Carbon Capture and Storage Market Share, Size, Trends, Industry Analysis Report By Application (EOR, Industrial, Agriculture, Others); By Capture Type; By Region, Segments & Forecast, 2022 - 2029
- Published Date:Dec-2021
- Pages: 101
- Format: PDF
- Report ID: PM1619
- Base Year: 2021
- Historical Data: 2017 - 2020
Report Summary
The global carbon capture and storage market was valued at USD 6002.4 million in 2021 and is expected to grow at a CAGR of 12.6% during the forecast period. Increasing concerns regarding industrial emission along with government initiatives to reduce carbon emission are expected to drive the industry over the forecast period.
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Carbon capture and storage technology is a method of lowering carbon outputs, which might be critical in combating worldwide climate. The process involves absorbing CO2 generated by electricity production or manufacturing operations, including iron or concrete production, transfer, and storage.
The outbreak of the COVID-19 pandemic has had a minimal impact on the market's growth. The outbreak led to lockdowns and trade restrictions worldwide in order to minimize the spread of the virus, which in turn has halted and delayed industrial work and carbon seizure and storage projects for the short term. However, with the ease of regulations and trade restrictions, the carbon capture and storage market is expected to grow at a considerable pace over the forecast period.
Industry Dynamics
Growth Drivers
Carbon arrest and storage industry may make a considerable impact on substantial decarbonization on a massive scale as well as in a reasonably short timescale in a variety of sectors. Furthermore, implementing sustainable technologies in industries such as manufacturing, chemical, and others and stringent government regulation on emission are some factors expected to drive the carbon capture and storage market over the forecast period.
However, the high expense is regarded among the primary factors due to which the industry has struggled to expand more extensively, nevertheless increasing CO2 emission concerns in developed and developing economies, the demand for CO2 detention and storage techniques is expected to increase.
Report Segmentation
The market is primarily segmented on the basis of capture type, application, and region.
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By Capture Type |
By Application |
By Region |
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Insight Capture Type
Post consumption segment is expected to grow at a considerable pace over the forecast period due to innovative approaches for post-combustion seizure, including hybrid methods that integrate properties from several techniques, including membranes and solvents. This technique is extensively employed in the food & beverage industry.
Furthermore, increasing electricity generation through fossil fuels has increased CO2 emissions over the globe. For instance, according to UEIA, in 2020, electricity generation through fossil fuels such as petroleum, natural gas, and others in the U.S.was around 61%, which increases concerns regarding climate change and is expected to boost the deployment of post-consumption carbon seizure and storage techniques to reduce CO2 emission, driving the segment growth.
Insight by Application
Enhanced oil recovery (EOR) application segment dominated the market in 2021 and is expected to grow at a significant rate over the forecast period due to increasing demand for crude oil from residential, industrial, along commercial end-use industries. Furthermore, stringent government regulations on the oil & gas segment have led to increasing adoption of CO2 capture and storage techniques, which in turn is driving the industry growth.
Geographic Overview
North America dominated the global market in 2021 and is expected to maintain its dominance over the forecast period. Increasing government initiatives along with investments to minimize CO2 emissions are expected to fuel the industry over the forecast period. For instance, on November 3, 2021, USAID announced assist partner nations in preventing six billion metric tons of CO2-equivalent pollution by 2030. This entire quantity is nearly similar to entire internal emissions in the U.S. for one year, or even the comparable of eliminating more than 1 billion gasoline-powered automobiles off the street for one year.
Asia Pacific is expected to grow at the fastest rate over the forecast period due to increasing investment by several agencies to reduce CO2 emissions. Furthermore, due to the presence of vast manufacturing industries in countries like China and India, increasing CO2 emissions will create lucrative opportunities for market growth.
Competitive Insights
Some of the key players operating in the global carbon capture and storage market include AkerSolutions, Cansolv Technologies Inc, Chevron Corporation, Dakota Gasification Company, Exxon Mobil, Fluor, General Electric, Halliburton, HTC CO2 Systems Corp, Japan CCS Co., Ltd., Linde, Maersk Oil, Mitsubishi Heavy Industries, NRG Energy, Schlumberger Limited, Shell CANSOLV, Siemens AG, Statoil, and Sulzer. These companies are investing and adopting strategies such as mergers & acquisitions, partnerships & collaboration in order to increase their market share.
For instance, Royal Dutch Shell, Total SE, and Equinor ASA invested in the Northern Lights CO2 capture and storage initiative in Norway in May 2020. The three plan to form a joint venture corporation. This one-of-a-kind initiative paves the way for the decarbonization of sectors with limited options for CO2 reduction.
Carbon Capture and Storage Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 6002.4 million |
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Revenue forecast in 2029 |
USD 15,286.4 million |
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CAGR |
12.6% from 2022 - 2029 |
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Base year |
2021 |
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Historical data |
2017 - 2020 |
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Forecast period |
2022 - 2029 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2029 |
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Segments covered |
By Capture Type, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
Aker Solutions, Cansolv Technologies Inc, Chevron Corporation, Dakota Gasification Company, Exxon Mobil, Fluor, General Electric, Halliburton, HTC CO2 Systems Corp, Japan CCS Co., Ltd., Linde, Maersk Oil, Mitsubishi Heavy Industries, NRG Energy, Schlumberger Limited, Shell CANSOLV, Siemens AG, Statoil, and Sulzer |
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- Segmentation analysis
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