Carbon Capture and Storage (CCS) Market: Environmental Concerns And Stringent Governmental Regulations Driving Market Expansion

Carbon Capture and Storage (CCS) Market Overview

According to a research survey conducted by ChemView Consulting, in 2022, the Global Carbon Capture and Storage (CCS) Market was worth US$ 4,020.0 Mn and is expected to grow at a CAGR of 12.3% over the forecast period. The market is expected to hit US$ 12,824.0 Mn by 2032 end.

This growth is mainly driven by the following factors:

  • To achieve the target of net zero emissions by countries, CCS has to grow 120 times by 2050.
  • To meet the net-zero commitments made by 64 governments at COP26, 715 MTPA are needed by 2030, and 4,200 MTPA by 2050.
  • Rising action by governments, investors, and industrial players.
  • Industrial clusters could be a promising business model for lowering CCUS sector costs.

The sole approach for lowering emissions from major industrial plants is CCS. It could shift the course of the fight against global warming. When combined with bioenergy technologies for power generation, CCS can produce “negative emissions,” which reduce CO2 in the atmosphere.

ChemView Consulting has analyzed that one of the key drivers of the growth of the carbon capture and storage market is rapid industrialization, the rising need to reduce carbon emissions, the implementation of strict environmental regulations, and the rising popularity of sustainable technologies.

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Implementing CCS technology has become urgently necessary, particularly in nations like China and the U.S., which are among the top emitters of CO2. Long-term prospects for the global carbon capture and storage sector would be improved.

Technologies To Look Out For:

  • Pre- and post-combustion capture technologies
  • Direct air capture (DAC)
  • Bioenergy with carbon capture and storage (BECCS)
  • Biochar
  • CO2-enriched concrete

Segments Covered in Report

By Technology:

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

By End-Use Industry:

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

By Region and Country:

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
  • Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
  • Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Key Takeaways from the Carbon Capture and Storage (CCS) Market

  • Based on the Technology, Carbon capture and storage (CCS) is used by the oil and gas sector to cut greenhouse gas emissions. The oil and gas industry has created CCS systems for better oil recovery to store carbon dioxide in deep geological formations, whether onshore or offshore.
  • Based on the End-Use Industry, the post-combustion capture market had the highest share, with 55.6%. Post-combustion capture, CO2 is taken out of the air after fossil fuels are burned in power plants. Flue gases at power plants or other point sources are used to extract CO2. Other industrial applications are actively using the technology as well.
  • Based on Region, The North American continent dominated the world with a market share of 55.0%. As the need for clean technology and the use of CO2 in EOR practices rises, it is anticipated that carbon capture and storage technology will increase in countries like the United States and Canada. The need for CO2-EOR methods has increased as a result of this.

Competition Summary

Key companies covered in the market study are players are ExxonMobil Corporation, Schlumberger, Huaneng, Linde AG, Sulzer, Equinor, NRG, AkerSolutions, Shell, Skyonic Corp., Mitsubishi Hitachi, Fluor, and Sinopec.

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The Way Forward

Tax breaks, direct subsidies, and price-control mechanisms (For example, in the United States, the 45Q tax credit provides a fixed payment per tonne of captured carbon dioxide sequestered or used.)

Consumers’ willingness to pay more for products with lower carbon intensity

Solving regulatory gaps, understanding societal needs, and policymakers accepting CCS will all be critical components of the overall solution

Report Key Highlights and Coverage

  • Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
  • Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
  • The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
  • Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
  • Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
  • Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
  • Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
  • Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
  • Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
  • Strategic market analysis, recommendations, and future headways on crucial winning strategies.

About ChemView Consulting

ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.

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