Rockville, May 17, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a competitive intelligence and market research, the global carbon capture and storage (CCS) market to grow at a CAGR of 13.4% between 2023 and 2033, to reach a valuation of US$ 10.2 billion in 2033.
The process of capturing carbon dioxide from fuel combustion or industrial processes, transporting it by ship or pipeline, and either using it as a resource to produce useful goods or services or permanently storing it underground in geological formations is known as carbon capture, utilization, and storage (CCUS). The demand for carbon capture, utilization, and storage is also increasing as a result of strict environmental standards and regulations.
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| Carbon Capture and Storage (CCS) Market Scope | |
| Report Coverage | Details |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2033 |
| Growth momentum & CAGR | Accelerate at a CAGR of 13.4% |
| Market growth 2023-2033 | US$ 10.2 Billion |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | Aker Solutions, Exxon Mobil Corporation, Hitachi, Honeywell International, JGC Holdings Corporation, Mitsubishi Heavy Industries, Ltd., Royal Dutch Shell |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
The current infrastructure of carbon capture and storage supports 44 MtCO2/year capturing globally. However, efforts are being made to upgrade the existing infrastructure to achieve net zero carbon goals by 2050. There are about 35 commercial facilities using CCUS for electricity generation, fuel transformation, and industrial operations and the number is expected to increase to the carbon-capturing goal of 1286 MtCO2/year by 2030.
U.S. and China are among prominent investment hubs due to the growing government investment and rising awareness regarding environmental health.
Key Takeaways from Market Study
- By 2033, the global market for carbon capture and storage (CCS) is expected to exceed US$ 10.2 billion
- Pre-combustion has emerged as the most innovative technology in the carbon capture and storage (CCS) market, growing at 15.1% CAGR during the forecast period
- Significant increase in China's Industrial sector expansion is expected to create lucrative growth opportunities for market players
- In 2023, North America is anticipated to account for 38.2% of the global demand for carbon capture and storage (CCS).
- The oil and gas industry uses carbon capture and storage services more than any other end-use industry, accounting for approximately 35.3% of the market
Growing Demand for Decarbonisation Solutions Gear-up and Holds Potential to Spur Billions in Economic Development in the Future, thus Creating Immense Growth Opportunities for the CCS Market Players, Says a Fact.MR analyst.
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Market Development
Owing to the slight fragmentation of the global market for carbon capture and storage (CCS), manufacturers only have a limited amount of room for growth. Since project costs continue to be high, service providers of carbon capture and storage (CCS) aim to establish contracts with end-use industries to channel the captured carbon and generate revenue. CCS service provides prioritized strategic collaborations to accelerate decarbonisation solutions across various industries.
Companies like Calpine, Chevron, Dow, and 8 others, for instance, have pledged to start searching options that could result in the capture and safe storage of up to 50 million TPY of CO2 by 2030 and approximately 100 million TPY by 2040 in Houston's Industrial sector. Hence, the market is highly lucrative and long-term trade relations with potential industry operators are likely to offer immense growth opportunities to the market players.
Segmentation of Carbon Capture and Storage (CCS) Market
- By Type:
- Direct Air
- Bioenergy
- By Technology:
- Pre-combustion Capture
- Oxy-Fuel Combustion Capture
- Post Combustion Capture
- By Service Type:
- Capture
- Transportation
- Utilization
- Storage
- By Application:
- Agriculture
- Oil & Gas
- Iron & Steel
- Building & Construction
- Chemical & Petrochemical
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global carbon capture and storage (CCS) market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the carbon capture and storage (CCS) on the basis type (direct air, bioenergy), technology (pre-combustion capture, oxy-fuel capture, post-combustion), service type (capture, transportation, utilization, and storage) and end-use industry (agriculture, oil & gas, iron & steel, building & construction, chemical & petrochemical, power generation, and others).
Key Questions Covered in the Carbon Capture and Storage (CCS) Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Carbon Capture and Storage (CCS) sales grow until 2033?
- Which are the factors hampering the Carbon Capture and Storage (CCS) demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the Carbon Capture and Storage (CCS) Market during the forecast period?
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