According to Future Market Insights, the global carbon capture and storage (CCS) market is anticipated to witness a positive growth outlook by registering a CAGR of 14% over the projection period from 2022 to 2032. The global market is expected to reach around US$ 4.2 Billion in 2022, totaling a valuation of around US$ 9 Billion by 2032.
The growth of the market is anticipated with the rising adoption of carbon capture and storage technologies across the world. In addition to that, as global warming and sustainability concerns are on the rise, prominent fossil fuel-consuming industries are drastically transitioning towards using carbon capture and storage technologies in their facilities.
Various countries like the United States and China are emerging as world leaders in carbon capture and storage technologies. These countries have the greatest number of carbon capture storage plants in the world.
Carbon capture and storage is known for its innovative technology utilized for capturing and storing carbon dioxide (CO2) produced during the burning of fossil fuels in electricity generation and industrial processes. The technology can capture around 90% of the CO2 emissions and thus prevents it (CO2) from entering the atmosphere.
Furthermore, captured CO2 is either then utilized to create valuable products or permanently stored deep underground within geological formations. It is mostly transported through pipelines or ships from carbon capture and storage plants to its destination.
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Owing to the increasing adoption of carbon capture and efficient storage technologies incorporating pre-combustion, post-combustion, and oxy-fuel combustion, major industries such as oil and gas and power generation plants are a major force driving the global capture and storage market.
The emission of greenhouse gases like carbon dioxide is the result of the large-scale combustion of fossil fuels for a variety of industrial processes. Furthermore, the accumulation of such gases in the atmosphere is expected to trigger irreversible phenomena including ozone depletion, climate change, etc. In order to effectively counter this major problem, industries are employing carbon capture and storage technologies.
Adoption of these technologies prevents CO2 from entering the atmosphere and thus helps industries to comply with environmental regulations. At present, carbon capture, utilization, and storage (CCUS) facilities all over the world are anticipated to have the capacity to capture over 40 MtCO2 each year as per the International Energy Association (IEA).
Key Takeaways
- Rapid industrialization paired with the rising need for reducing carbon emissions along with the implementation of stringent environmental regulations and the growing popularity of sustainable technologies is some of the major factors triggering the growth of the carbon capture and storage market.
- Climate change has become a prominent concern for world leaders over the last few years. It has severely affected the lives of people, animals, and the environment all over the world, and compelled countries to take various measures.
- The surging need for addressing global warming owing to the higher emission levels has put carbon capture and storage technologies into the spotlight. Moreover, the world’s major industries, which are the main contributors to carbon emissions, are increasingly adopting CCS technologies to reduce their carbon footprint. This is providing the impetus to the growth of the carbon capture and storage market and the trend is likely to continue in the foreseeable future.
- Several governments across the world are predicted to launch various initiatives in order to encourage the adoption of carbon capture and storage technologies. They are constantly implementing new regulations to curb the emission of carbon dioxide from industries and power generation plants. This will continue to ignite the demand for CCS technologies during the forecast period.
- Throughout the EOR techniques, CO2 is directly injected into the existing oil fields, which is further expected to increase the overall pressure of the oil reservoir and force the oil toward production wells. In addition to that, increasing consumption of CO2 in oil enhanced oil recovery process is projected to spur the adoption of carbon capture and storage technologies in the oil and gas industry.
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Competitive Landscape
The majority of the key participants present in the global carbon capture and storage (CCS) market are expected to operate in the carbon capture and storage market which is anticipated to focus constantly on developing sustainable carbon capture and storage technologies. Besides this, they are joining forces to complete large-scale carbon capture and storage facilities and commercialize CCS technology across attractive regions of Asia, Africa, and the Middle East.
Key Segments Profiled in the Carbon Capture and Storage Industry Survey
Technology:
- Pre-combustion
- Post-combustion
- Oxy-fuel Combustion
End-Use Industry:
- Oil and Gas
- Coal and Biomass Power Plant
- Iron and Steel
- Chemicals
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
More Insights into the Carbon Capture and Storage (CCS) Market
According to Future Market Insights, North America is anticipated to create lucrative growth opportunities over the projection period due to the presence of leading end-use industries, increasing demand for clean technologies, rising usage of CO2 in enhanced oil recovery techniques, and a surge in the number of regional market players.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
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