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

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

  • Report ID: GVR-1-68038-216-7
  • Number of Pages: 192
  • Format: Electronic (PDF)

Carbon Capture And Storage Market Trends

The global carbon capture and storage market size was estimated at USD 3.28 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2030. Increasing carbon emissions across the world and surging concerns regarding the detrimental effect of carbon emissions on the environment have prompted the global adoption of carbon capture and storage technology, thereby leading to the growth of the market. The U.S. has the largest number of carbon capture and storage projects with 34 planned projects as of 2022. Moreover, according to the U.S. Department of Energy, in the recent past, the U.S. government started providing loans up to 80% of the cost for nascent stage CCS projects.

U.S. Carbon Capture and Storage Market size and growth rate, 2023 - 2030

The government also employed favorable policies and projects to boost the carbon capture and storage (CCS) trends in the economy such as the provision of tax incentives to stimulate CCS projects. Also, USDA Rural Utilities Service (RUS) facilitated direct loans and loan guarantees to power plants with a minimum of one CCS infrastructure. The support mechanisms employed by the government in the past including the Clean Coal Power Initiative Program, and the U.S. Recovery Act 2009 are also proving effective in boosting the current carbon capture and storage trends.

Application Insights

Based on application, the market is categorized into power generation, oil & gas, metal production, cement, and others. The power generation segment accounted for the largest revenue share of about 68.0% in 2022. The global power generation sector was responsible for an increase of nearly two-thirds in carbon dioxide emissions in 2022 compared with that of the previous year. Due to high greenhouse gas emission rates, the potential of using carbon capture and storage technology is extremely high in coal-fired power plants. This is anticipated to lead to the growth of the power generation segment of the market in the coming years.

Global Carbon Capture and Storage Market share and size, 2022

The other segment is expected to record a CAGR of 6.9% over the forecast period. Carbon capture & storage systems are widely used in industries such as pulp & paper, chemicals, and fertilizers. Nitrogen-based fertilizers are widely used across the world to replenish the soil nutrients used by crops. The fertilizer production process emits a CO2 stream, which is pure and well-suited for capture. Hence, CCS technologies are best suited for the fertilizer industry and are anticipated to witness significant growth in demand over the forecast period.

Technology Insights

Based on technology, the market is categorized into post-combustion, pre-combustion, oxy-combustion, and industrial processes. Among these, the pre-combustion segment accounted for the largest revenue share of over 69.0% in 2022. Pre-combustion CO2 capturing with the usage of water-gas shift reaction (WGSR) and its removal with acid gas removal (AGR) process is commercially carried out across the world at present. However, the major obstacle in the removal of carbon dioxide from the atmosphere is the high proportion of nitrogen in combustion air. The solution adopted to overcome this challenge is known as the integrated gasification combined cycle (IGCC).

The oxy-combustion technology segment is expected to grow at the fastest CAGR of 7.4% over the forecast period 2023-2030. The oxy-fuel combustion technique involves the combustion of fossil fuels with the help of oxygen instead of air. Combustion carried out under these conditions reduces the production of nitrogen oxides and other by-products that are produced in pre-combustion and post-combustion techniques.

Regional Insights

The North America region is mainly dominated by the U.S. which accounted for a revenue share of more than 36% in 2022. The U.S. is the front runner in technology implementation for CCS globally as the first CCS project in the world was started in 1978 by Searles Valley Minerals in a coal-based power plant located in the state of California in the U.S.

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

Europe is expected to grow at a CAGR of 6.4% during the forecast period owing to favorable initiatives undertaken by governments of countries of the region, along with the surged adoption of Carbon Capture and Storage. The European Union’s Emission Trading System allowed companies in industrial and power sectors to sell and buy emission allowances. In past years, the reduction in the volume available increased the cost of the permit by EUR 25. This increase in the incentive for market players led to the adoption of CCU technology across Europe.

The UK is expected to grow rapidly during the forecast period owing to several government projects and initiatives undertaken in the country. For instance, the UK government has a separate department, i.e., “Office of Carbon Capture (OCC)” under the Department of Energy and Climate Change. The work of OCC is to make legislation and to provide a plan for the deployment of carbon capture and storage technologies in the country. This has aided in providing the basic structure for the deployment of CCS technologies in the country.

Key Companies & Market Share Insights

Key companies resort to multiple mergers and acquisitions in a bid to gain market share in a particular region. In some cases, the companies build technological collaborations and agreements to produce an advanced product with superior performance characteristics to increase revenue. For instance, in March 2023, Carbfix hf. announced an expansion in its global footprint by launching a new carbon capture plant in Iceland. This plant is expected to capture 3,000 tons of carbon annually.

Key Carbon Capture And Storage Companies:

  • Shell PLC
  • Aker Solutions
  • Equinor ASA
  • Dakota Gasification Company
  • Linde plc
  • Siemens Energy
  • Fluor Corporation
  • Sulzer Ltd.
  • Mitsubishi Heavy Industries Ltd. (MHI)
  • Japan CCS Co. Ltd

Carbon Capture And Storage Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 3.47 billion

Revenue forecast in 2030

USD 5.61 billion

Growth rate

CAGR of 7.1% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

Report updated

October 2023

Quantitative units

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

Report coverage

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

Segments covered

Technology, application, region

Regional scope

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

Country scope

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

Key companies profiled

Shell PLC; Aker Solutions; Equinor ASA; Dakota Gasification Company; Linde plc; Siemens Energy; Fluor Corporation; Sulzer Ltd.; Mitsubishi Heavy Industries Ltd. (MHI); Japan CCS Co. Ltd; Carbon Engineering Ltd; LanzaTech

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & 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 volume and revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global carbon capture and storage market report based on technology, application, and region:

Global Carbon Capture and Storage Market Report Segmentation

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

    • Post-combustion

    • Industrial Process

    • Pre-combustion

    • Oxy-combustion

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

    • Power Generation

    • Oil & Gas

    • Metal Production

    • Cement

    • Others

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

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • UK

      • Italy

      • Spain

      • Norway

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Australia

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • UAE

      • Saudi Arabia

      • South Africa

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now

Certified Icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.