Carbon Capture and Storage Market is expected to grow from 6 billion USD in 2024 to 40 billion USD by 2031, at a CAGR of 21.9% | Exactitude Consultancy

Key Players in this market are- Shell, ExxonMobil, Chevron, Equinor, TotalEnergies, Sinopec, Occidental Petroleum, Linde, Aker Solutions, Mitsubishi Heavy Industries, Fluor Corporation, Air Products and Chemicals, Honeywell, Schlumberger, BP, Hitachi, General Electric, Siemens Energy, Carbon Clean Solutions, Global Thermostat, and others.

/EIN News/ -- Luton, Bedfordshire, United Kingdom, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Global Carbon Capture and Storage Market

The global carbon capture and storage market is expected to grow from 6 billion USD in 2024 to 40 billion USD by 2031, at a CAGR of 21.9%. The upsurge in demand for sustainable and environmentally-friendly solutions is a significant factor driving the expansion of CCS technologies across various industries- including oil & gas, chemical manufacturing, and cement production.

Key Players in this market are- Shell, ExxonMobil, Chevron, Equinor, TotalEnergies, Sinopec, Occidental Petroleum, Linde, Aker Solutions, Mitsubishi Heavy Industries, Fluor Corporation, Air Products and Chemicals, Honeywell, Schlumberger, BP, Hitachi, General Electric, Siemens Energy, Carbon Clean Solutions, Global Thermostat, and others.

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The global carbon capture and storage (CCS) market is expected to experience progress in the forecasted period from 2024 to 2031. This market is highly driven by increasing focus on achieving Net-Zero targets, as well as reducing green-house gas emissions. The CCS market plays a crucial role in battling climate change crisis. The market also offers a solution for capturing and storing carbon dioxide emissions from power generation, industrial processes, and other manufacturing industries.

October 30, 2023- CABGOC, also known as Cabinda Gulf Oil Company Limited, a subsidiary of Chevron in Angola, hosted the signing of a Memorandum of Understanding (MOU) in Luanda among Chevron New Energies and the Government of Angola. The agreement intended to discover potential opportunities for lower carbon business in Angola. Chevron and the Government of Angola arranged to assess projects related to nature-based and technological carbon offsets, low-carbon biofuels, hydrogen, carbon capture and storage, and the creation of a regional centre of excellence to promote lower-carbon investments.

August 1, 2023- India faced the issue of balancing energy security, energy equity, and environmental sustainability while achieving decarbonization. To successfully tackle this “Energy Trilemma”, collaborative efforts from government, businesses, and civil society are required. TERI (The Energy and Resources Institute) and Shell collaboratively launched a report on 1st August, “India Transforming to a Net-Zero Emissions Energy System”. The report also explained the steps needed to be taken by India, to meet its net-zero emissions target by 2030, while also maintaining energy- security and equity.

Factors responsible for the growth of the CCS market

Governments are promoting carbon capture and storage (CCS) though supportive policies, subsidies, and incentives. These activities aim to accelerate the adoption of CCS technologies, as part of broader climate change mitigation strategies. In North America and Europe, governments are implementing carbon pricing mechanisms, like carbon taxes and cap-and-trade systems. These processes create financial incentives for industries to invest in CCS. Carbon pricing pushes companies to adopt the cost of emissions, making it more economical to adopt CCS technology, instead of facing huge taxes or penalties for surpassing emission limits. In the US, the 45 Q tax credit rewards companies for capturing and storing CO2, offering a tax credit/ ton of CO2 confiscated. Similar initiatives are introduced in Europe, aligned with European Union’s Green Deal, which aims to achieve carbon neutrality by 2050.

These policies are important in lowering the economic barriers to CCS adoption and encouraging private-sector investments. In developing countries, while a policy landscape is less mature, international cooperation and climate finance mechanisms are helping to bridge the gap. Global policy frameworks, such as the Paris Agreement, further reinforce the importance of CCS in achieving long-term climate goal. To align with international environmental goals and regulatory standards, industries in high-emission sectors like energy, cement, and chemicals are particularly investing in CCS. Companies like ExxonMobil, Chevron, and Shell are leading the way, by developing large-scale CCS projects to capture carbon dioxide emissions from their industrial processes. These investments are driven to meet increasing stakeholder expectations, for corporate responsibility, and transparency regarding environmental impact.

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Carbon capture and storage serves not only as a compliance measures, but also as a competitive differentiator for companies operating in highly regulated markets. Integrating CCS into sustainability strategies empowers companies to present themselves as environmentally responsible, which can enhance brand reputation and meet the growing demands from consumers, investors, and government for cleaner, greener practices. Furthermore, by reducing emissions, companies can benefit from carbon credits or avoid paying significant taxes on emissions. It can make carbon capture and storage both an economic and environmental advantage. The CCS serves as long-term goal for many companies is to achieve net-zero emissions.

Technological advancements in carbon capture and storage (CCS) are constantly improving the efficiency and cost-effectiveness of the technology, which makes it readily accessible for a varied range of industries. Key inventions in carbon0dioxide capture methods are transforming the landscape of CCS. One such advancement is post combustion capture, where carbon dioxide is removed from flue gases after combustion. This method is gaining popularity, as it is a cost-effective solution.

Another promising technology is Direct Air Capture (DAC), which captures carbon dioxide directly from the atmosphere. DAC is particularly valuable as it can reduce existing carbon levels in the air, offering a solution beyond point-source emissions. Also, research into oxy-fuel combustion and chemical looping combustion is improving capture rates and reducing energy requirements. Storage technologies are also advancing, with enhanced monitoring and verification systems ensuring safe, long-term sequestration of CO2 in geological formations. Also, innovations in carbon utilization, where captured CO2 is converted into beneficial products, such as, building materials or synthetic fuels, are creating new market opportunities and revenue streams. These technological improvements are crucial in making CCS scalable and economically viable for diverse sectors, contributing significantly to global emission reduction targets.

Restraints and Opportunities

While the carbon capture and storage market hold great future, it also faces restraints, such as high upfront costs and limited infrastructure. Latest CCS technologies require large upfront investments, and operating expenses remain high due to energy-intensive processes. The lack of robust structure for CO₂ transportation, as well as long-term storage is a barrier to large-scale implementation. Another problem lies in public acceptance and regulatory frameworks, especially concerning CO₂ storage. People may resist projects due to concerns about potential leaks or environmental risks. In addition, the policy landscape is still developing, with unreliable regulations across regions, which makes it difficult for companies to invest in CCS technology. In developing countries, the absence of strong policy support and inadequate financial incentives further hamper CCS adoption.

The advancements in technologies are making carbon capture and storage more efficient and scalable. It is paving the way for broader applications in industries- such as cement, steel, and power generation. Moreover, the increasing focus on carbon utilization—where captured carbon is used in products like fuels or building materials, offers new revenue streams. With rising global pressure to address climate change, CCS is set to play a critical role in de-carbonizing hard-to-abate sectors, offering companies a competitive edge in a low-carbon economy.

Carbon capture and storage market presents vast opportunities. The growing emphasis on reducing greenhouse gas emissions and achieving net-zero goals is driving interest in CCS as a worthy solution. Governments in countries such as North America and Europe are offering incentives, subsidies, and tax credits (e.g., the US 45Q tax credit), which help balance the high costs of CCS. The emergence of carbon pricing mechanisms is also creating financial drivers for industries to adopt CCS technologies.

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Market Segmentation

Carbon Capture and Storage Market by Type Value (USD Billion)

• Pre-combustion
• Post-combustion
• Oxy-fuel Combustion

Carbon Capture and Storage Market by End Use Industry (USD Billion)

• Oil and Gas
• Coal and Biomass Power Plant
• Iron and Steel
• Chemicals
• Others

Carbon Capture and Storage Market by Region (USD Billion)

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Regional Insights

According to Exactitude Consultancy, North America is most dominant region in the global carbon capture and storage market. In the US, significant federal funding and tax incentives, such as the 45Q tax credit, have encouraged investments in CCS technologies. Several large-scale CCS projects are underway, mainly in the oil, gas, and power generation industries, with companies like ExxonMobil and Chevron leading the way. These projects are crucial for reducing carbon emissions and helping industries meet stringent environmental regulations.

European Union's Green Deal has been a major driver of CCS investments. The EU aims to achieve carbon neutrality by 2050, and CCS is seen as a key technology for decarbonizing sectors such as heavy industry and power generation. Countries like Norway, the UK, and the Netherlands are at the forefront, with prominent projects like the Northern Lights initiative, which focuses on storing captured Carbon dioxide under the North Sea. In Asia-Pacific, countries such as China and Australia are scaling up their CCS initiatives to reduce their carbon footprints, with government support and partnerships playing a crucial role in advancing the technology.

Key Players

• Shell
• ExxonMobil
• Chevron
• Equinor
• TotalEnergies
• Sinopec
• Occidental Petroleum
• Linde
• Aker Solutions
• Mitsubishi Heavy Industries
• Fluor Corporation
• Air Products and Chemicals
• Honeywell
• Schlumberger
• BP
• Hitachi
• General Electric
• Siemens Energy
• Carbon Clean Solutions
• Global Thermostat

The global Carbon Capture and Storage market is looking out for rapid growth as the world moves towards a more sustainable future. With increasing government support, corporate sustainability initiatives, and technological advancements, CCS is set to become a critical tool in the fight against climate change. The demand for CCS technologies is expected to rise as industries continue to prioritize emissions reduction, driving innovation and investment in the sector.

For more information on the global CCS market, please visit Exactitude Consultancy.

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