North America Power Generation Carbon Capture and Storage Market Analysis

North America Power Generation Carbon Capture and Storage Market Analysis

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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.