Carbon Capture and Storage Market (By Service: Capture, Transportation, Utilization, Storage; By Product: Pre-combustion, Industrial Process, Post Combustion, Oxy-combustion; By Application: Power Generation, Oil & Gas, Metal Production, Cement, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global carbon capture and storage market size was exhibited at USD 4.99 billion in 2022 and is projected to hit around USD 36.3 billion by 2032, growing at a CAGR of 21.95% during the forecast period 2023 to 2032.

Key Pointers:

• The pre-combustion capture technologies segment accounted for the largest share of 66.98% of the overall revenue in 2022
• The power generation segment accounted for the largest revenue share of 66.9% in 2022.
• North America accounted for the largest revenue share of over 36.70% in 2022

Carbon Capture and Storage Market Report Scope

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.

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.

Some of the prominent players in the Carbon Capture and Storage Market include:

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

Segments Covered in the Report

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 2032. For this study, Nova one advisor, Inc. has segmented the global Carbon Capture and Storage market.

By Service

• Capture
• Transportation
• Utilization
• Storage

By Product

• Pre-combustion
• Industrial Process
• Post Combustion
• Oxy-combustion

By Application

• Power Generation
• Oil & Gas
• Metal Production
• Cement
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)