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

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. Rising investments in emission control technologies, coupled with accelerating industrialization are expected to create substantial market opportunities across application sectors such as oil & gas, power generation, and chemicals. Furthermore, government initiatives aimed at reducing greenhouse gas emissions along with the enforcement of stringent regulatory standards will further enhance the industry landscape.
 

Growing investments in the upstream and midstream sectors combined with rising energy demand are poised to boost the carbon capture and storage (CCS) market share, particularly for enhanced oil recovery (EOR) applications. Injecting CO2 during the EOR process increases reservoir pressure driving oil toward production wells, which is expected to significantly benefit the CCS industry over the forecast period.
 

Carbon Capture and Storage Market Trends

Increasing investments by policymakers in deploying innovative and sustainable solutions to minimize industrial emissions are set to propel the growth of the global carbon capture and storage (CCS) market. These government-backed initiatives aim to support industry players in mitigating risks, fostering development, and expediting technological advancements under real-world operating conditions, thereby enhancing market dynamics. By providing financial support and grants, governments are encouraging the adoption of advanced CCS technologies, such as pre-combustion capture and post-combustion capture systems. This support also facilitates the development of large-scale CCS infrastructure, including storage sites and transportation networks, which are critical for the scalability and effectiveness of carbon capture initiatives.
 

Additionally, these investments align with global commitments to achieving net-zero emissions and meeting international climate agreements such as the Paris Accord. As industrial sectors such as power generation, oil & gas, chemicals, and cement manufacturing face increasing pressure to decarbonize, CCS technologies are becoming integral to reducing greenhouse gas emissions while maintaining operational efficiency.
 

Carbon Capture and Storage Market Analysis

The post-combustion carbon capture and storage technology industry will exceed USD 34 billion by 2034. The adoption of post-combustion technology, driven by its strong capability for retrofitting existing facilities and capturing carbon from large power plants is expected to see significant growth in the near future. Additionally, the technology's end-of-pipe characteristics, utilizing chemical absorption and adsorption for efficient carbon dioxide capture after fuel combustion are anticipated to enhance its adoption and market penetration in the coming years.
 

The power generation application market will grow at a CAGR of over 17% through 2034. The integration of carbon capture technologies for producing hydrogen or hydrogen-rich fuel gases for electricity generation and hydrogen fuel cells for transportation is expected to strengthen the industry landscape, driven by growing energy demands. Additionally, stringent environmental regulations, combined with the increasing retrofitting of CCS systems in existing power plants to reduce emissions during power generation, will positively influence the deployment of CCS projects.
 

U.S. carbon capture and storage market is set to reach USD 11.5 billion by 2034. The modernization of conventional systems with advanced emission control technologies to achieve lower emission rates, along with growing energy demand, is expected to drive the regional CCS market. The development of major proposed CCS projects, combined with a strong manufacturing base and increased investments in economic growth, will further accelerate the deployment of CCS initiatives in the coming years.
 

Government efforts to reduce emissions from industries such as cement, chemicals, and food & beverages, alongside a positive outlook for the oil & gas sector are expected to drive the growth of the Asia Pacific CCS market. Furthermore, strong government support for carbon capture and sequestration across these industries coupled with increasing initiatives to retrofit CCS systems into aging power plants is anticipated to enhance the industry landscape in the coming years.
 

Carbon Capture and Storage Market Share

Leading manufacturers in the carbon capture and storage industry are increasingly prioritizing strategic collaborations, mergers, and acquisitions to strengthen their competitive position and expand their market reach. These initiatives aim to leverage synergies, access advanced technologies, and enhance operational efficiencies, providing a significant edge over competitors. The rollout of numerous CCS projects globally is expected to boost profitability and help companies capture a larger share of the market.
 

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 subsidiary of Shell plc, announced the Final Investment Decision (FID) for the Polaris carbon capture project at the Shell Energy and Chemicals Park in Scotford, Alberta, Canada. The Polaris project is set to capture around 650,000 tonnes of CO2 per year from the Shell-owned Scotford refinery and chemicals complex.
   
• In April 2024, Chevron New Energies (CNE) announced a lead investment in ION Clean Energy (ION), a Boulder-based company specializing in post-combustion point-source carbon capture technology through its advanced ICE-31 liquid amine system. ION secured USD 45 million in Series A financing, led by CNE, to support its organizational growth and the commercial deployment of its ICE-31 technology for addressing hard-to-abate emissions. CNE plans to leverage ION’s ICE-31 system to serve customers managing high-volume, low-concentration CO2 emissions, offering an effective solution for challenging industrial applications.
   

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