Carbon Capture and Storage (CCS) Market research report by Delvens focuses on primary sections such as – market segments, market outlook, competitive landscape, and company profiles. The segments provide details in terms of various perspectives such as end-use industry, product or service type, and any other relevant segmentation as per the market’s current scenario which includes various aspects to perform further marketing activity, the global Carbon Capture and Storage (CCS) market size was estimated at USD 2.80 billion in 2023 and is projected to reach USD 7.35 billion in 2030 at a CAGR of 14.8% during the forecast period 2023-2030.
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Carbon capture and storage (CCS) is a process that captures carbon dioxide (CO2) emissions from industrial processes, stores them and uses them to create new products or energy sources. The goal of CCS is to reduce the amount of carbon dioxide emitted into the atmosphere and to find productive ways to use this greenhouse gas.
Growing industrialization and increased investment in production facilities are the main drivers of the global carbon capture and storage market. In addition, the demand for carbon capture and storage will be supported during the forecast period by several government initiatives to reduce greenhouse gas emissions in several industries.
Recent Developments
In December 2022, Malaysia state-owned oil and gas company Petroleum Sarawak Bhd (Petros) signed an agreement with South Korean steel-making company Posco Group to collaborate on the carbon capture and storage (CCS) development business in a plant situated at Sarawak, Malaysia.
In December 2022, Oil and Natural Gas Corporation Limited (ONGC) signed an agreement with Shell for cooperation in Carbon Capture, Utilization, and Storage (CCUS) studies. The collaboration will focus on a joint CO2 storage study and EOR screening assessment for key basins in India, including depleted oil and gas fields and saline aquifers.
The prominent players in the Carbon Capture and Storage (CCS) market are
· Air Liquide
· Aker Solutions
· Equinor ASA
· Fluor Corp.
· Sulzer Ltd.
· Baker Hughes Company
· Dakota Gasification Company
· Exxon Mobil Corporation
· Fluor Corporation
· General Electric
· Halliburton
· Honeywell International Inc.
· Japan CCS Co., Ltd.
· LanzaTech
· Linde plc
· Mitsubishi Heavy Industries Ltd
· NRG Energy Inc.
· Occidental Petroleum Corporation
· Shell plc.
· Siemens Energy
· SLB and More
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North America to Dominate the Market
North America is estimated to account for the largest market share during the forecast period.
In North America, the growing demand for clean technology, accompanied by the growing use of CO2 in EOR practices, is likely to drive the CCS market in countries like the United States and Canada.
Key Findings
· The Technology segment is further fragmented into Pre-combustion Capture, Oxy-fuel Combustion Capture, and Post-combustion Capture. The pre-combustion capture technology is expected to account for a larger market size during the forecast period. Pre-combustion CO2 capture utilizing water gas shift reaction and removal with Acid Gas Removal (AGR) process is currently being commercially practiced globally. The advantage of this pressure recovery technology is that it produces less energy, i.e., about 20% than the current PCC technology (about 30%) and with 90% CO2 recovery. The post-combustion capture technology is anticipated to grow at a significant rate. Increased energy generation, newly developed advanced amine systems, and heat integration systems are expected to be the main factors driving its demand over the forecast period.
· The End-user Industry segment is further bifurcated into Power generation, Oil and Gas, Coal and Biomass Power Plant, Iron and Steel, and Chemical. The Oil and Gas is the largest market during the forecast period. Carbon dioxide stored in deep geological formations, land or sea uses carbon capture and storage technologies developed in the oil and gas industry to enhance oil recovery. Carbon dioxide is widely used in the oil industry for oil recovery (EOR) from mature oil fields. In addition, the oil and gas industry are moving to carbon capture and storage technology as part of sustainability.
· The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. In North America, the growing demand for clean technology, accompanied by the growing use of CO2 in EOR practices, is likely to drive the CCS market in countries like the United States and Canada.
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Frequently Asked Questions
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· What is the compound annual growth rate (CAGR) of the Carbon Capture and Storage (CCS) Market?
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· Who are the major players in Carbon Capture and Storage (CCS) Market?
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