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Carbon Capture and Storage Market Size

Report ID: GMI2033
Published Date: Dec 2024
Report Format: PDF

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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. 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.

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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 CO? 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 Report Attributes
Report Attribute	Details
Base Year:	2024
Carbon Capture and Storage Market Size in 2024:	USD 8.8 Billion
Forecast Period:	2025 – 2034
Forecast Period 2025 – 2034 CAGR:	16.7%
2025 – 2034 Value Projection:	USD 45 Billion
Historical Data for:	2021 – 2024
No. of Pages:	120
Tables, Charts & Figures:	30
Segments covered:	Technology, application, and region
Growth Drivers:	Stringent government regulations toward reducing carbon footprint Rising demand for CO2 EOR techniques Increasing investment toward government funded projects
Pitfalls & Challenges:	High installation cost of CCS projects

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Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The global market for carbon capture and storage was reached USD 8.8 billion in 2024 and is projected to grow at a 16.7% CAGR from 2025 to 2034, driven by rising investments in emission control technologies and industrialization.

The post-combustion carbon capture and storage technology market is expected to exceed USD 34 billion by 2034, supported by its ability to retrofit existing facilities and efficiently capture carbon from large power plants.

The power generation application market is anticipated to grow at a CAGR of over 17% through 2034, led by the integration of CCS technologies for hydrogen production and compliance with stringent environmental regulations.

The U.S. carbon capture and storage market is forecasted to reach USD 11.5 billion by 2034, fueled by modernization of emission control systems and the development of major CCS projects.

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.