Carbon Capture & Storage Market is Projected to Grow at a CAGR of 24.0% from 2024-2030 | MarkNtel Advisors - Australia News Network , Free Guest Posting Sites, Article Submission Sites

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Carbon Capture & Storage Market, The Global Carbon Capture & Storage Market size is valued at USD 4.3 billion in 2024 and is projected to reach USD 12.9 billion in 2030. Along with this, the market is estimated to grow at a CAGR of around 24.0% during the forecast period. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Carbon Capture & Storage Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook & Forecasts:

Forecast Period: 2024-2030
Market Size in 2024: USD 4.3 billion
CAGR (2024-2030): 24.0%

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Global Carbon Capture & Storage Market Segmentation Breakdown:

The Carbon Capture & Storage Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Capture Technology
- Post Combustion Capture- Market Size & Forecast 2019-2030, USD Million
- Pre-Combustion Capture- Market Size & Forecast 2019-2030, USD Million
- Oxyfuel Technology- Market Size & Forecast 2019-2030, USD Million
- Chemical Looping Combustion- Market Size & Forecast 2019-2030, USD Million

Out of them all, the pre-combustion capture segment holds a considerable market share in the Global Carbon Capture & Storage Market.

By Storage Technology
- Geological Storage- Market Size & Forecast 2019-2030, USD Million
  - Depleted Oil and Gas Reservoirs- Market Size & Forecast 2019-2030, USD Million
  - Un-mineable Coal Bed Storage- Market Size & Forecast 2019-2030, USD Million
  - Saline Aquifers – Market Size & Forecast 2019-2030, USD Million
- Deep Ocean Storage- Market Size & Forecast 2019-2030, USD Million
By End User
- Biofuels- Market Size & Forecast 2019-2030, USD Million
- Food and Beverage- Market Size & Forecast 2019-2030, USD Million
- Pulp and Paper- Market Size & Forecast 2019-2030, USD Million
- Cement and Concrete- Market Size & Forecast 2019-2030, USD Million
- Iron and Steel- Market Size & Forecast 2019-2030, USD Million
- Textiles- Market Size & Forecast 2019-2030, USD Million
- Oil and Gas- Market Size & Forecast 2019-2030, USD Million
- Power Generation- Market Size & Forecast 2019-2030, USD Million
- Others (Chemicals, Fertilizers, etc.) – Market Size & Forecast 2019-2030, USD Million

Based on end-users, the oil and gas sector has held a leading share of the market due to the continuous rise in CO2 emission from the sector that requires carbon capture technologies.

Geographical Growth Insights:

By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific

Out of all these, North America is expected to hold a significant market share during the forecast period.

MarkNtel Advisors Highlights Key Market Drivers for Carbon Capture & Storage Market:

Increasing Incorporation of CO2 in Enhanced Oil Recovery (EOR) Applications Proliferating Global Carbon Capture & Storage Market – Growing global demand for energy, coupled with declining production from mature oil fields, is driving the adoption of Enhanced Oil Recovery as a means of extending the life of oil reservoirs. The EOR technology efficiently utilizes the captured carbon to increase oil production. The captured CO2 when put in the oil reservoirs, efficiently works as a catalyst to boost the oil production. Owing to this, governments and industries around the world are recognizing the role of EOR in energy security and also fulfilling the climate objectives of emission reduction which is driving investment in the field of carbon capture and storage. For Instance,

In 2023, The U.S. Department of Energy (DOE) awarded up to USD17.2 million of investment to assess the ability to design unconventional oil resources in an integrated system that incorporates the use of captured carbon dioxide (CO2) emission for oil recovery using residual oil, termed as CO2-Enhanced Oil Recovery.

According to the Global CCS Institute, there were around 220 commercial-scale CCS facilities planned across the globe in 2023. Out of these, around 15 facilities are planned to support EOR initiatives. Hence, the demand for carbon capture & storage solutions has grown over the years due to the increasing utilization of captured CO2 in the EOR technique worldwide. Governments as well as the oil industry have been significantly utilizing these systems and technologies to enhance oil production, thereby surging its demand and driving the growth of the Global Carbon Capture & Storage Market.

A Comprehensive Analysis of Leading Companies in Global Carbon Capture & Storage Market

Shell Plc
Halliburton Company
Schlumberger Limited
Aker Solutions
Equinor ASA
Chevron Corporation
Carbon Engineering ULC
Fluor Corporation
Exxon Mobil Corporation
Linde Plc
Mitsubishi Heavy Industries Ltd.
JGC Holdings Corporation
TotalEnergies SE
Honeywell International Inc.
Climeworks
Others

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Carbon Capture & Storage Market Recent Development:

In 2024: Shell Plcannounced the Final Investment Decision (FID) for Polaris, a carbon capture project at the Shell Energy and Chemicals Park, Scotford in Alberta, Canada to capture approximately 650,000 tonnes of CO2 annually.
In 2024: Halliburton Companyannounced a new offering in its carbon capture utilization and storage portfolio called CorrosaLock cement system that provides radial cement sheath to CO2 storage infrastructure.

What are the growth Challenge driving the Global Carbon Capture & Storage Market?

Proliferating Government Funding for Carbon Capture & Storage Plants Augmenting Market Growth – Governments and Non-Profit Organizations associated with climatic goals worldwide provide huge investments, finances, and support for carbon capture and storage technologies combating climate change and reducing GHG emissions. To reach the net-zero targets many countries have enacted policies, grants, and subsidies to accelerate the development and deployment of CCS technologies. Through direct funding, tax breaks, and regulatory environments, governments are significantly decreasing private firms’ financial risks and encouraging innovation in the field of carbon emission mitigation. For Instance,

In 2024, The European Union has selected 13 large-scale carbon capture and storage projects to provide financial support from its Innovation Fund for decarbonizing technologies.
Till December 2023, the Government of Canada had invested around USD 2.2 billion in CCS subsidies. The global subsidies for CCS infrastructure were valued at around USD20 billion in the same timeframe

These increasing taxes, incentives, and subsidies offered by various governments in their specific countries, are creating a fertile ground for establishing carbon capture and storage plants. With the government providing financial support, the adoption of these systems is expected to surge significantly in the upcoming years, thereby creating opportunities in the Global Carbon Capture & Storage Market.

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