Press Release Description
The Global Carbon Capture & Storage Market Size to Exceed USD12.9 Billion By 2030
The Global Carbon Capture & Storage Market size was valued at USD 4.2 billion in 2024 and is projected to reach USD 12.9 billion in 2030. Along with this, the market is estimated to grow at a CAGR of around 24.0% during the forecast period, cites MarkNtel Advisors in the recent research report. Growing global emissions have been raising the demand for efficient CO2 mitigation solutions surging the adoption CCS market. The rise in overall CO2 emissions is due to increased dependence on fossil fuels for energy generation. Moreover, due to expansion in the industrial sector and a rise in automobile sales, energy consumption, and consequently CO2 emissions, have risen at an incredible rate. Moreover, underdeveloped and developing countries have been experiencing an industrialization process at a very fast pace, which is further propelling CO2 emission rates. As a result, the demand for effective carbon emission mitigation technologies is surging rapidly. CCS has been emerging as a crucial solution to mitigating the emission rates, thereby surging its adoption and driving market growth.
Also, carbon emissions are majorly from the power, cement, and steel industries which has resulted in the establishment of different frameworks by governments to establish carbon emission strategies and targets. For example, the China Net Zero Goal is set for 2060, aiming at eliminating carbon emissions, while other countries like India and Brazil have set Net Zero Emission targets that have the objective of reducing emission rates and focusing on environmental sustainability. These targets are expected to boost the adoption of carbon capture and storage solutions, thereby surging the market growth.
Further, various companies and organizations have set ambitious targets for reduced carbon emissions globally making CCS technologies imperative for industries under ever-increasing pressure to meet climate goals. Industries have increasingly deployed CCS technologies around the world and have been bringing down their carbon footprint. Further, enhancement in technology and the addition of new techniques in CCS solutions are expected to provide added momentum to market growth and expected to create opportunities in the upcoming years, further states the research report, “Global Carbon Capture & Storage Market Analysis, 2024.”
Global Carbon Capture & Storage Market Segmentation Analysis
Pre-Combustion Capture Segment to Hold Significant Market Share in the Global Carbon Capture & Storage Market
Based on capture technology, the market is further segregated into post-combustion capture, pre-combustion capture, oxyfuel technology, and chemical looping combustion. The pre-combustion segment is likely to hold a major share of the global market. High efficiency and low cost associated with the pre-combustion capture technology are the significant driving factors leading to its widespread adoption in large industrial facilities and power generation plants. In the pre-combustion process, separation and capture of CO2 are allowed at a higher concentration and pressure level than in the post-combustion process, making capture more feasible and less energy-intensive. Besides, it is easily integrated with existing industrial processes such as integrated gasification combined cycle power plants, without incorporating huge costs for side installations which makes it even more attractive to the end users in the market. Moreover, hydrogen obtained in pre-combustion can be used as a new clean fuel, contributing to the valued process, which again extends its reach at the global level.
Government funding and incentives for pre-combustion capture are improving the development of Integrated Gasification Combined Cycle plants and hydrogen production facilities, thus helping further strengthen its market leadership. In an increasing goal of reducing emissions while sustaining efficiency by various industries globally, pre-combustion capture technology plays a vital role in maintaining the lead in the global carbon capture and storage market. This technology provides an inexpensive large-scale solution for carbon capture and, therefore is a preferred first choice for industries seeking to achieve environmental goals.
North America to Hold Major Market Share in the Global Carbon Capture & Storage Market
Geographically, the market is segmented into regions such as North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The North America region commanded an outstanding share of the total global market. This growth can be attributed to the growing government initiatives concerning CCS facilities and net-zero emissions. The respective governments of the US and Canada have contributed considerably to the rise in the CCS systems adoption rate by investing heavily in the development of CCS technology and infrastructure. In the United States, huge funding and incentives have seriously fast-tracked CCS technologies in terms of their development and deployment. Moreover, research and development spending on new, innovative carbon capture technologies has further accelerated this market growth in the region. Similarly, the Canadian government, through projects such as the Alberta Carbon Trunk Line, has also been contributing to the overall growth and adoption of CCS systems in North America, hence bolstering the market presence in the Global Carbon Capture & Storage Market.
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Shell Plc, Halliburton Company, Schlumberger Limited, Aker Solutions, Equinor ASA, Chevron Corporation, Carbon Engineering ULC, Fluor Corporation, Exxon Mobil Corporation, Linde Plc, Mitsubishi Heavy Industries Ltd., JGC Holdings Corporation, TotalEnergies SE, Honeywell International Inc., and Climeworks, among others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various regions?
- How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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