Product Code: GVR-1-68038-216-7
Carbon Capture And Storage Market Growth & Trends:
The global carbon capture and storage market size is expected to reach USD 5.61 billion by 2030, expanding at a CAGR of 7.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the presence of favorable government policies and funding initiatives in the European Union (EU).
Increasing concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of carbon capture and storage technology. Various governments are encouraging the implementation of CCS technology through pilot projects across various industries. This is attributed to the ability of carbon capture and storage technology to serve as a large-scale solution for achieving high CO2 emission reduction targets and climate control goals.
The European Union emerged as a global leader by developing CCS as a part of its energy and climate policy to meet the 80%-95% emission reduction target by 2050. Various policies and funding programs favoring the development of more efficient and cost-effective CCS technologies are primarily driving the market in the region.
The increasing use of carbon dioxide in enhanced oil recovery (EOR) applications is fueling the demand for carbon capture and storage across the globe over the forecast period. However, the high cost of carbon capture and storage technology may not prove to be a viable solution for many industry players as well as countries globally. Therefore, the high cost of CCS is expected to restrain the growth of the CCS market in the near future.
The industry players are adopting several strategies including partnerships, new product launches, expansions, mergers & acquisitions, joint ventures, and partnership agreements to increase the customer base and individual market share. For instance, in June 2023, Technip Energies N.V. announced the launch of CaptureNow which is a platform that brings all the carbon capture, storage, and utilization technologies under one platform.
Carbon Capture And Storage Market Report Highlights:
- Based on technology, the pre-combustion segment dominated the market with a revenue share of over 70.28% in 2023 owing to its wide application and the production of clean energy such as e-fuels and blue hydrogen
- Based on application, the power generation segment accounted for the highest market share of over 68.60% in 2023 due to imposed restrictions on power plants, the utilization of CCS facilities has become mandatory to reduce carbon emissions up to the required standards
- Europe is expected to grow at the fastest CAGR of 8.9% over the forecast period owing to several favorable government policies in the region promoting the use of CCS technology. For instance, in March 2023, the European Union launched the Net Zero Industry Act that proposes an injection target for carbon dioxide annually of 50 Mt CO2 for 2030, thus promoting the adoption of CCS technology in the region
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market Segmentation & Scope
- 1.2 Market Definitions
- 1.3 Information Procurement
- 1.3.1 Purchased Database
- 1.3.2 GVR's Internal Database
- 1.3.3 Secondary Source
- 1.3.4 Third Party Perspective
- 1.3.5 Primary Research
- 1.4 Information Analysis
- 1.4.1 Data Analysis Models
- 1.4.2 Market Formulation and Data Visualization
- 1.5 Data Validation and Publishing
Chapter 2 Executive Summary
- 2.1 Market Snapshot
- 2.2 Segment Snapshot
- 2.3 Competitive Landscape Snapshot
Chapter 3 Carbon Capture and Storage Market: Market Variables, Trends, & Scope
- 3.1 Market Lineage Outlook
- 3.2 Industry Value Chain Analysis
- 3.3 Market Dynamics
- 3.3.1 Market Driver Impact Analysis
- 3.3.2 Market Restraint Impact Analysis
- 3.3.3 Industry Challenges
- 3.4 Business Environment Analysis: Carbon Capture and Storage Market
- 3.4.1 Industry Analysis - Porter's
- 3.4.2 PESTEL analysis
Chapter 4 Regulatory Framework
- 4.1 U.S.
- 4.2 Canada
- 4.3 UK
- 4.3.1 The British Energy Security Strategy and the Net Zero Strategy
- 4.3.2 Climate Change Act, 2008
- 4.3.3 The UK Low Carbon Transition Plan
- 4.4 Germany
- 4.5 France
- 4.6 Norway
- 4.6.1 Greenhouse Gas Emission Trading Act
- 4.6.2 Climate Change Act
- 4.7 Finland
- 4.7.1 National Climate Change Policy
- 4.7.2 National Targets
- 4.8 Sweden
- 4.9 Switzerland
- 4.10 Spain
Chapter 5 Technology Overview
- 5.1 Technology Overview for Carbon Capture and Storage
- 5.1.1 Post-combustion of carbon
- 5.1.2 Pre-combustion of carbon
- 5.1.3 Oxy-fuel combustion
- 5.1.4 Industrial Processes
- 5.2 Technology Timeline
- 5.3 Technology Trends
- 5.3.1 Chemical Looping
- 5.3.2 Solvents and Sorbents
- 5.3.3 Bio-energy with Carbon Capture and Storage (BECCS)
- 5.3.4 Direct Air Capture
Chapter 6 Carbon Pricing Emission Coverage & Tax Composition
- 6.1 Carbon Pricing Initiatives Timeline
- 6.2 Carbon Price Gaps In Different Sectors
- 6.3 Estimated Emissions Coverage with Capture Technology under Law
- 6.4 Effective Carbon Prices
- 6.5 Carbon Emissions Regulation Overview by major countries/regions
- 6.5.1 European Union
- 6.5.1.1 Types of trade within ETS
- 6.5.1.2 The EU ETS Compliance Cycle
- 6.5.1.3 Monitoring and Reporting Regulation (MRR)
- 6.5.2 U.S.
- 6.5.3 Canada
- 6.5.4 Norway
- 6.5.5 UK
- 6.5.6 France
- 6.5.7 Finland
- 6.5.8 Switzerland
- 6.5.9 Sweden
- 6.5.10 Spain
Chapter 7 Carbon Capture and Storage Market: Technology Estimates & Trend Analysis
- 7.1 Technology Movement Analysis & Market Share, 2023 & 2030
- 7.2 Carbon Capture and Storage Market Estimates & Forecast, By Technology (USD Million) (Million Tons)
- 7.2.1 Pre-Combustion
- 7.2.2 Industrial Process
- 7.2.3 Post-Combustion
- 7.2.4 Oxy-Combustion
Chapter 8 Carbon Capture and Storage Market: Application Estimates & Trend Analysis
- 8.1 Application Movement Analysis & Market Share, 2023 & 2030
- 8.2 Carbon Capture and Storage Market Estimates & Forecast, By Application (USD Million) (Million Tons)
- 8.2.1 Power Generation
- 8.2.2 Oil & Gas
- 8.2.3 Metal Production
- 8.2.4 Cement
- 8.2.5 Others
Chapter 9 Carbon Capture and Storage Market: Regional Estimates & Trend Analysis
- 9.1 North America
- 9.1.1 North America Carbon Capture and Storage Market Estimates & Forecasts, 2018 - 2030 (USD Million) (Million Tons)
- 9.1.2 U.S.
- 9.1.3 Canada
- 9.1.4 Mexico
- 9.2 Europe
- 9.2.1 Europe Carbon Capture and Storage Market Estimates & Forecasts, 2018 - 2030 (USD Million) (Million Tons)
- 9.2.2 Germany
- 9.2.3 UK
- 9.2.4 France
- 9.2.5 Spain
- 9.2.6 Norway
- 9.2.7 Italy
- 9.3 Asia Pacific
- 9.3.1 Asia Pacific Carbon Capture and Storage Market Estimates & Forecasts, 2018 - 2030 (USD Million) (Million Tons)
- 9.3.2 China
- 9.3.3 India
- 9.3.4 Japan
- 9.3.5 South Korea
- 9.3.6 Australia
- 9.4 Central & South America
- 9.4.1 Central & South America Carbon Capture and Storage Market Estimates & Forecasts, 2018 - 2030 (USD Million) (Million Tons)
- 9.4.2 Brazil
- 9.4.3 Argentina
- 9.5 Middle East & Africa
- 9.5.1 Middle East & Africa Carbon Capture and Storage Market Estimates & Forecasts, 2018 - 2030 (USD Million) (Million Tons)
- 9.5.2 Saudi Arabia
- 9.5.3 UAE
- 9.5.4 South Africa
Chapter 10 Carbon Capture and Storage Market: Competitive Landscape
- 10.1 Recent Developments & Impact Analysis, by Key Market Participant
- 10.2 Company Categorization
- 10.3 Participant's Overview
- 10.3.1 Shell PLC
- 10.3.2 Aker Solutions
- 10.3.3 Equinor ASA
- 10.3.4 Dakota Gasification Company
- 10.3.5 Linde plc
- 10.3.6 Siemens Energy
- 10.3.7 Fluor Corporation
- 10.3.8 Sulzer Ltd.
- 10.3.9 Mitsubishi Heavy Industries Ltd. (MHI)
- 10.3.10 Japan CCS Co. Ltd
- 10.3.11 Carbon Engineering Ltd.
- 10.3.12 LanzaTech
- 10.4 Financial Performance
- 10.5 Product Benchmarking
- 10.6 Company Market Positioning
- 10.7 Company Heat Map Analysis
- 10.8 Strategy Mapping
- 10.8.1 Expansion
- 10.8.2 mergers & acquisition
- 10.8.3 collaborations
- 10.8.4 new product launches
- 10.8.5 Others
- 10.9 Vendors Utilizing Carbon Dioxide as a Raw Material
- 10.9.1 List of International Vendors
- 10.9.2 List of vendors in the U.S.
- 10.9.3 List of vendors in Canada
- 10.9.4 List of vendors in Germany
- 10.9.5 List of vendors in The UK
- 10.9.6 List of vendors in Italy
- 10.9.7 List of vendors in France
- 10.9.8 List of vendors in Spain
- 10.9.9 List of vendors in Norway
- 10.9.10 List of vendors in Finland
- 10.9.11 List of vendors in Sweden
- 10.9.12 List of vendors in Switzerland
- 10.9.13 List of vendors in Russia
- 10.10 List of Vendors Which Come Under Purview of Law for Limiting Greenhouse Gas Emissions
- 10.10.1 List of vendors in the U.S.
- 10.10.2 List of vendors in Canada
- 10.10.3 List of vendors in Germany
- 10.10.4 List of vendors in THE UK
- 10.10.5 List of vendors in Italy
- 10.10.6 List of vendors in France
- 10.10.7 List of vendors in Spain
- 10.10.8 List of vendors in Norway
- 10.10.9 List of vendors in Finland
- 10.10.10 List of vendors in Sweden
- 10.10.11 List of vendors in Switzerland
- 10.10.12 List of vendors in Russia
Chapter 11 Companies with CO2 Mission
- 11.1 Exxon Mobil Corporation
- 11.1.1 Company Overview
- 11.1.2 CO2 Mission
- 11.1.3 Initiatives taken by the company to reduce its carbon footprint
- 11.2 BP p.l.c.
- 11.2.1 Company Overview
- 11.2.2 CO2 Mission
- 11.2.3 Initiatives taken by the company to reduce its carbon footprint
- 11.3 Chevron Corporation
- 11.3.1 Company Overview
- 11.3.2 CO2 Mission
- 11.3.3 Initiatives taken by the company to reduce its carbon footprint
- 11.4 TotalEnergies
- 11.4.1 Company Overview
- 11.4.2 CO2 Mission
- 11.4.3 Initiatives taken by the company to reduce its carbon footprint
- 11.5 Eni S.p.A.
- 11.5.1 Company Overview
- 11.5.2 CO2 Mission
- 11.5.3 Initiatives taken by the company to reduce its carbon footprint
- 11.6 ConocoPhillips
- 11.6.1 Company Overview
- 11.6.2 CO2 Mission
- 11.6.3 Initiatives taken by the company to reduce its carbon footprint
- 11.7 Shell plc
- 11.7.1 Company Overview
- 11.7.2 CO2 Mission
- 11.7.3 Initiatives taken by the company to reduce its carbon footprint
- 11.8 LUKOIL
- 11.8.1 Company Overview
- 11.8.2 CO2 Mission
- 11.8.3 Further Initiatives taken by the company to reduce its carbon footprint
- 11.9 CONSOL Energy INC.
- 11.9.1 Company Overview
- 11.9.2 CO2 Mission
- 11.9.3 Initiatives taken by the company to reduce its carbon footprint
- 11.10 Peabody Energy, Inc.
- 11.10.1 Company Overview
- 11.10.2 CO2 Mission
- 11.10.3 Initiatives taken by the company to reduce its carbon footprint
Chapter 12 Opportunity Assessment & Recommendations
- 12.1 Companies with CO2 Mission
- 12.2 Potential clients to target for supplying stored carbon dioxide
- 12.3 Potential clients to target for providing carbon storage technology
- 12.4 List of CCS Projects