Carbon Capture and Storage Market Size & Share, Growth Analysis 2035

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Carbon Capture and Storage Market size is set to reach USD 11 billion by the end of 2035, growing at a CAGR of approximately 15% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of carbon capture and storage was around USD 5 billion. The major element encouraging the growth of the market is the rise in the emission of carbon dioxide. In 2022, the amount of carbon dioxide (CO2) released into the atmosphere as a result of industrial activities and the burning of energy increased by about 0.8%, or approximately 320 Mt, to a new record-high of about 35 Gt. Hence, with the guidance of carbon capture and storage this growing emission is estimated to be captured.

After being captured, the CO2 may be compressed into a liquid or left in a gaseous condition to be delivered to a storage facility through a ship, road, or pipeline. This stored CO2 could be also utilized by improved coalbed methane recovery (ECBM) in order to extract methane gas.

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Carbon Capture and Storage Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~15%
Base Year Market Size (2022)	~ USD 5 Billion
Forecast Year Market Size (2035)	~ USD 11 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Carbon Capture and Storage Sector: Growth Drivers and Challenges

Growth Drivers

Rising Demand for Power Generation

An estimated 580 million terajoules of energy are consumed worldwide each year. This is equivalent to 13865 million tonnes of oil or 580 million trillion joules. However, electricity is one of the major contributors to global CO2 emissions. Hence, it is crucial to swiftly decarbonize this sector of the economy in order to achieve net-zero emissions. As a result, the need for CCS is growing. Power stations using CCS would contribute to the stable and robust low-carbon grid of the future.

Growing Need to Recover Oil

The stored CO2 is injected in order to extract the remaining crude oil. These remaining crude oils are encountered as the injected CO2 passes through the pore spaces in the rock. As the crude oil and CO2 combine, the viscosity of the oil is reduced, it is pressurized, it is mobilized, and a concentrated oil bank is created that is swept to the producing wells. Oil and gas businesses are able to obtain oil in this method that would otherwise remain in the ground.

Surge in the Use of CCS in Producing Fertilizers

The synthesis of ammonia generates high-quality carbon dioxide (CO2), which is also a necessary ingredient in the creation of urea fertilizer. As a result, the industry catches CO2 released during the ammonia manufacturing process and reuses it throughout the urea manufacturing procedure.

Challenges

Large Price of Carbon Capture and Storage
Growing Risk to Environment - The primary argument against CCS is that, rather than implementing renewable energy options, it may increase dependence on non-renewable fossil fuels and coal mining. Regarding potential storage leakage, there is even another issue. Explosions, earthquakes, and any unfavorable consequences on the environment are additional concerns. Such elements have emerged as the primary CCS challenge that limits market expansion.
Lack of Awareness Among Industries

Carbon Capture and Storage Segmentation

Technology (Pre-Combustion Capture, Post Combustion Capture, OXY-Fuel Combustion Capture, Industrial Separation Capture)

The post combustion capture segment in the carbon capture and storage market is poised to gather revenue of approximately USD 5 Billion by the end of 2035. In post combustion capture, CO2 is taken out of the atmosphere after fossil fuels are burned in power plants. At power plants or other point sources, CO2 is extracted from flue gases. Additional industrial applications are currently using the technology. Since PCC can often be integrated into already-existing industrial units and power stations without significantly affecting the original facility, post-combustion recapture is the most common research focus. For both existing and new power plants, post-combustion capture provides significant operational flexibility (partial refit, zero to full capture operation) and can adapt to market conditions.

End User Industry (Food & Beverages, Manufacturing Sector, Coal & Biomass Power Plants, Iron & Steel, Oil & Gas Sector, Chemical Industries)

Carbon capture and storage market from the oil & gas sector segment is set to grow at a share of approximately 30% over the forecast period. The oil and gas sector has expanded as a result of a rising need for both natural gas and crude oil across multiple sectors further boosting market growth. Moreover, the development of carbon capture and storage projects could be greatly aided by the expanding investments in the oil sector to fulfill rising energy demands while focusing on reducing greenhouse gas emissions.

Our in-depth analysis of the global market includes the following segments:

Service	Carbon Storage Carbon Transportation Carbon Capture
Technology	Pre-Combustion Capture Post Combustion Capture OXY-FUEL Combustion Capture Industrial Separation Capture
Applications	Industries Agriculture Enhanced Oil Recovery (EOR) Process
End-User Industry	Food & Beverages Manufacturing Sector Coal & Biomass Power Plants Iron & Steel Oil & Gas Sector Chemical Industries

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Carbon Capture and Storage Industry- Regional Synopsis

North American Market Forecast

The carbon capture and storage market in North America is estimated to garner revenue of close to USD 7 Billion by the end of 2035, backed by growing CCS projects in this region. There were about 15 CCS projects operating in North America as of April 2022, while an additional approximately 79 CCS projects were in various stages of development. Additionally, growing initiatives of net zero is also set to influence the growth of the market in this region.

APAC Market Analysis

The Asia Pacific carbon capture and storage market is set to have significant growth over the forecast period. Due to the combination of an increase in industrialization and rising investments in the expansion of manufacturing facilities the market for CCS is anticipated to increase. Additionally, the rapid construction of gas and coal power plants and coal mining to meet the region's rising energy demand would hasten the expansion of the Asia Pacific market.

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Companies Dominating the Carbon Capture and Storage Landscape

Exxon Mobil
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
Honeywell International Inc.
Aker Solutions
Dakota Gasification Company
Fluor Corporation
Halliburton
Shell
The Linde Group
Siemens AG
General Electric

In The News

In order to develop integrated carbon capture and storage solutions, Fluor Corporation announced its memorandum of understanding (MOU) with Carbfix, the first carbon dioxide (CO2) mineral storage operator in the world. Together, the businesses seek to lessen the effects of climate change by assisting in the decarbonization of challenging industries with high greenhouse gas emissions, such as cement, steel, and aluminum.
Directors of Dakota Gas approved the construction of the Dakota Carbon Pipeline, a 6.8-mile pipeline that will transport collected CO2 from the Great Plains Synfuels Plant to a long-term geologic storage reservoir close to the plant.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the carbon capture and storage (CCS) market?

Ans: The major factors driving the growth of the market are rising demand for power generation, growing need to recover oil, and surge in use of CCS in producing fertilizers.

2) What would be the CAGR of the carbon capture and storage (CCS) market over the forecast period?

Ans: The market size of carbon capture and storage (CCS) is anticipated to attain a CAGR of 15% over the forecast period, i.e., 2023 â€“ 2035.

3) Who are the major players dominating the carbon capture and storage (CCS) market?

Ans: The major players in the market are Exxon Mobil, Honeywell International Inc, Aker Solutions, Dakota Gasification Company and others.

4) Which segment captures the largest market size in the end-user industry segment in the carbon capture and storage (CCS) market?

Ans: The oil & gas sector segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

5) Which region will provide more business opportunities for the growth of the carbon capture and storage (CCS) market in the future?

Ans: The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.