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Power Generation Carbon Capture & Storage Market Trends

Report ID: GMI7865
Published Date: Jan 2024
Report Format: PDF

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Power Generation Carbon Capture & Storage Market Trends

The market is poised for robust growth, fueled by a confluence of driving trends including stringent environmental regulations worldwide mandating reduction in greenhouse gas emissions is creating fertile ground for CCS technologies. As renewable energy sources like solar and wind gain traction, the need to capture emissions from traditional fossil fuels grows even more pressing. In addition, government incentives in the form of tax breaks, grants, and loan guarantees are enticing players towards CCS implementation.

The economic viability of CCS is improving, with the declining costs of technology and the rising price of carbon making it a more attractive option for power generation companies. Interested investors in CCS is also surging due to its potential to play a pivotal role in the transition towards a low-carbon economy.

Governments on a global scale have implemented policies and regulations aimed at incentivizing the adoption of Carbon Capture and Storage (CCS) technologies. These policy initiatives are instrumental in propelling the market for Oil & Gas CCS. Notably, the U.S. Department of Energy (DOE) exemplified this commitment in October 2022.

As part of its Fossil Energy and Carbon Management Research, Development, Demonstration, and Deployment program (FECM), the DOE allocated a substantial appropriation of USD 8.5 billion for investment in CCS infrastructure. This funding is intended to facilitate the expansion of CCS projects. The continued efforts by governments worldwide to mitigate emissions are expected to further enhance the facilitation and deployment of CCS projects on a global scale.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

Power generation carbon capture & storage (CCS) industry was valued at over USD 2.1 billion in 2023 and is projected to expand at 19.1% CAGR through 2032 driven by the growing concerns about climate change and the need to reduce CO2 emissions.

The post combustion technology segment in the power generation carbon capture & storage gained significant traction in 2023 and is projected to record over 20.5% CAGR from 2024 to 2032 owing to its widespread application across various industries.

North America power generation CCS industry is set to exhibit 13% CAGR from 2024 to 2032 attributed to the increasing joint ventures, consortiums, and public-private partnerships in pooling resources and securing funding for the development and implementation.

Some of the leading power generation carbon capture & storage firms are Linde plc, General Electric, Siemens, Aker Solutions, SLB, Exxon Mobil Corporation, Shell CANSOLV, Mitsubishi Heavy Industries, Ltd., Dakota Gasification Company, NRG Energy, Inc., and Equinor ASA, among others.