Carbon Capture and Storage Market Report Scope & Overview:

The Carbon Capture and Storage Market size was valued at USD 8.5 billion in 2022 and is expected to grow to USD 13.14 billion by 2030 with a growing CAGR of 5.6% over the forecast period of 2023-2030.

Reducing carbon emissions through carbon capture and storage (CCS) might be crucial in the fight against global warming. It involves collecting the carbon dioxide produced by power plants or other industrial processes, such the production of steel or cement, transferring it, and then storing it underground. Here, we examine CCS's operational principles and prospective advantages.

To Get More Information on Carbon Capture and Storage Market - Request Sample Report

The Intergovernmental Panel on Climate Change (IPCC) emphasised that, in addition to increasing efforts to reduce emissions, we also need to use technologies to remove carbon from the atmosphere if we hope to meet the goals of the Paris Agreement and keep future temperature increases to 1.5°C (2.7°F).

Saline aquifers or depleted oil and gas reserves, which normally need to be at least 0.62 miles (1 km) below the surface, are potential storage locations for carbon emissions. The 'Endurance' saline aquifer in the southern North Sea, about 90 km offshore, is a storage location for the UK's projected Zero Carbon Humber project. Endurance has the capacity to store enormous volumes of CO2 and is located around one mile (1.6 km) below the seabed. Similar to this, there are other large-scale carbon sites in the US, including the Alabama-based Citronelle Project. The approximate size of this saline reservoir injection location Deepness is 4.9 miles (2.9 km).

MARKET DYNAMICS

KEY DRIVERS:

• Growing demand for carbon capture and storage

• Increasing demand for natural gas due to growing environmental consciousness

Petrol, diesel, petroleum products, and natural gas are the most significant energy fuel sources now in use. Nevertheless, because it lowers GHG emissions, slows global warming, and cuts carbon emissions, natural gas is regarded as the alternative fuel for sustainable growth. The US government has put in place a number of laws and regulations to reduce the dangers related to the use of petrol and diesel as fuel and to promote the use of natural gas.

RESTRAIN:

• Safety issues about storage methods

• Locations are limiting market expansion

• High storing cost

OPPORTUNITY: 

• Investment in developing new innovative capturing technologies

• Preventing emission of greenhouse gas

CHALLENGES:

• High cost associated

• Lack of awareness among the people about developments

There is no doubting that carbon capture and storage technologies have developed into the most effective ways to lower emission of carbon. The market is still dealing with significant problems, though, which are impeding its expansion in different parts of the world. The high cost of CCS technology (both upfront costs and ongoing expenses) and the general lack of knowledge among the public are some of the main challenges limiting the growth of the carbon capture and storage business people from different impoverished and developing regions.

KEY MARKET SEGMENTATION

By Service

• Capture

• Transportation

• Utilization

• Storage

By Technology

• Chemical Looping

• Solvents & Sorbents

• Membranes

• Others

By End-User

• Oil & Gas

• Power Generation

• Chemicals & Petrochemicals

• Cement

• Iron & Steel

• Others

Do You Need any Customization Research on Carbon Capture and Storage Market - Enquire Now

REGIONAL ANALYSIS

Due to rising demand from the oil and gas industry and strict government requirements to cut carbon emissions, North America accounted for the greatest revenue share of approximately 36.69% in 2022. The second-largest portion of the regional market is accounted for by Canada. Cenovus Energy put into operation the country's first CCS project in 2000 in the Weyburn and Midale oil fields.

Throughout the forecast period, growth possibilities for the carbon capture, utilisation, and storage market are anticipated to come from the Asia-Pacific and Europe regions and ongoing investments in the development of new capturing technologies that support economic operations.

REGIONAL COVERAGE:

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

RECENT DEVELOPMENTS

• Shell PLC acquired Sprang Energy Group, a provider of renewable energy with a goal of reducing carbon emissions, in August 2022. The goal of this transaction is to increase Shell PLC's market share and potential for carbon capture and storage.

• ExxonMobil Corporation, Shell, and the Guangdong Provincial Development & Reform Commission will collaborate beginning in June 2022.to assess Dayawan Petrochemical Industrial Park in Huizhou, China's potential for a project including carbon capture and storage.

• ExxonMobil Corporation and Petronas struck an agreement in November 2021 to work together to investigate prospective carbon capture and storage projects in Malaysia.

• The Northern Lights carbon capture and storage (carbon capture, utilisation, and storage) project in Norway received a USD 682.3 million investment from Royal Dutch Shell in May 2020, together with Equinor ASA (Norway) and Total Energies SE (France). The trio wants to create a joint-venture firm with this financing.

KEY PLAYERS

The major Players are Fluor Corporation (US), ExxonMobil Corporation (US), Linde PLC (UK), Royal Dutch Shell (Netherlands), Mitsubishi Heavy Industries Ltd., (Japan), JGC Holdings Corporation (Japan), Schlumberger Ltd., (US), Aker Solutions (Norway), Honeywell International (US), Equinor ASA (Norway) and other players are listed in a final report.

ExxonMobil Corporation (US)-Company Financial Analysis