Carbon Capture And Storage Market Size, Share & Trends Analysis Report By Technology (Pre-combustion, Oxy-combustion), By Application (Power Generation, Oil & Gas, Metal Production, Cement), By Region, And Segment Forecasts, 2023 - 2030

Market Segmentation

• Carbon Capture and Storage Technology Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)
  • Post-combustion
  • Industrial Process
  • Pre-combustion
  • Oxy-Combustion
• Carbon Capture and Storage Application Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)
  • Power generation
  • Oil & Gas
  • Metal production
  • Cement
  • Others
• Carbon Capture and Storage Market Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)
  • North America
    • North America Carbon Capture and Storage Market, by Technology
      • Post-combustion
      • Industrial Process
      • Pre-combustion
      • Oxy-Combustion
    • North America Carbon Capture and Storage Market, by Application
      • Chemical
      • Refinery
      • Power Generation
      • Others
    • U.S.
      • U.S. Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • U.S. Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • Canada
      • Canada Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • Canada Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • Mexico
      • Mexico Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • Mexico Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
  • Europe
    • Europe Carbon Capture and Storage Market, by Technology
      • Post-combustion
      • Industrial Process
      • Pre-combustion
      • Oxy-Combustion
    • Europe Carbon Capture and Storage Market, by Application
      • Power generation
      • Oil & Gas
      • Metal production
      • Cement
      • Others
    • Germany
      • Germany Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • Germany Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • France
      • France Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • France Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • U.K.
      • U.K. Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • U.K. Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • Italy
      • Italy Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • Italy Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • Spain
      • Spain Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • Spain Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • Norway
      • Norway Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • Norway Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
  • Asia Pacific
    • Asia Pacific Carbon Capture and Storage Market, by Technology
      • Post-combustion
      • Industrial Process
      • Pre-combustion
      • Oxy-Combustion
    • Asia Pacific Carbon Capture and Storage Market, by Application
      • Power generation
      • Oil & Gas
      • Metal production
      • Cement
      • Others
    • China
      • China Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • China Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • India
      • India Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • India Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • Japan
      • Japan Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • Japan Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • South Korea
      • South Korea Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • South Korea Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • Australia
      • Australia Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • Australia Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
  • Central & South America
    • Central & South America Carbon Capture and Storage Market, by Technology
      • Post-combustion
      • Industrial Process
      • Pre-combustion
      • Oxy-Combustion
    • Central & South America Carbon Capture and Storage Market, by Application
      • Power generation
      • Oil & Gas
      • Metal production
      • Cement
      • Others
    • Brazil
      • Brazil Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • Brazil Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • Argentina
      • Argentina Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • Argentina Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
  • Middle East & Africa
    • Middle East & Africa Carbon Capture and Storage Market, by Technology
      • Post-combustion
      • Industrial Process
      • Pre-combustion
      • Oxy-Combustion
    • Middle East & Africa Carbon Capture and Storage Market, by Application
      • Power generation
      • Oil & Gas
      • Metal production
      • Cement
      • Others
    • UAE
      • UAE Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • UAE Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • Saudi Arabia
      • Saudi Arabia Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • Saudi Arabia Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others
    • South Africa
      • South Africa Carbon Capture and Storage Market, by Technology
        • Post-combustion
        • Industrial Process
        • Pre-combustion
        • Oxy-Combustion
      • South Africa Carbon Capture and Storage Market, by Application
        • Power generation
        • Oil & Gas
        • Metal production
        • Cement
        • Others

Carbon Capture And Storage Market Dynamics

Driver: Increasing emissions of carbon dioxide across the globe

The energy-intensive industries, such as iron and steel manufacturing, oil & gas, and cement, combust huge quantities of fossil fuels and account for significant carbon emissions. The cost of carbon capture from these sources depends primarily on the properties of their flue gas streams, as costs generally fall with higher concentrations of CO2 and lower temperatures. In addition to these combustion sources, natural gas operations produce concentrated CO2 by-products for which the incremental cost of capture and compression is relatively low. Similarly, most of the hydrogen utilized in ammonia manufacture, oil refining, and other industries is derived from the decarburization of fossil fuels, which also generates a by-product stream of CO2 and presents low-cost opportunities for CCS. In addition, in 2022 according to the Energy Information Administration, CO2 emissions in China witnessed a decline of 0.2% or 23 Mt compared to the previous year. This decrease was attributed to the country’s weak economic growth and declining industrial activities. The rising level of carbon dioxide in the atmosphere and growing awareness for a clean environment have been a major driving factor for the CCS market. Industry players are involved in the research & development of various technologies to tackle the rising CO2 levels. However, CCS is the only and the most viable technology available currently, and on account of these factors, the CCS market is expected to grow substantially over the forecast period.

Driver: Favorable government regulations and funding initiatives in European Union

Increasing concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of carbon capture and storage technology. Various governments are encouraging the implementation of the CCS technology through pilot projects across various industries. This is attributed to the ability of the carbon capture and storage technology to serve as a large-scale solution for achieving high CO2 emission reduction targets and climate control goals. The European Union emerged as a global leader by developing CCS as a part of its energy and climate policy to meet the 80-95% emission reduction target by 2050. Various policies and funding programs favoring the development of more efficient and cost-effective CCS technologies are primarily driving the market in the region. Several provisions under the 2009 EU CCS directive on the geological storage of CO2 have been amended to remove legal barriers to CCS development including the movement of CO2 across Europe and the development of a dedicated transport network. The directive has further boosted the deployment of CCS technologies within the EU, requiring all new 300 MW and above combustion plants to be carbon captureready. Increasing R&D and testing of several pilot projects are expected to lower the cost of the CCS technology and enhance its commercial viability. Low-carbon investment programs such as NER300 and NER400, which have provisions for financing large-scale commercial CCS pilot projects, have accelerated the carbon capture and storage market growth. NER300 is a funding mechanism that provides 300 million carbon allowances for subsidizing the construction of CCS demonstration plants.

Restraint: High cost of carbon capture and storage technology

The cost of carbon capture & storage varies widely. It depends on the capturing technology whether it is to be added to an existing plant as a retrofit or built into a new plant, on the type of power plant (such as a "supercritical" or "ultra-supercritical" coal plant or an "integrated gas combined cycle" plant), and on the type of fuel (coal or natural gas). It also depends on the time when the carbon is being captured, such as post-combustion, pre-combustion, or oxy-fuel, in which coal is burned in pure oxygen rather than air to produce pure CO2 emissions. Furthermore, it depends on the type of CO2 transport such as pipeline, and on the type of storage such as porous underground saltwater formations, EOR projects, depleted oil & gas reservoirs, and coal seams. The comparison of different power generation technologies is undertaken based on a leveled cost of energy (LCOE) basis, which gives the average cost of producing electricity over the lifetime of a plant, including the costs of construction, financing, and operation. The major reason why CCS is expensive is that it takes a lot of equipment to capture, purify (in case the CO2 is to be sold), liquefy, transport, and bury the CO2. According to the analysis, the average capital cost of a CCS-equipped coal plant would be 76% higher than a conventional plant and the LCOE for a CCS-equipped plant would average 76% more than a conventional plant. The cost of the CCS technology along with the new plant setup is very high, which may not prove to be a viable solution for many industry players as well as countries globally. Therefore, the high cost of CCS is expected to restrain the growth of the CCS market in the near future. 

What Does This Report Include?

This section will provide insights into the contents included in this carbon capture and storage market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Carbon capture and storage market qualitative analysis

• Industry overview

• Industry trends

• Market drivers and restraints

• Market size

• Growth prospects

• Porter’s analysis

• PESTEL analysis

• Key market opportunities prioritized

• Competitive landscape

  • Company overview

  • Financial performance

  • Product benchmarking

  • Latest strategic developments

Carbon capture and storage market quantitative analysis

• Market size, estimates, and forecast from 2018 to 2030

• Market estimates and forecast for product segments up to 2030

• Regional market size and forecast for product segments up to 2030

• Market estimates and forecast for application segments up to 2030

• Regional market size and forecast for application segments up to 2030

• Company financial performance