North America Power Generation Carbon Capture and Storage Market - By Technology & Forecast, 2024 – 2032

North America Power Generation Carbon Capture and Storage Market Size

North America power generation carbon capture and storage market was valued at USD 800 million in 2023 and will grow at a CAGR of 29% from 2024 to 2032.
 

The carbon capture and storage (CCS) industry across power generation application is experiencing significant growth driven by an increasing emphasis on adopting clean energy technologies and sustainable industry practices. In recent years, regulators across the region have introduced numerous policies aimed at achieving zero-emission targets and reducing carbon footprints, leading to a surge in technology deployment across various sectors.
 

Countries including the U.S. and Canada are addressing key challenges related to the safe storage of carbon, aiming to curtail fossil fuel usage and, consequently, the carbon footprint. Furthermore, factors such as assessing carbon storage resources and developing comprehensive measurement, monitoring, and implementation plans for CCS projects across power applications are pivotal in accelerating the adoption of CCS technology.
 

North America Power Generation Carbon Capture and Storage Market Trends

The power generation industry is actively adopting technological innovations to achieve cleaner energy generation. While the sector has seen prolific growth, it has also led to increased carbon emissions, underscoring the urgent need for widespread adoption of Carbon Capture and Storage (CCS) technologies. Additionally, significant investments in coal and gas-fired power stations have reshaped the industry's landscape. As trends shift towards cleaner energy and stringent environmental regulations aim to curb carbon emissions, the power generation sector is poised for continued growth across the North America region.
 

North America Power Generation Carbon Capture and Storage Market Analysis

North America power generation carbon capture and storage industry will surpass USD 6.5 billion by 2032. The ongoing governmental efforts to curb the emissions will facilitate the deployment of CCS projects across the North America. The market is bolstered by robust policy support, notably through the Inflation Reduction Act (2022), the Bipartisan Infrastructure Law (2021), and the CHIPS & Science Act (2022), which collectively allocated over USD 12 billion for carbon management initiatives by 2030. Additionally, the Inflation Reduction Act enhanced the financial incentives by increasing the value of tax credits, reducing carbon capture thresholds, and introducing provisions for direct pay and tax credit transferability.
 

Based on technology, the market is categorized into pre combustion, post combustion, and oxy-fuel combustion. The post-combustion power generation CCS industry is projected to grow at over 27.5% CAGR through 2032. Growing demand for clean energy, coupled with corporate sustainability initiatives and a global shift towards decarbonization, are propelling the adoption of post-combustion technology in power generation.
 

U.S. power generation CCS industry is anticipated to surpass USD 5 billion by 2032. Continuous and exponential rise in the efforts to track and control the emissions from fossil fuels across the power generation sector is said to complement the industry growth. In addition, active promotion of the deployment of emission control technologies along with the ongoing investments toward R&D and government initiatives will drive the industry landscape. For instance, the U.S. DOE Office of Fossil Energy’s Carbon Storage program has immensely advanced the CCS application knowledge through a wide array of applied research studies.
 

Canada's coordinated efforts at both federal and provincial levels reflect a strong commitment to advancing CCS technology as a critical component of its climate strategy. These measures not only support the development and deployment of CCS projects but also position the country as a key player in innovative solutions for power generation emissions management.
 

North America Power Generation Carbon Capture and Storage Market Share

The power generation carbon capture and storage (CCS) market is dominated by major players including Baker Hughes, ExxonMobil, Fluor, Linde, Shell, and SLB. These companies are engaged in intense competition, primarily focusing on technological innovation in CO? capture, transportation, and storage. The competitive landscape is defined by factors such as technology performance, cost efficiency, and project scale, with each company striving to offer advanced solutions in these areas.
 

North America Power Generation Carbon Capture and Storage Market Companies

Some of the key market players operating across the industry are:

• Aker Solutions
• Baker Hughes
• CarbonFree
• Dakota Gasification Company
• Equinor
• Exxon Mobil
• Fluor
• General Electric
• Global Thermostat
• Halliburton
• Linde
• NRG Energy
• Shell
   

North America Power Generation Carbon Capture and Storage Industry News

• In April 2024, the U.S. government launched the Industrial Demonstration Program, potentially allocating up to USD 867 million to carbon capture, utilization, and storage (CCUS) projects. The program targets carbon capture primarily in the hydrogen industry, with the power sector as the second-largest focus, driving overall market growth.
   
• In July 2024, the Canada Growth Fund and Strathcona Resources have agreed to invest up to USD 2 billion collectively to develop carbon capture and sequestration infrastructure at Strathcona's steam-assisted gravity drainage oil sands facilities in Saskatchewan and Alberta. Once operational, this partnership aims to capture and permanently store up to two million tonnes of carbon dioxide annually, potentially positioning Canada as a leader in low-carbon resource exports.
   

This North America power generation carbon capture and storage market research report includes an in–depth coverage of the industry with estimates & forecast in terms of volume in ‘MTPA’ and revenue in ‘USD Billion’ from 2021 to 2032, for the following segments:

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Market, By Technology

• Pre-Combustion
• Post Combustion
• Oxy-Fuel Combustion

The above information has been provided for the following countries:

• U.S.
• Canada