Carbon Capture and Storage (CCS) Market, by Technology (Pre-combustion Capture, Oxy-fuel Combustion Capture, and Post-combustion Capture), End-user Industry (Power generation, Oil and Gas, Coal and Biomass Power Plant, Iron and Steel, and Chemical) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
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.
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. CCS technologies are still in the development phase and face several challenges, including high costs, technical limitations, and the need for supporting measures and regulations. Despite these challenges, CCS has the potential to play an important role in mitigating climate change and the transition to a low-carbon economy.
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. In addition, better oilfield recovery plans emit carbon dioxide while the equipment is operating. In addition, increasing energy demand and extensive investments in upstream and downstream sectors would improve the market outlook for carbon capture and storage. In addition, the carbon capture and storage market is ultimately driven by management and society's concerns about carbon dioxide emissions and increasing energy demand. In addition, the increase in high-efficiency power generation cycles and the technological development of the region is accelerating the growth of the industry.
Carbon capture and storage is mostly used in power plants and natural gas processing plants, where COVID-19 has had very little impact. However, due to the restrictions of various countries, it affected business sectors such as cement plants, chemical factories, etc., which have a very small role in the market and even after the reopening of these industries, they quickly adapted to the changes and started their operations. operations after a few months of closure. However, the shutdown resulted in the postponement of further projects, which affected the growth of the carbon capture and storage market to a very small extent.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The global market for carbon capture and storage solutions is primarily driven by increasing focus on reducing CO2 emissions, supporting government initiatives and growing demand for CO2 EOR technologies. Rapid industrialization worldwide has led to a sharp increase in carbon dioxide emissions. In order to reduce the carbon footprint, the governments of several developed and developing countries, such as the United States, the Netherlands, the United Kingdom, China and India, are building a number of carbon capture and storage facilities. These factors have led to the expansion of the market and increased demand for Carbon Capture and Storage (CCS) solutions.
North America to Dominate the Market