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Oil & Gas Carbon Capture & Storage Market Trends

Report ID: GMI5792
Published Date: May 2023
Report Format: PDF

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Oil & Gas Carbon Capture & Storage Market Trends

Rising decarbonization measures along with increasing industry operations across oil & gas application is the prime factor contributing to the oil & gas carbon capture & storage market development. The oil and gas industry utilizes various industrial processes that produce CO2 emissions. CCS can be integrated into these processes, including gas processing, petrochemical production, and cement manufacturing, to capture and store the CO2 emissions. In addition, the sector has recognized the importance of addressing climate change and reducing GHG emissions. As a result, there has been a growing interest and adoption of CCS technologies within the sector. Many companies have been investing in CCS projects as part of their overall sustainability strategies.

Governments worldwide have been implementing policies and regulations to encourage the necessity of CCS technologies. Financial incentives, carbon pricing mechanisms, and regulatory frameworks have been established to support the development and deployment of CCS projects. These policy initiatives have played a crucial role in driving the oil & gas carbon capture & storage market. The ongoing governmental efforts to curb the emissions will further facilitate the deployment of CCS projects across the globe.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of oil & gas carbon capture and storage exceeded USD 3.7 billion in 2023 and will progress at 14.9% CAGR during 2024 to 2032 propelled by continuous & exponential upstream operations, coupled with increasing power generation operations.

The oil & gas carbon capture & storage industry size from the post-combustion segment will expand at 18.5% through 2032 as a result of the availability of large-scale commercial plants and increasing applications in the oil & gas and cement kilns industries.

North America oil & gas carbon capture and storage sector is observing substantial growth on account of regional players collaborating with technology providers, research institutions, and governments.

Key players in the market include Linde plc, Global Thermostat, General Electric, Aker Solutions, SLB, Exxon Mobil Corporation, and Shell CANSOLV, among others. These firms are focusing on project integration with oil & gas companies, along with project deployment.