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Carbon Capture and Storage Market Trends

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

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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.

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.