Carbon Capture and Storage (CCS) Market Increasing Demand, Growth Analysis and Future Outlook by 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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