advancements, technology for achieving deep decarbonization, deployment of gas injection EOR techniques, advancement of shale gas technology, growth of commercial-scale CCS plants.

Market Overview -
Carbon capture and storage (CCS) technology is designed to mitigate greenhouse gas emissions, particularly carbon dioxide (CO2), from industrial processes and power generation. The goals of CCS technology are to prevent CO2 from entering the atmosphere, thereby reducing its contribution to climate change, and to enable the continued use of fossil fuels while minimizing their environmental impact.

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Growth Of Carbon Capture and Storage Technology In The Era Of Cleaner Energy
The growing demand for cleaner energy is expected to propel the growth of the carbon capture and storage technology market going forward. Cleaner energy refers to sources and technologies with lower greenhouse gas emissions and environmental impacts compared to traditional fossil fuels. Growing demand for cleaner energy is fueled by environmental concerns, emissions regulations, and a push for sustainable, renewable sources to combat climate change and secure a healthier future. Cleaner energy often uses carbon capture and storage (CCS) technology to trap carbon dioxide from energy generation and industry, cutting emissions and environmental impact. For instance, in December 2021, according to the Refinitiv Lipper data published by Thomson Reuters Corporation, a Canada-based information services company, a record $649 billion flowed into ESG-focused funds globally in 2021, up from $542 billion in 2020. Additionally, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, annual clean energy investment is predicted to expand to surpass USD 1.7 trillion in 2023, up from the 2022 figure of 1.6 trillion. Therefore, the growing demand for cleaner energy is driving the growth of the carbon capture and storage technology market.

Competitive Landscape -
Major companies operating in the carbon capture and storage technology market are Shell plc, Chevron Corporation, Microsoft Corporation, Tencent Holdings Limited, Siemens AG, Occidental Petroleum Corporation, Schneider Electric SE, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., ABB Ltd., Schlumberger NV, Bechtel Corporation, Aker Solutions ASA, NET Power Inc., LanzaTech Global Inc., Carbon Engineering Ltd., Climeworks AG, Carbon Clean Solutions Pvt. Ltd., Global Thermostat PBC, C-Capture Limited, ION Clean Energy, Svante Inc

Increasing Focus On Technological Advancements In Carbon Capture And Storage
Major companies operating in the carbon capture and storage technology market are concentrating sustainability initiatives, such as commercial direct air capture (DAC) facilities, to accelerate the deployment of carbon removal technologies. Direct air capture technologies utilizes innovative processes such as using limestone to absorb CO2 from the air, powered by renewable energy, play a crucial role in scaling up carbon removal efforts to meet global climate goals, with the captured CO2 stored in concrete. For instance, in January 2024, Heirloom Carbon Technologies Inc., a US-based environment services company, launched the DAC facility for concrete CO2 capture with a capacity to capture 1,000 tons of CO2 annually in the US. This innovative process involves using renewable energy to extract CO2 from limestone, producing calcium oxide, which is then transformed into calcium hydroxide powder to capture CO2 from the air. The captured CO2 is stored underground or integrated into concrete through a partnership with CarbonCure Technologies. Heirloom and CarbonCure have signed an agreement to store CO2 captured by Heirloom's DAC facilities in nearby concrete plants, providing a scalable and immediately available storage solution.

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Key Segments -
The carbon capture and storage technology market covered in this report is segmented -
1) By Type: Carbon Capture And Storage (CCS), Carbon Capture And Utilization (CCU)
2) By Technology: Pre-Combustion, Post-Combustion, Oxy-Fuel Combustion
3) By Application: Industrial Facilities, Power Plant, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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