Carbon Capture and Storage Market Analysis

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.