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Carbon Capture and Storage Market Size – By Technology, By Application, Analysis, Share, Growth Forecast, 2025 – 2034

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Carbon Capture and Storage Market Size

The global carbon capture and storage market was valued at USD 8.8 billion in 2024 and is estimated to grow at a CAGR of 16.7% from 2025 to 2034. Expanding investments in various emission control technologies, alongside the increasing level of industrialization, are likely to generate considerable opportunities in the oil & gas, power generation and chemicals application sectors. Moreover, government policies directed towards the reduction of greenhouse gas emissions along with the implementation of tight regulatory restrictions will further improve the industry picture.
 

Carbon Capture and Storage Market

Increasing investments into the upstream and midstream sectors as well as increasing energy demand are set to increase the global carbon capture and storage (CCS) market for enhanced oil recovery (EOR) applications. The EOR method involves CO? injection that builds up reservoir pressure and pushes oil into the production wells, which will benefit the CCS industry considerably during the forecast period.

Carbon Capture and Storage Market Trends

The escalating greenhouse gas emissions are bound to maximize the growth of the global carbon capture and storage (CCS) services’ market. Policymakers across the globe are increasingly investing in more innovative and sustainable ways to limit industrial emission. These government-owned and managed plans intend to aid industry participants in managing threats, stimulating growth, and accelerating technological growth under practical operating conditions thus improving the market environment. Developing advanced CCS technologies, including pre-combustions systems and post combustion air capture systems, is also being promoted through financial contributions which are solicited by the governments.
 

Large mongrel sites and transport networks are also necessary for the growth and effectiveness of carbon capture initiatives and this also assists in infrastructure production for large scale CCS projects. Also, these investments support the international goals of net zero emissions and compliance with international treaties on the climate, especially the Paris Agreement. Industrial sectors that include power production, petroleum, petrochemicals, construction, cement, and the rest face a pull towards decarbonization and renewables. Adopting CCS technologies and methods will significantly contribute toward the reductions in the greenhouse gas emissions.
 

Carbon Capture and Storage Market Analysis

Carbon Capture and Storage Market Size, By Technology, 2022 - 2034 (USD Billion)

The post-combustion carbon capture and storage technology is expected to cross over USD 34 billion by 2034. There is a strong belief that adoption of the post-combustion approach is likely to increase significantly in the near term as it demonstrates strong capability in retrofitting existing structures and in capturing carbon from expedient and large scale electricity generating plants. Also, end of pipe characteristics of the technology, in which enhanced carbon dioxide is captured using chemical absorption and adsorption after fuels are combusted, is likely to further adoption and penetration in the market structure in years to come.
 

Carbon Capture and Storage Market Revenue, By Application, 2024

The power generation segment of carbon capture and storage market is expected to grow at a CAGR of 17% through 2034. The prospect of developing hydrogen or hydrogen-rich fuel gases for electricity and hydrogen fuel cells for transport integrating carbon capture technologies is expected to prop the industry framework owing to rising energy needs. On the other hand, regulatory policies put in place to protect the environment and increasing retrofitting of existing power plants with emission capturing and storage systems will work favorably on the deployment of CCS projects.
 

U.S. Carbon Capture and Storage Market Size, 2022 - 2034 (USD Billion)

The U.S. carbon capture and storage market is estimated to cross over USD 11.5 billion by 2034. The CCS market is expected to be driven by the modernization of conventional systems through advanced emission control technologies to attain lower emission rates and ever rising energy needs. Additionally, the expansion of strategic key proposed CCS projects, the existence of a solid production capability, and the growth of investments directed toward economic growth will facilitate the expansion of CCS initiatives in the near future.
 

Measures to curb emissions from cement, chemical, and food and beverage industries, coupled with a favorable outlook on oil and gas sector, are expected to propel the growth of Asia Pacific CCS market. In addition, the existing initiatives to retrofit CCS into aging power plants and the growing government support for carbon capture and sequestration in these sectors are likely to improve industrial dynamics in the near future.
 

Carbon Capture and Storage Market Share

The top companies in the carbon capture and storage realm are making noteworthy moves with the intent of strengthening their existence in the marketplace alongside boosting their reach through first rate collaborations, mergers, and acquisitions. The objective of efforts made of this nature is to tap into new technologies, optimize operational efficiencies, through and more importantly be a favorite in the eyes of the competitors especially with the number of CCS projects anticipated to increase in multiple locations enjoying the boom.
 

Carbon Capture and Storage Market Companies

Major players operating in the carbon capture and storage industry are:

  • Air Products
  • Aker Solutions
  • Chevron
  • Dakota Gasification Company
  • Equinor
  • Exxon Mobil
  • Fluor
  • General Electric
  • Halliburton
  • Linde
  • Mitsubishi Heavy Industries
  • NRG Energy
  • Shell
  • Siemens
  • SLB
  • Sulzer
  • TotalEnergies
     

Carbon Capture and Storage Industry News

  • In June 2024, Shell Canada Products, a company within Shell plc, disclosed the Final Investment Decision (FID) for the Polaris carbon capture initiative located Shell Energy and Chemicals Park, Scotford, Alberta Canada. The Polaris initiative aims to Approximately 650,000 tonnes of carbon dioxide annually in the Shell’s Scotford refinery and chemicals complex.
     
  • In April 2024, Chevron New Energies announced investment in Boulder based ION Clean Energy which specializes in post combustion and point-source carbon capture using Liquid Amine System ICE-31. To help meet its goals in organizational growth and the commercialization of the ICE-31 technology, which ION uses to assist hard-to-abate emissions, CNE acquired USD 45 million in Series A. CNE aims to use ION’s ICE-31 system to meet the needs of customers who deal with low-concentration and high-volume CO? emissions.
     

This carbon capture and storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (MTPA) and revenue (USD Billion) from 2021 to 2034, for the following segments:

Market, By Technology

  • Pre Combustion
  • Post Combustion
  • Oxy-Fuel Combustion

Market, By Application

  • Oil and Gas
  • Chemical Processing
  • Power Generation
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • Denmark
    • Sweden
  • Asia Pacific
    • China
    • Australia
    • South Korea
  • Rest of World

 

Authors: Ankit Gupta, Shashank Sisodia
Frequently Asked Question(FAQ) :
Who are the major players in the carbon capture and storage market?
Key players in the carbon capture and storage market include Air Products, Aker Solutions, Chevron, Dakota Gasification Company, Equinor, Exxon Mobil, Fluor, General Electric, Halliburton, Linde, Mitsubishi Heavy Industries, NRG Energy, Shell, Siemens, SLB, Sulzer, and TotalEnergies.
What is the projected size of the U.S. carbon capture and storage market?
How big is the carbon capture and storage market?
What is the growth rate of the power generation application market in carbon capture and storage?
What is the size of the post-combustion carbon capture and storage technology market?
Carbon Capture and Storage Market Scope
  • Carbon Capture and Storage Market Size
  • Carbon Capture and Storage Market Trends
  • Carbon Capture and Storage Market Analysis
  • Carbon Capture and Storage Market Share
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    Premium Report Details

    Base Year: 2024

    Companies covered: 30

    Tables & Figures: 30

    Countries covered: 9

    Pages: 120

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