Carbon Capture and Storage Market Forecast | 2022-2028

Market Insights

The Global Carbon Capture and Storage Market is expected to reach an estimated value of US$ 5.04 Billion by 2028 from US$ 3.38 Billion in 2021 and is likely to grow at a CAGR of 5.71% during the forecast of 2022-2028.

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What is carbon capture and storage?

Carbon capture and storage is the processing of capturing waste carbon dioxide, transporting it to a storage site, and depositing it where it will not enter the atmosphere. The market is segmented by technology type into pre-combustion, post-combustion, and oxy-fuel combustion and by application type into oil & gas, chemical processing, power generation, and others.

Key Players

Some of the key players in the global market are-

• Exxon Mobil
• Schlumberger Limited
• Shell Cansolv
• General Electric
• Halliburton
• Aker Solutions
• Linde
• Siemens
• NRG Energy, Inc.
• Fluor Corporation

Market Drivers

The prime factor that is contributing to the growth of the global market is-

• Rising industrialization along with growing concern about increasing emissions is likely to boost the growth of the market.
• The use of carbon capture and storage technology has been deemed necessary as a result of the growing awareness of the damaging effects of carbon emissions on the environment.
• Growing emphasis on reducing CO2 emissions, supporting government initiatives, and increasing demand for CO2-EOR techniques are driving the market.

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Segment Analysis

By Technology Type

The Pre-combustion segment is projected to be the largest segment of the market share of more than 53.2% in 2021.

The market is segmented as pre-combustion, post-combustion, and oxy-fuel combustion. Growing demand from the industrial sector including food processing and chemical is likely to boost the market for the pre-combustion segment.

Globally, pre-combustion CO2 capture using the Acid Gas Removal (AGR) technology is presently being used commercially. The benefit of adopting this capture technology under pressure is that it uses 20% less energy than current PCC technology at 90% CO2 capture.

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By Application Type

The Power Generation segment is projected to remain the largest market share of more than 38.8% in 2021.

Increasing Based The market is segmented as oil & gas, chemical processing, power generation, and others.  Investment in the upstream oil & gas industry to cater to energy demand will drive the demand for the market.

Power plants that burn coal are the main sources of carbon dioxide emissions. Power plants are now subject to regulations, making the use of CCS facilities necessary to reduce carbon emissions to the required levels. To potentially allow the ongoing use of coal resources for electricity generation while reducing CO2 emissions, these technologies must be adopted.

By Region

North America is estimated to be the largest market share of more than 35% in 2021 led by the USA.

Shale gas exploration, huge energy demand, stringent regulations, and the adoption of new technologies in the USA are the major factors behind the dominance of the region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

Owing to the rising demand from the oil and gas sector, coupled with strict government regulations to reduce carbon emissions, it dominated the market for CO2 capture and storage and is expected to continue over the coming years. Canada owns the second-largest share of the CCS market.

These EU support programs aim to expedite the development of carbon capture and storage technologies in the region as well as the growth of commercial-scale CCS plants in the region.

Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

By Technology Type

• Pre-Combustion
• Post-Combustion
• Oxy-Fuel Combustion

By Application Type

• Oil & Gas
• Chemical Processing
• Power Generation
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Target Audience

The following is a list of the customers that the market aims to convert the most:

• Manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.