Carbon Storage and Capture Market Set to Surge, Projected to Reach USD 14 Billion by 2030

Carbon Storage and Capture Market Set to Surge, Projected to Reach USD 14 Billion by 2030

 

According to Next Move Strategy Consulting, the Carbon Storage and Capture (CSC) market, valued at USD 4 billion in 2023, is forecast to expand to USD 14 billion by 2030, growing at a compound annual growth rate (CAGR) of 22% during the period from 2024 to 2030. Carbon capture and storage (CCS) technologies focus on reducing CO2 emissions from industrial processes such as steel and cement production. This process involves capturing CO2 before it enters the atmosphere, transporting it to storage sites, and sequestering it underground in geological formations.

The most cost-effective carbon capture occurs at point sources like large energy facilities, fossil fuel-based hydrogen production plants, and industries with significant CO2 emissions. As global concerns about climate change intensify, the adoption of carbon storage and capture technologies is expected to rise, presenting substantial opportunities in various sectors.

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Market Dynamics and Trends

The primary driver behind the carbon storage and capture market is the increasing global demand for emission reduction technologies. Governments around the world are enforcing stringent greenhouse gas (GHG) emission regulations, which are compelling industries to adopt cleaner technologies. For instance, in April 2019, Canada imposed a nationwide tax on carbon emissions, which began at USD 15 per ton and is set to rise annually. Similarly, growing environmental awareness and concerns about climate change are pushing both governments and industries toward large-scale adoption of CSC solutions.

In addition, industrialization and urbanization, especially in developing regions, are increasing CO2 emissions, further accelerating the need for effective carbon capture solutions. According to the World Resources Institute, energy consumption accounts for 75.6% of human-caused greenhouse gas emissions, marking the significance of this sector in emission reduction strategies.

Another key trend is the growing number of CO2 capture and storage plants in countries like the U.S., Netherlands, UK, China, and India. In 2021, the Global CCS Institute reported that there were 135 CCS facilities in the project pipeline globally, highlighting the sector’s rapid development.

Despite these advancements, high costs related to the maintenance of capture and sequestration facilities, along with fluctuating crude oil prices, may pose challenges to market growth. However, ongoing investments in developing innovative capturing technologies, especially in North America and Asia-Pacific, offer promising growth opportunities.

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Market Segmentation and Scope

The carbon storage and capture market is segmented by source, technology, service, application, end use, and geography.

  • By Source: Chemicals, Natural Gas Processing, Power Generation, Fertilizers Production, and Others.
  • By Technology: Pre-carbon Capture, Industrial Separation, Oxy-fuel Combustion, and Post-combustion.
  • By Service: Capture, Transportation, Utilization, and Storage.
  • By Application: Enhanced Oil Recovery (EOR), Industrial, Chemical Processing, Power Generation, and Agriculture.
  • By End Use: Oil & Gas, Iron & Steel, Cement, Chemical & Petrochemical, Power Generation, and Dedicated Storage & Treatment.

Geographical Analysis

The North American region currently holds the largest market share and is expected to continue its dominance throughout the forecast period. This can be attributed to government initiatives like the U.S. FUTURE Act, which promotes carbon capture utilization in enhanced oil recovery projects. Additionally, the rapid adoption of clean technologies and shale gas techniques in the region is further driving the market.

Meanwhile, the Asia-Pacific region is expected to witness rapid growth due to government incentives for low-emission technologies and a rise in power consumption, particularly in countries like China and India. These regions are seeing an increased number of coal-fired power plants, spurring the demand for post-combustion carbon capture technologies.

Competitive Landscape

Key players in the carbon storage and capture market include:

  • Aker Carbon Capture
  • Carbon Engineering
  • Linde Engineering
  • Equinor
  • ExxonMobil Corporation
  • Carbfix
  • Shell
  • Mitsubishi Heavy Industries
  • Ebb Carbon
  • Carbon Streaming

These companies are heavily investing in technological innovations and strategic acquisitions to enhance their product offerings and expand their market reach. For instance, ExxonMobil is expanding its carbon capture and storage facility in Wyoming, with plans to capture up to 1 million metric tons of CO2 annually. Similarly, Baker Hughes acquired Compact Carbon Capture in 2020 to provide decarbonization solutions across industries.

Conclusion

The carbon storage and capture market is poised for rapid growth due to the increasing emphasis on reducing industrial CO2 emissions, stringent governmental regulations, and the development of new capture technologies. As countries across the globe strive to meet their climate goals, investments in carbon capture and storage technologies are expected to accelerate, offering significant growth opportunities for market participants. While challenges such as high operational costs and fluctuating energy prices remain, the long-term outlook for the industry is positive, with continued advancements expected to shape the future of carbon capture and storage.

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