Power Generation Carbon Capture & Storage Market Size

Power Generation Carbon Capture & Storage Market Size

Power Generation Carbon Capture & Storage market size was valued over USD 2.1 billion in 2023 and is set to grow at a rate of over 19.1% by 2032. Growing concerns about climate change and the need to reduce carbon dioxide (CO2) emissions are driving global interest in CCS technologies. Governments and organizations worldwide are exploring ways including investments & funding to achieve net-zero emissions, making CCS a potential solution for decarbonizing power generation.

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For instance, in July 2023, the European commission The European Commission has announced that it will invest over USD 3.6 billion to scale up innovative clean technologies. The incorporation of Carbon Capture and Storage (CCS) in power generation is frequently shaped by government policies and regulations. Numerous governments are either in the process of implementing or contemplating policies that provide incentives or require the utilization of CCS technologies as part of strategies aimed at achieving emission reduction targets.
 

The growing recognition of CCS as a crucial technology for achieving climate goals is attracting increased investments. Both public and private sector investments are supporting research, development, and deployment of CCS projects in power generation. In addition, CCS is seen as a complement to intermittent renewable energy sources. It can provide a way to manage the variability of renewable energy by offering a reliable, dispatchable source of power while still reducing overall emissions. Moreover, besides power generation, CCS is finding applications in industrial processes such as cement and steel manufacturing, where significant emissions are generated. This broader application enhances the overall growth potential for CCS technologies.
 

The heightened policy support, coupled with a growing focus on achieving net-zero emissions, attracted increased investments and funding for CCS projects in power generation. Ongoing research and development efforts were geared towards technological advancements, aiming to enhance the efficiency and cost-effectiveness of CCS technologies. In addition, the market trends witness a diversification of applications, with a focus on deploying CCS in industrial processes beyond power generation. Public awareness and social acceptance were identified as critical factors, leading to educational efforts to inform the public about the safety, benefits, and necessity of CCS.