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

Report ID: GMI6623
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Published Date: December 2024
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Report Format: PDF

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Europe Carbon Capture and Storage Market Size

The Europe carbon capture and storage market was valued at USD 1.2 billion in 2024 and is estimated to grow at a CAGR of 24% from 2025 to 2034. The regional market is witnessing significant growth as industries intensify efforts to decarbonize and meet stringent climate goals. With a focus on mitigating greenhouse gas emissions, CCS technology is being rapidly adopted across energy, industrial, and manufacturing sectors. Increasing regulatory support, such as carbon pricing mechanisms and subsidies, is catalyzing investments in CCS projects.
 

Europe Carbon Capture and Storage Market

The market is being propelled by advancements in capture technologies, including chemical absorption and membrane-based systems, which are enhancing efficiency and reducing operational costs. Additionally, the integration of CCS with hydrogen production (blue hydrogen) and bioenergy (BECCS) is creating new avenues for growth. Industrial clusters are increasingly adopting shared CCS infrastructure, enabling economies of scale and fostering collaborative solutions among multiple stakeholders. The development of dedicated CO2 transport and storage networks, including pipelines and offshore storage facilities, is a critical component driving the market's expansion.
 

Europe Carbon Capture and Storage Market Trends

The Europe carbon capture and storage industry is experiencing a transformation driven by strong government support, industrial adoption, technological innovation, increased investment and a growing understanding of the crucial role CCS plays in achieving ambitious climate goals. This market evolution positions Europe as a leader in the global effort to address carbon emissions and accelerate the transition to a sustainable, low-carbon future. Proactive stance of European governments, exemplified by initiatives like the European Green Deal have resulted in increased funding, incentives, and supportive policies for CCS endeavors favoring the industry growth.
 

The increasing demand for low-carbon products and energy solutions is driving CCS adoption in sectors such as cement, steel, and chemicals, where emissions are difficult to eliminate through conventional methods. Growing collaborations between technology providers, project developers, and industrial operators are accelerating innovation and deployment. The increasing demand for low-carbon products and energy solutions is driving CCS adoption in sectors such as cement, steel, and chemicals, where emissions are difficult to eliminate through conventional methods. In addition, advancements in digitalization and monitoring technologies are improving the safety and transparency of storage operations, addressing public concerns and regulatory requirements.
 

Europe Carbon Capture and Storage Market Analysis

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

The post combustion technology market across the region will exceed USD 14 billion by 2034. The continuous and rapid growth in energy demand from oil and gas facilities or refining processes is expected to complement the post-combustion technology. This technology is being developed and implemented across refineries to reduce emissions generated by heavy refining processes. Additionally, post-combustion capture techniques are receiving more funding compared to pre-combustion methods due to their higher retrofitting potential in existing plants. Significant cost reductions have been achieved in large-scale CCS deployment, and this trend is expected to continue, particularly with its widespread applications in power plants and the oil and gas industries.
 

Europe Carbon Capture and Storage Market Revenue, By Application, 2024

The power generation application market will grow at a CAGR of over 26% by 2034, as power plants are significant contributors to carbon emissions. Capturing carbon in power plants enables the use of low-cost fossil fuels for electricity generation while simultaneously reducing greenhouse gas emissions. Additionally, the surge in carbon capture and transportation activities across various industries, including chemical and cement production, highlights key application areas with substantial growth potential. Furthermore, the implementation of policy frameworks that support emission reduction across multiple sectors will enhance the business environment and drive industry growth in the coming years.
 

UK Carbon Capture and Storage Market Size, 2022 - 2034 (USD Million)

UK carbon capture and storage market is set to reach over USD 9 billion by 2034. The UK carbon capture and storage (CCS) market is experiencing rapid growth driven by strong government commitments to reduce emissions and achieve net-zero targets by 2050. Initiatives like the Carbon Capture Usage and Storage (CCUS) Action Plan and funding for CCS projects are propelling the sector. The UK is focusing on industrial-scale CCS projects, particularly in power generation and heavy industries. The market is also seeing increased investments in hydrogen production through CCS, positioning the UK as a leader in the development of low-carbon technologies. Additionally, regulatory incentives and public-private collaborations are accelerating CCS deployment.
 

Germany’s CCS market is expanding as part of its ambitious climate strategy to achieve carbon neutrality by 2045. The government has been investing heavily in CCS research, development, and infrastructure, focusing on integrating CCS with renewable energy and hydrogen production. Key projects are centered around industrial sectors such as cement and steel manufacturing, where emissions are difficult to reduce. The market is also witnessing increased collaborations between private companies and research institutions to improve CCS technologies and reduce costs. The country’s strong policy support, including carbon pricing mechanisms and EU climate regulations is driving further growth and innovation in the CCS sector.
 

Europe Carbon Capture and Storage Market Share

Europe Carbon Capture and Storage Company Market Share Analysis, 2024

Key manufacturers in the Europe carbon capture and storage industry are transforming the industry by integrating CCS into carbon markets. These companies are not only leveraging CCS to meet emission reduction targets but are also exploring opportunities to monetize carbon capture and storage. This shift is fostering the development of new business models and revenue streams within the sector.
 

Europe Carbon Capture and Storage Market Companies

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

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

Europe Carbon Capture and Storage Industry News

  • In November 2024, the European Commission allocated over 5 billion in grants through its Innovation Fund to support 85 climate and energy initiatives across 18 European countries with a strong emphasis on advancing carbon capture and storage (CCS) technologies. This funding will focus on capturing biogenic CO? produced during biorefinery processes and storing it in geological formations. The investment aims to accelerate the deployment of CCS technologies across Europe, driving market growth by facilitating broader adoption of these solutions and helping the region achieve its climate goals.
     
  • In October 2024, the UK government has unveiled an investment of over USD 28 billion in carbon capture and storage projects with a particular focus on developing two carbon capture clusters in Merseyside and Teesside. This long-term investment, spanning the next 25 years, aims to create thousands of jobs, attract private sector investment, and support the UK in meeting its climate targets, which in turn will influence the regional market growth.
     

This Europe 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 countries:

  • UK
  • Germany
  • Denmark
  • Sweden

 

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

    Base Year: 2024

    Companies covered: 17

    Tables & Figures: 20

    Countries covered: 4

    Pages: 120

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