Carbon Capture and Storage Market is Forecasted to Reach US$ 5.04 Billion in 2028, Says Stratview Research

The global Carbon Capture and Storage market is projected to witness a growth rate of 5.92% annually from 2023 to 2028, with an anticipated size of US$ 5.04 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Carbon Capture and Storage market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 5.04 billion
Growth (CAGR): 5.92% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 3
Number of Tables & Graphs: 100+

Segment Insights on the Carbon Capture and Storage Market:

The global Carbon Capture and Storage market is segmented based on Technology type, Application type, and Region.

Based on technology type - The carbon capture and storage market is segmented as pre-combustion, post-combustion, and oxy-fuel combustion. The pre-combustion segment is projected to be the largest segment of the market share of more than 50% in 2022. Growing demand from the industrial sector including food processing and chemical is likely to boost the market for the pre-combustion segment.

Globally, pre-combustion CO2 capture using the Acid Gas Removal (AGR) technology is presently being used commercially. The benefit of adopting this capture technology under pressure is that it uses 20% less energy than current PCC technology at 90% CO2 capture.

Based on application type - The market is segmented as oil & gas, chemical processing, power generation, and others. The power generation segment is projected to remain the largest market share of more than 35% in 2022. Investment in the upstream oil & gas industry to cater to energy demand will drive the demand for the market.

Power plants that burn coal are the main sources of carbon dioxide emissions. Power plants are now subject to regulations, making the use of CCS facilities necessary to reduce carbon emissions to the required levels. To potentially allow the ongoing use of coal resources for electricity generation while reducing CO2 emissions, these technologies must be adopted.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/1750/carbon-capture-and-storage-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

North America is estimated to be the largest market share of more than 35% in 2022 led by the USA. Shale gas exploration, huge energy demand, stringent regulations, and the adoption of new technologies in the USA are the major factors behind the dominance of the region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

Owing to the rising demand from the oil and gas sector, coupled with strict government regulations to reduce carbon emissions, it dominated the market for CO2 capture and storage and is expected to continue over the coming years. Canada owns the second-largest share of the CCS market. These EU support programs aim to expedite the development of carbon capture and storage technologies in the region as well as the growth of commercial-scale CCS plants in the region.

Carbon Capture and Storage Market Drivers:
Some of the key drivers listed in the report are given below.
• Industrial Growth and Energy Demand - A constantly rising rate of industrialization, including North America and Asia-Pacific countries, is pushing up the energy demand and, respectively, CCS solutions requests. CSO analysts convene that it is the demand of ever-developing industries to reduce carbon output, which promotes CCS technologies. The recent announcements of funding for CCUS projects in the United States, including USD 1.7 billion for carbon capture demonstration projects, and USD 1.2 billion for direct air capture (DAC) hubs under the 2021 Infrastructure Investment and Jobs Act substantiate the goal of commercial-scale carbon capture technologies that can be integrated with CO2 transportation.
• Growing Emphasis on Reducing CO2 Emissions - Global energy-related CO2 emissions crossed 37 billion tonnes in 2023, states the International Energy Agency (IEA). This reflects a growth of 1.1% from the previous year 2022, driven primarily by emissions from coal, which accounted for over 65% of the rise.
• Enhanced Oil Recovery (EOR) - Among the industries, the oil and gas industry remains the most prominent impatient in the CCS development, especially the EOR projects. The injection of captured CO2 into oil reservoirs assists in the process of getting out more oil while at the same time serving as a storage for carbon hence the double advantage to energy companies. To evaluate the viability of permanent storage of CO2 in unconventional shale oil and gas reservoirs, the U.S. Department of Energy (DOE) Office of Fossil Energy and Carbon Management (FECM) announced two projects worth more than $23 million, in April 2024.
• Increasing Investments and Technological Advancements - CCS technologies are being developed globally due to increased investments and rapid development of enhanced carbon capture efficiency. This comprises new capture technologies like pre-combustion, post-combustion, and oxy-fuel combustion, which are essential for different uses. The substantial surge in global capture capacity for 2030, according to the International Energy Agency (iea.org), has scaled by 35% to ~435 million tonnes (Mt) per year, and storage capacity has expanded by 70%, reaching an estimated 615 Mt of CO2 per year.
• Regulatory Support and Government Initiatives - Governments all over the world are coming up with strict standards to reduce greenhouse gas emissions; this has created demand for CCS technologies. Of these, the ones targeting net-zero emissions are more impactful as they force industries to transition to cleaner technologies as per the set standards.

Top Companies in the Carbon Capture and Storage Market:
Stratview Research has identified the following companies as the top market players.
• Exxon Mobil
• Schlumberger Limited
• Shell Cansolv
• General Electric
• Halliburton
• Aker Solutions
• Linde
• Siemens
• NRG Energy, Inc.
• Fluor Corporation
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the Carbon Capture and Storage Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.