Carbon Capture And Storage Technology Market: Major Trends Reshaping the Future of the Industry

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What Will the Carbon Capture And Storage Technology Industry Market Size Be by 2025?
In recent times, there has been significant growth in the market size of carbon capture and storage technology. It is expected to expand from a value of $3.26 billion in 2024 to $3.74 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 14.6%. The accelerated growth during the initial stages can be traced back to government regulations, enhanced climate goals, and the abundance of high-capacity CCS plants.

What's the Long-Term Growth Forecast for the Carbon Capture And Storage Technology Market Size Through 2029?
The market size for carbon capture and storage technology is projected to witness a significant increase in the coming years, reaching a value of $6.37 billion in 2029, with a compound annual growth rate of 14.2%. Factors contributing to this growth during the projected period include an increased requirement for CO2 for Enhanced Oil Recovery (EOR) initiatives in the oil and gas sector, concerns about environmental impact and sustainability, and escalating demand from industrial sectors. Key trends anticipated during the forecast period include technological progress, the use of technology for deep decarbonization, the application of gas injection EOR techniques, the progression of shale gas technology, and the expansion of commercial-scale CCS facilities.

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What Are the Key Growth Drivers Fueling the Carbon Capture And Storage Technology Market Expansion?
The carbon capture and storage technology market is projected to expand due to the increasing need for cleaner energy. Cleaner energy points to resources and technologies that emit less greenhouse gas and cause fewer environmental damages than conventional fossil fuels. This rising need for cleaner energy is driven by environmental awareness, emissions legislation, and the urgency for sustainable, renewable energy sources to mitigate climate change and ensure a more secure future. Often, cleaner energy employs carbon capture and storage (CCS) technology to capture carbon dioxide from energy generation and industrial activities, thus reducing emissions and environmental harm. For example, the Department for Energy Security and Net Zero, a governmental department in the UK, reported in September 2024 that total renewable generation surged by 19% year-over-year to 32.8 TWh in Q2 2024, due to suitable weather conditions. Onshore wind power generation increased by 42% to 7.3 TWh, and offshore wind power expanded by 13% to 9.7 TWh. Consequently, the escalating demand for cleaner energy is facilitating the growth of the carbon capture and storage technology market.

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What Are the Key Trends Driving Carbon Capture And Storage Technology Market Growth?
Key players in the carbon capture and storage technology market, such as Heirloom Carbon Technologies Inc are focusing on sustainable initiatives like commercial direct air capture (DAC) facilities to hasten the roll-out of carbon removal techniques. These DAC methods typically employ unique procedures like using limestone to capture CO2 from the air using renewable energy sources. This is a vital step towards expanding carbon removal initiatives to align with worldwide climate objectives, with the trapped CO2 being stored in concrete. For example, in January 2024, US-based Heirloom Carbon Technologies Inc introduced a DAC facility for concrete CO2 capture that could store 1,000 tons of CO2 per year. This process involves the use of renewable energy to extract CO2 from limestone, creating calcium oxide which is later converted to calcium hydroxide powder - this is used to capture CO2 from the air. The collected CO2 is then stored underground or incorporated into concrete, through an association with CarbonCure Technologies. An agreement has been made between Heirloom and CarbonCure to store CO2, captured by Heirloom's DAC facilities, at nearby concrete plants, providing an immediately accessible and scalable storage solution.

How Is the Carbon Capture And Storage Technology Market Segmented?
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

Subsegments:
1) By Carbon Capture And Storage (CCS): Post-Combustion Capture, Pre-Combustion Capture, Oxy-Fuel Combustion, Storage (Geological Storage, Deep Saline Aquifers, Oil And Gas Reservoirs)
2) By Carbon Capture And Utilization (CCU): CO2 To Chemicals And Fuels, CO2 For Enhanced Oil Recovery (EOR), CO2 For Building Materials (Concrete), CO2 In Agricultural Applications (Greenhouses)

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Which Companies Are Leading the Charge in Carbon Capture And Storage Technology Market Innovation?
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

Which Regions Are Leading the Global Carbon Capture And Storage Technology Market in Revenue?
North America was the largest region in the carbon capture and storage technology market in 2024. Europe is expected to be the fastest growing region in the market. The regions covered in the carbon capture and storage technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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