GVR Report cover Carbon Capture And Storage Market Size, Share & Trends Report

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

  • Report ID: GVR-1-68038-216-7
  • Number of Pages: 220
  • Format: Electronic (PDF)

Report Overview

The global carbon capture and storage market size was valued at USD 3.28 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2023 to 2030. Increasing concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of Carbon Capture & Storage (CCS) technology. Various governments are encouraging the implementation of technology through pilot projects across various industries due to the ability of carbon capture & storage technology to serve as a large-scale solution for achieving the high CO2 emission reduction targets and climate control goals.

U.S. carbon capture and storage market size and growth rate, 2023 - 2030

As technology advances, offshore oil & gas exploration and production activities are projected to expand, resulting in a surge in the use of gas injection Enhanced Oil Recovery(EOR) techniques. Carbon dioxide is used in the extraction of crude oil. The use of gas injection EOR techniques for both onshore and offshore wells will be fueled by maturing and declining oil reservoirs. As a result, the market for CCS is likely to develop over the forecast period due to the growing need for CO2 for EOR activities in the oil & gas industry.In 2022, the U.S. is anticipated to dominate the global industry on account of the presence of several high-capacity CCS plants in this region, as well as the increasing usage of CO2 in EOR techniques.

Due to large-scale development projects of carbon capture, utilization, and storage, the demand in the region is predicted to increase rapidly in contrast to other regions. According to the American Council, the FUTURE Act (Furthering Capital Carbon Capture, Utilization, Technology, Underground Storage, and Reduced Emissions) was introduced under the 45Q part of the bill to give incentives for capturing the carbon dioxide produced by industrial and power sources for the use in EOR. With the development of shale gas technology and the new government’s lack of interest in carbon capture, the market for CCUS is predicted to havesluggishgrowth in the country, increasing North America’s market share in the carbon capture and storage sector.

Capture Technology Insights

On the basis of capture technology the market is segmented into pre-combustion, post-combustion, industrial process, and oxy-combustion. The pre-combustion capture technologies segment accounted for the largest share of 66.91% of the overall revenue in 2022 and is anticipated to witness a considerable growth rate over the forecast period. Pre-combustion CO2 capture utilizing water gas shift reaction and removal with Acid Gas Removal (AGR) process is currently being commercially practiced globally.

The advantage of using this capture technology under pressure is that it incurs less of an energy penalty, i.e., approximately 20% than current PCC technology (approx. 30%) at 90% CO2 capture. The post-combustion capture technology is anticipated to grow at a significant rate. Increased energy generation, newly developed advanced amine systems, and heat integration systems are expected to be the main factors driving its demand over the forecast period.

Application Insights

The power generation segment accounted for the largest revenue share of 66.9% in 2022. Coal-fired power plants are the most dominant emitters of carbon dioxide. Due to imposed restrictions on power plants, the utilization of CCS facilities has become mandatory to reduce carbon emissions up to the required standards. The adoption of these technologies is essential, to potentially permit the continued use of coal resources for power generation, whilst reducing CO2 emissions. Moreover, CCS facilities can be retrofitted to the existing power plants without hampering their efficiency. Due to these factors, the adoption of CCS technologies in the power generation industry is anticipated to grow over the forecast period. The market is anticipated to have steady growth in the medical segment.

Global carbon capture and storage market share and size, 2022

Carbon dioxide is used in surgeries, such as arthroscopy laparoscopy, and endoscopy, to stabilize body cavities and enlarge the surgical surface area. It is also used to maintain cryotherapy temperatures of approximately -76-degree Celsius. Carbon dioxide gas grades are used in other application segments, such as rubber, firefighting, wastewater treatment, fertilizer production, electronics manufacturing, and industrial cleaning.Post-combustion technologies are easily implemented to capture CO2 from flue gases escaping from the sinter plant, and flue gas exiting the lime kiln, stove, coke oven plant, basic oxygen furnace, and blast furnace.

On account of a wide range of CCS applications at various stages in the metal production industry, the market is expected to grow at a significant pace over the forecast period.Carbon dioxide is increasingly being used for crop growth enhancement inside closed greenhouses; as well as applications in the fields, for growth enhancement. It is commonly used in compressed gases for pneumatic systems (pressurized gas) in portable pressure tools that are ubiquitous in the construction industry. Carbon dioxide is also used to create dry ice pellets, which can be used to replace sandblasting for removing paint from surfaces.

Regional Insights

North America accounted for the largest revenue share of over 36.69% in 2022 owing to the increasing demand from the oil & gas sector coupled with stringent government regulations to reduce carbon emissions.This trend is expected to continue over the forecast period. Canada accounts for the second-largest share of the regional market. The first-ever CCS project in Canada was operational in 2000 by Cenovus Energy in Weyburn and Midale oil fields. The pre-combustion method of carbon capture was utilized in this project.

Carbon Capture And Storage Market Trends, by Region, 2023 - 2030

Furthermore, large-scale CCS projects are under construction in Canada, which will be operational in the forecast period.In terms of revenue, Europe accounted for the second-largest share in 2022. These support mechanisms of the European Union have the aim to enhance the development of commercial-scale CCS projects in the region and to accelerate R&D activities for technologies related to carbon capture and carbon storage in the region.

Key Companies & Market Share Insights

The market is characterized by the presence of several key players and a few medium- and small-scale regional players. Many of the companies have their own sector that they focus on and have a very high penetration in that sector. For instance, in January 2019, Aker Solutions secured a contract for a CCS project, which was initiated by Equinor in partnership with Shell and Total, to develop the world’s first storage facility capable of receiving CO2 from various industrial sources. The project, known as The Northern Lights project, consists of a CO2 receiving terminal, an offshore pipeline, injection, and CO2 storage. Some of the prominent players operating in the global carbon capture and storage market are:

  • Aker Solutions

  • Dakota Gasification Company

  • Equinor ASA

  • Fluor Corp.

  • Linde plc

  • Maersk Oil

  • Mitsubishi Heavy Industries Ltd.

  • Royal Dutch Shell PLC

  • Siemens AG

  • Sulzer Ltd.

Carbon Capture And Storage Market Report Scope

Report Attribute


Market size value in 2023

USD 3.47 billion

Revenue forecast in 2030

USD 5.61 billion

Growth rate

CAGR of 6.2% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Capture technology, application,region

Region scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; Spain; Italy; France; Norway; China; India; Japan; South Korea; Australia; Brazil; Argentina; Saudi Arabia; UAE; South Africa

Key companies profiled

Aker Solutions; Dakota Gasification Company; Equinor ASA; Fluor Corp.; Linde plc; Maersk Oil; Mitsubishi Heavy Industries Ltd.; Royal Dutch Shell PLC; Siemens AG; Sulzer Ltd.

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Carbon Capture And Storage Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global carbon capture and storage market report based on capture technology, application, and region:

Global Carbon Capture And Storage Market Report Segmentation

  • Capture Technology Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

    • Pre-combustion

    • Industrial Process

    • Oxy-combustion

    • Post-combustion

  • Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

    • Power Generation

    • Oil & Gas

    • Metal Production

    • Cement

    • Others

  • Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Spain

      • Norway

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Australia

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • Saudi Arabia

      • UAE

      • South Africa

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