Global Carbon Capture and Storage Market By Capture Technology (Pre-Combustion, Industrial Process, Oxy-Combustion, and Post-Combustion) By Application (Power Generation, Oil & Gas, Metal Production, and Other Applications) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Carbon Capture and Storage Market Overview:

The global carbon capture and storage market was valued at USD 31,800 million in 2021. It is expected to grow at a compound annual rate (CAGR of 6.9%) between 2022 and 2032.

Carbon capture and storage (CCS), technology has been adopted due to growing concerns about the negative effects of carbon emissions on the environment.

Many governments encourage the use of CCS technology in pilot projects across different industries. This is because carbon capture and storage technology can be used as a large-scale solution to meet high CO2 emission reduction targets.

Global Carbon Capture and Storage Market Scope:

Capture Technology Analysis:

Pre-combustion capture technologies held the largest share, accounting for 55.23% in 2021. They are expected to see significant growth over the forecast period. Globally, pre-combustion CO2 capture using water gas shift reaction (AGR) and removal with acid gas removal (PCC) is being used.

This capture technology under pressure has the advantage that it is less energy-intensive than current PCC technology (approx. 20%, 30%) at 90% CO2 capture. From 2021 to 2032, the post-combustion capture technology will grow at a 7.2% CAGR.

It is expected that increased energy generation, new advanced amine systems, and heat integration systems will be the key factors driving their demand during the forecast period.

Application Analysis:

In 2021, the power generation segment was responsible for more than 41.3% of all revenue. The largest emitters of CO2 are coal-fired power stations. CCS facilities are now mandatory in order to reduce carbon emissions to the standards required by law.

These technologies are essential to allow for the use of coal resources for power generation while reducing CO2 emissions. CCS technology can also be retrofitted to existing power plants, without affecting their efficiency. These factors will allow for a rise in CCS technology adoption in the power generation sector over the forecast period.

Market growth is expected to continue in the medical segment. To stabilize the body and increase the surgical surface area, carbon dioxide is used in surgery, including arthroscopy and laparoscopy.

It is used to maintain cryotherapy temperatures at approximately -76 degrees Celsius. Other applications include rubber, industrial cleaning, firefighting, and wastewater treatment.

Post-combustion technologies can be easily used to capture CO2 from flue gas escaping the sinter plants, lime kiln, stove, or coke oven plant. The market will grow significantly due to the wide variety of CCS applications at different stages of the metal production process.

In closed greenhouses, carbon dioxide is being increasingly used to enhance crop growth. It is a common compressed gas used in pneumatic systems (pressurized gases) in portable pressure tools, which are widespread in the construction industry.

Dry ice pellets are also made from carbon dioxide. These can be used as a replacement for sandblasting to remove paint from surfaces.

Маrkеt Ѕеgmеntѕ:

By Capture Technology:

• Pre-Combustion
• Industrial Process
• Oxy-Combustion
• Post-Combustion

By Application:

• Power Generation
• Oil & Gas
• Metal Production
• Other Applications

Market Dynamics:

Technology is improving, and offshore oil and gas exploration and production activities will expand. This will lead to an increase in gas injection enhanced oils recovery (EOR). The extraction of crude oil is done using carbon dioxide.

Gas injection EOR techniques will be used for both offshore and onshore wells. The growing demand for carbon capture and storage in the oil and natural gas industry will drive growth over the forecast period.

The U.S. accounted for USD 935.92 in revenue in 2021. Due to the existence of many high-capacity CCS facilities in the region and the increased use of CO2 in enhanced oil recovery techniques, the region is expected to dominate the global market.

The region’s large-scale development of carbon capture, utilization, and storage is expected to see a rapid increase in demand, in contrast to other areas.

The American Council reports that the FUTURE Act (Furthering Capital Carbon Capture Utilization, Technology, and Underground Storage and Reduced Emissions) was introduced in the 45Q section of the bill.

It provides incentives to capture carbon dioxide from industrial and power sources to be used in enhanced oil recovery. The new government’s lack of interest in carbon capture is expected to slow down the market for CCUS, which will increase North America’s share of the carbon capture and storage market

Regional Analysis:

North America had the highest revenue share, at 37.2%. The dominant market for carbon capture and storage was North America. This is due to increasing demand from the oil and gas sector, coupled with strict government regulations to reduce carbon emissions. The trend is expected to continue in the future.

Canada is the second-largest market for CCS in the region. Cenovus Energy, located in Weyburn and Midale, was the first to implement CCS in Canada. This project used the pre-combustion method for carbon capture. In Canada, large-scale CCS plants are being constructed and will be operational during the forecast period.

Europe was second in revenue in 2021, with 28.2%. These support mechanisms by the European Union are intended to encourage the development of CCS projects at a commercial scale in the region and to speed up R&D for technologies related to carbon capture and storage.

 Кеу Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Aker Solutions, Dakota Gasification Company, Equinor ASA, Fluor Corporation, Linde plc, Maersk Oil, Mitsubishi Heavy Industries Ltd., Royal Dutch Shell PLC, Siemens AG, Sulzer Ltd., and Other Key Players, are the key vendors in the Carbon Capture and Storage market.

There are many key players in the market, as well as a few small and medium-sized regional players. Many companies have their own industry and are highly regarded in this sector.

Aker Solutions, for example, secured a contract in January 2019 for a carbon capture-and-storage project. This was initiated by Equinor, Shell, and Total. It aims to create the first global storage facility that can receive CO2 from different industrial sources.

The Northern Lights project is a CO2 receiving terminal, offshore pipeline, injection, and storage. The following are some of the major players in the global carbon storage and capture market:

Маrkеt Кеу Рlауеrѕ:

• Aker Solutions
• Dakota Gasification Company
• Equinor ASA
• Fluor Corporation
• Linde plc
• Maersk Oil
• Mitsubishi Heavy Industries Ltd.
• Royal Dutch Shell PLC
• Siemens AG
• Sulzer Ltd.
• Other Key Players

For the Carbon Capture and Storage Market research study, the following years have been considered to estimate the market size: