Oil & Gas Carbon Capture & Storage Market Size

Oil & Gas Carbon Capture & Storage Market Size

Oil & Gas Carbon Capture and Storage Market size surpassed USD 3.7 billion in 2023 and is anticipated to grow 14.9% from 2024 to 2032. Continuous & exponential upstream operations coupled with increasing power generation operations is anticipated to have positive impact on the industry growth, as these verticals are the prime generators of carbon dioxide in the atmosphere.

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The oil and gas industry often includes power generation facilities for their operations where CCS operations are implemented to capture the CO2 emissions produced during power generation from fossil fuels. The captured CO2 can then be transported and stored underground. Rising concern towards increasing carbon emissions coupled with increasing efforts towards the adoption of sustainable upstream procedures to limit the emissions is anticipated to increase the industry dynamics by 2032.

Implementing CCS in the oil and gas industry not only helps reduce greenhouse gas emissions but also allows the industry to continue supplying energy while transitioning to a low-carbon future. It enables the industry to meet emissions reduction targets and play a role in combating climate change. In addition, a wide array of processes in the oil and gas industry, such as the production of liquefied natural gas (LNG), can generate significant CO2 emissions. CCS technology can be employed to capture and store the CO2 emitted during these processes, helping to reduce the industry's overall carbon footprint, in turn contributing growth to the overall oil & gas carbon capture and storage market growth.