Dublin, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The "Carbon Capture And Storage Market Size, Share & Trends Analysis Report By Technology (Pre-combustion, Oxy-combustion), By Application (Power Generation, Oil & Gas, Metal Production, Cement), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global carbon capture and storage market size is expected to reach USD 5.61 billion by 2030, expanding at a CAGR of 7.1% from 2023 to 2030. This growth is attributed to the presence of favorable government policies and funding initiatives in the European Union (EU).
Increasing concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of carbon capture and storage technology. Various governments are encouraging the implementation of CCS technology through pilot projects across various industries. This is attributed to the ability of carbon capture and storage technology to serve as a large-scale solution for achieving high CO2 emission reduction targets and climate control goals.
The European Union emerged as a global leader by developing CCS as a part of its energy and climate policy to meet the 80%-95% emission reduction target by 2050. Various policies and funding programs favoring the development of more efficient and cost-effective CCS technologies are primarily driving the market in the region.
The increasing use of carbon dioxide in enhanced oil recovery (EOR) applications is fueling the demand for carbon capture and storage across the globe over the forecast period. However, the high cost of carbon capture and storage technology may not prove to be a viable solution for many industry players as well as countries globally. Therefore, the high cost of CCS is expected to restrain the growth of the CCS market in the near future.
The industry players are adopting several strategies including partnerships, new product launches, expansions, mergers & acquisitions, joint ventures, and partnership agreements to increase the customer base and individual market share. For instance, in June 2023, Technip Energies N.V. announced the launch of CaptureNow which is a platform that brings all the carbon capture, storage, and utilization technologies under one platform.
Carbon Capture And Storage Market Report Highlights
- Based on technology, the pre-combustion segment dominated the market with a revenue share of over 69.0% in 2022 owing to its wide application and the production of clean energy such as e-fuels and blue hydrogen
- Based on application, the power generation segment accounted for the highest market share of over 68.0% in 2022 due to imposed restrictions on power plants, the utilization of CCS facilities has become mandatory to reduce carbon emissions up to the required standards
- Europe is expected to grow at the fastest CAGR of 8.9% over the forecast period owing to several favorable government policies in the region promoting the use of CCS technology. For instance, in March 2023, the European Union launched the Net Zero Industry Act that proposes an injection target for carbon dioxide annually of 50 Mt CO2 for 2030, thus promoting the adoption of CCS technology in the region
Company Profiles
- Exxon Mobil Corporation
- BP p.l.c.
- Chevron Corporation
- TotalEnergies
- Eni S.p.A.
- ConocoPhillips
- Shell plc
- LUKOIL
- CONSOL Energy INC.
- Peabody Energy, Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 192 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $3.28 Billion |
| Forecasted Market Value (USD) by 2030 | $5.61 Billion |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
2.1 Market Snapshot
2.2 Segment Snapshot
2.3 Competitive Landscape Snapshot
Chapter 3 Carbon Capture and Storage Market: Market Variables, Trends, & Scope
3.1 Market Lineage Outlook
3.2 Industry Value Chain Analysis
3.3 Market Dynamics
3.3.1 Market Driver Impact Analysis
3.3.2 Market Restraint Impact Analysis
3.3.3 Industry Challenges
3.4 Business Environment Analysis: Carbon Capture and Storage Market
3.4.1 Industry Analysis - Porter's
3.4.2 PESTEL analysis
Chapter 4 Regulatory Framework
4.1 U.S.
4.2 Canada
4.3 UK
4.3.1 The British Energy Security Strategy and the Net Zero Strategy
4.3.2 Climate Change Act, 2008
4.3.3 The UK Low Carbon Transition Plan
4.4 Germany
4.5 France
4.6 Norway
4.6.1 Greenhouse Gas Emission Trading Act
4.6.2 Climate Change Act
4.7 Finland
4.7.1 National Climate Change Policy
4.7.2 National Targets
4.8 Sweden
4.9 Switzerland
4.10 Spain
Chapter 5 Technology Overview
5.1 Technology Overview for Carbon Capture and Storage
5.1.1 Post-combustion of carbon
5.1.2 Pre-combustion of carbon
5.1.3 Oxy-fuel combustion
5.1.4 Industrial Processes
5.2 Technology Timeline
5.3 Technology Trends
5.3.1 Chemical Looping
5.3.2 Solvents and Sorbents
5.3.3 Bio-energy with Carbon Capture and Storage (BECCS)
5.3.4 Direct Air Capture
Chapter 6 Carbon Pricing Emission Coverage & Tax Composition
6.1 Carbon Pricing Initiatives Timeline
6.2 Carbon Price Gaps In Different Sectors
6.3 Estimated Emissions Coverage with Capture Technology under Law
6.4 Effective Carbon Prices
6.5 Carbon Emissions Regulation Overview by major countries/regions
Chapter 7 Carbon Capture and Storage Market: Technology Estimates & Trend Analysis
7.1 Technology Movement Analysis & Market Share, 2022 & 2030
7.2 Carbon Capture and Storage Market Estimates & Forecast, By Technology (USD Million) (Million Tons)
7.2.1 Pre-Combustion
7.2.2 Industrial Process
7.2.3 Post-Combustion
7.2.4 Oxy-Combustion
Chapter 8 Carbon Capture and Storage Market: Application Estimates & Trend Analysis
8.1 Application Movement Analysis & Market Share, 2022 & 2030
8.2 Carbon Capture and Storage Market Estimates & Forecast, By Application (USD Million) (Million Tons)
8.2.1 Power Generation
8.2.2 Oil & Gas
8.2.3 Metal Production
8.2.4 Cement
8.2.5 Others
Chapter 9 Carbon Capture and Storage Market: Regional Estimates & Trend Analysis
9.1 North America
9.1 Carbon Capture and Storage Market Estimates & Forecasts, 2018 - 2030 (USD Million) (Million Tons)
Chapter 10 Carbon Capture and Storage Market: Competitive Landscape
10.1 Recent Developments & Impact Analysis, by Key Market Participants
10.2 Company Categorization
10.3 Participant's Overview
10.4 Financial Performance
10.5 Product Benchmarking
10.6 Company Market Positioning
10.7 Company Heat Map Analysis
10.8 Strategy Mapping
10.9 Vendors Utilizing Carbon Dioxide as a Raw Material
10.10 List of Vendors Which Come Under Purview of Law for Limiting Greenhouse Gas Emissions
Chapter 11 Companies with CO2 Mission
11.1 Company Overview
11.2 CO2 Mission
11.3 Initiatives taken by the company to reduce its carbon footprint
Chapter 12 Opportunity Assessment & Recommendations
12.1 Companies with CO2 Mission
12.2 Potential clients to target for supplying stored carbon dioxide
12.3 Potential clients to target for providing carbon storage technology
12.4 List of CCS Projects
For more information about this report visit https://www.researchandmarkets.com/r/o3zrdr
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