Carbon Capture and Storage Market Segmentation:
Technology Segment Analysis
The post combustion capture segment in the carbon capture and storage market is poised to witness substantial demand by the end of 2035. 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. In September 2024, Mitsubishi Heavy Industries started operations in Europe’s first post-combustion carbon capture plant, with MHI Technology as part of the Ravenna CCS Project, Phase 1, which is Italy's first carbon capture and storage project for exclusively environmental purposes.
End User Industry Segment Analysis
The oil & gas sector segment is set to dominate the carbon capture and storage market with approximately 30% share by 2035. The oil and gas sector has expanded as a result of a rising need for both natural gas and crude oil across multiple sectors, boosting the market growth. In October 2021, Saudi Arabian Oil Company (Aramco), announced its ambition to achieve net-zero greenhouse gas emissions by 2050, surpassing the government’s 2060 net-zero target.
Moreover, the development of carbon capture and storage projects could be significantly aided by expanding investments in the oil sector to meet rising energy demands while focusing on reducing greenhouse gas emissions. For instance, in 2023, Aramco announced a capital expense goal of USD 45-55 billion in the fiscal year to upsurge oil production to 13 (mmbpd) (crude oil) by 2027.
Our in-depth analysis of the global carbon capture and storage market includes the following segments:
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