What Is The Current and Historic Market Size Analysis Of The Carbon Capture And Storage Technology Market?
The carbon capture and storage technology market has seen considerable growth due to a variety of factors.
• The market size of carbon capture and storage technology has experienced a significant surge in the past few years. It is expected to escalate from a value of $3.26 billion in 2024 to a value of $3.74 billion in 2025, marking a compound annual growth rate (CAGR) of 14.6%.
The notable expansion during the historic period can be related to governmental regulations, increased climate objectives, and the existence of several high-capacity CCS facilities.
What Are The Predictions for The Carbon Capture And Storage Technology Market in the Coming Years?
The carbon capture and storage technology market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the carbon capture and storage technology market to experience swift expansion in the upcoming years, with projections estimating a value of $6.37 billion by 2029 and a compound annual growth rate of 14.2%.
Factors contributing to this growth within the forecast period include an increased need for CO2 for Enhanced Oil Recovery (EOR) within the oil and gas industry, concerns related to the environment and sustainability, and a surge in demand from various industrial sectors. Noteworthy developments expected within this timeframe are technological advancements, innovations allowing for profound decarbonization, the application of gas injection EOR techniques, improvements in shale gas technology, and the emergence of commercial-scale carbon capture and storage plants.
Which Drivers Are Accelerating Growth In The Carbon Capture And Storage Technology Market?
The increase in demand for cleaner energy is anticipated to drive the expansion of the carbon capture and storage technology industry. Cleaner energy encompasses sources and technologies that produce less greenhouse gas emissions and environmental impacts than traditional fossil fuels. The escalating demand for cleaner energy is motivated by environmental worries, emission regulation, and a drive for sustainable, renewable sources to mitigate climate change and secure a more sustainable future. Cleaner energy often employs carbon capture and storage (CCS) technology, which captures carbon dioxide from energy production and industrial processes, reducing both emissions and environmental harm. For example, the Department for Energy Security and Net Zero, a governmental department based in the UK, reported in September 2024 that total renewable generation increased by 19% year-over-year to 32.8 TWh in Q2 2024, primarily due to favorable weather conditions. In the same period, onshore wind generation surged by 42% to 7.3 TWh, while offshore wind saw a 13% rise to 9.7 TWh. As a result, the increasing demand for cleaner energy is contributing to the growth of the carbon capture and storage technology market.
What Are The Core Segments Of The Global Carbon Capture And Storage Technology Market?
The carbon capture and storage technology market covered in this report is segmented –
1) By Type: Carbon Capture And Storage (CCS), Carbon Capture And Utilization (CCU)
2) By Technology: Pre-Combustion, Post-Combustion, Oxy-Fuel Combustion
3) By Application: Industrial Facilities, Power Plant, Other Applications
Subsegments:
1) By Carbon Capture And Storage (CCS): Post-Combustion Capture, Pre-Combustion Capture, Oxy-Fuel Combustion, Storage (Geological Storage, Deep Saline Aquifers, Oil And Gas Reservoirs)
2) By Carbon Capture And Utilization (CCU): CO2 To Chemicals And Fuels, CO2 For Enhanced Oil Recovery (EOR), CO2 For Building Materials (Concrete), CO2 In Agricultural Applications (Greenhouses)
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Which Emerging Market Trends Are Altering The Carbon Capture And Storage Technology Industry?
Primary firms active in the carbon capture and storage technology space are focusing on sustainability efforts, such as commercial direct air capture (DAC) plants, to fast-track the implementation of carbon removal techniques. Techniques like utilizing limestone to absorb CO2 from the atmosphere, powered by green energy, are crucial in improving carbon removal activities to achieve universal climate targets, with the captured CO2 being stored in concrete. For instance, in January 2024, Heirloom Carbon Technologies Inc., a US environmental services corporation, introduced a DAC facility for concrete CO2 capture, capable of capturing 1,000 tons of CO2 annually in the US. This groundbreaking method involves using renewable energy to extract CO2 from limestone, generating calcium oxide, which is subsequently converted into calcium hydroxide powder for capturing air-borne CO2. The trapped CO2 is either stored underground or incorporated into concrete in collaboration with CarbonCure Technologies. Heirloom and CarbonCure have entered into a contract to store CO2 obtained from Heirloom's DAC facilities in close-by concrete plants, offering a scalable and immediately accessible storage solution.
Who Are the Key Players In The Carbon Capture And Storage Technology Market?
Major companies operating in the carbon capture and storage technology market are:
• Shell plc
• Chevron Corporation
• Microsoft Corporation
• Tencent Holdings Limited
• Siemens AG
• Occidental Petroleum Corporation
• Schneider Electric SE
• Honeywell International Inc.
• Mitsubishi Heavy Industries Ltd.
• ABB Ltd.
• Schlumberger NV
• Bechtel Corporation
• Aker Solutions ASA
• NET Power Inc.
• LanzaTech Global Inc.
• Carbon Engineering Ltd.
• Climeworks AG
• Carbon Clean Solutions Pvt. Ltd.
• Global Thermostat PBC
• C-Capture Limited
• ION Clean Energy
• Svante Inc
What Are The Regional Insights Into The Carbon Capture And Storage Technology Market?
North America was the largest region in the carbon capture and storage technology market in 2024. Europe is expected to be the fastest growing region in the market. The regions covered in the carbon capture and storage technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
