Carbon Capture And Storage Industry Overview
The global carbon capture and storage market size was valued at USD 3.22 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8 % from 2022 to 2030.
Increasing concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of carbon capture and storage (CCS) technology. Various governments are encouraging the implementation of technology through pilot projects across various industries due to the ability of carbon capture & storage technology to serve as a large-scale solution for achieving the high CO2 emission reduction targets and climate control goals.
Gather more insights about the market drivers, restrains and growth of the Global Carbon Capture And Storage Market
As technology advances, offshore oil and gas exploration and production activities are projected to expand, resulting in a surge in the use of gas injection enhanced oil recovery (EOR) techniques. Carbon dioxide is used in the extraction of crude oil. The use of gas injection EOR techniques for both onshore and offshore wells will be fueled by maturing and declining oil reservoirs. As a result, the market for carbon capture and storage is likely to develop over the forecast period due to the growing need for CO2 for EOR activities in the oil and gas industry.
In 2021, the U.S. generated USD 939.52 in terms of revenue. The region is anticipated to dominate the global market on account of the presence of several high-capacity CCS plants in this region, as well as the increasing usage of CO2 in enhanced oil recovery techniques. Due to large-scale development projects of carbon capture, utilization, and storage, the demand in the region is predicted to increase rapidly in contrast to other regions.
According to the American Council, the FUTURE Act (Furthering Capital Carbon Capture, Utilization, Technology, Underground Storage, and Reduced Emissions) was introduced under the 45Q part of the bill to give incentives for capturing the carbon dioxide produced by industrial and power sources for use in enhanced oil recovery. With the development of shale gas technology and the new government's lack of interest in carbon capture, the market for CCUS is predicted to increase at a slow rate in the country, increasing North America's market share in the carbon capture and storage market.
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- Enhanced Oil Recovery Market – The global enhanced oil recovery market size was valued at USD 38.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030. An increasing number of aged wells, along with decreasing production from existing oilfields, is expected to drive the market demand over the forecast period.
- Carbon Dioxide Market – The global carbon dioxide market size was valued at USD 3.68 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030. Increasing utilization of Carbon Dioxide (CO2) for Enhanced Oil Recovery (EOR) and its surging usage in food & beverages and medical industries are anticipated to fuel the growth of the global market during the forecast period.
Carbon Capture And Storage Market Segmentation
Grand View Research has segmented the carbon capture and storage market based on capture technology, application, and region:
Carbon Capture And Storage Capture Technology Outlook (Revenue, USD Million; Volume, Kilo Tons, 2019 – 2030)
- Industrial Process
Carbon Capture And Storage Application Outlook (Revenue, USD Million; Volume, Kilo Tons, 2019 – 2030)
- Power generation
- Oil & Gas
- Metal production
Carbon Capture And Storage Regional Outlook (Revenue, USD Million; Volume, Kilo Tons, 2019 – 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights
- January 2019: Aker Solutions secured a contract for a carbon capture and storage project, which was initiated by Equinor in partnership with Shell and Total, to develop the world’s first storage facility capable of receiving CO2 from various industrial sources.
- July 2021: Shell unveiled its objectives to construct a large-scale carbon capture and storage (CCS) facility in Alberta, Canada. The plant is projected to seize CO2 from its chemical and refinery plant store 300 million tonnes of carbon over its lifespan.
Key Companies profiled:
Some prominent players in the global carbon capture and storage market include
- 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.
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