To understand market opportunities, the carbon capture and sequestration market is segmented based on Capture Source (Chemicals, Natural Gas Processing, Power Generation, Fertilizers Production, Others), End-Use (Enhanced Oil Recovery (EOR), Dedicated Storage & Treatment), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
NEWARK, DE / ACCESSWIRE / December 9, 2024 / According to a Future Market Insights (FMI), the global carbon capture and sequestration (CCS) market is poised for unprecedented growth, with the market value projected to surge from USD 4.2 Billion in 2024 to an impressive USD 26.1 Billion by 2034. This remarkable expansion, driven by a Compound Annual Growth Rate (CAGR) of 20.1%, underscores the vital role CCS technologies play in global efforts to mitigate climate change.
CCS has gained momentum as a crucial tool in the fight against climate change. Governments, industries, and environmental organizations increasingly recognize its importance in achieving emission reduction goals and transitioning to a low-carbon economy. One of the primary components of the CCS market is carbon capture, which involves capturing CO2 emissions from industrial sources such as power plants, cement factories, and refineries. Various capture technologies, including post-combustion, pre-combustion, and oxyfuel combustion capture, capture CO2 before it is released into the atmosphere. Once captured, the CO2 can be transported via pipelines or ships to storage sites or utilization facilities.
Carbon storage, another integral aspect of CCS, involves injecting captured CO2 deep underground into geological formations such as depleted oil and gas reservoirs, saline aquifers, and geological formations. These storage sites securely trap the CO2, preventing its release into the atmosphere and reducing the risk of environmental harm. CCS offers opportunities for carbon utilization, where captured CO2 is converted into valuable products such as chemicals, fuels, and building materials.
Despite its potential, the CCS market faces high costs, technological limitations, and regulatory uncertainties. Ongoing research and development efforts, along with government support and industry collaboration, are driving innovation and overcoming barriers to CCS deployment. As the world intensifies its efforts to combat climate change, the CCS market is expected to be crucial in reducing carbon emissions and safeguarding the environment for future generations.
The Rising Imperative for CCS:
Advancements in carbon capture technologies, combined with supportive government policies and financial incentives, are accelerating market growth. Countries across North America, Europe, and Asia-Pacific are investing heavily in CCS infrastructure, recognizing its potential to decarbonize hard-to-abate sectors such as cement, steel, carbon steel, and chemicals.
As the world intensifies its focus on reducing greenhouse gas emissions, CCS has emerged as a cornerstone technology in the fight against climate change. Governments and industries alike are adopting CCS solutions to capture and store carbon dioxide (CO₂) emissions from industrial processes, power generation, and other sources. This adoption is fueled by the dual imperatives of achieving carbon neutrality and meeting international climate goals, such as those outlined in the Paris Agreement.
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Key Growth Drivers: Innovation, Policy, and Demand
Several factors are propelling the rapid expansion of the CCS market:
Technological Advancements: Innovations in carbon capture technologies, including solvent-based capture, direct air capture (DAC), and carbon mineralization, have significantly improved efficiency and reduced costs. These advancements are making CCS more accessible to a broader range of industries.
Supportive Government Policies: Policies such as tax credits, subsidies, and carbon pricing mechanisms are incentivizing CCS adoption. Notable examples include the U.S. 45Q tax credit and the European Union's Emissions Trading System (ETS), which provide financial support for CCS projects.
Growing CO₂ Enhanced Oil Recovery (EOR) Projects: The use of captured CO₂ in Enhanced Oil Recovery (EOR) projects is a significant driver, as it provides an economic incentive for CO₂ utilization while simultaneously aiding in carbon storage.
Corporate Climate Commitments: Major corporations are committing to net-zero emissions targets, further driving demand for CCS technologies as part of their decarbonization strategies.
Industry Trends and Future Analysis:
The CCS market is expected to witness several key trends over the next decade:
Increased Integration with Renewable Energy: CCS technologies will be increasingly integrated with renewable energy sources, creating hybrid systems that offer both low-carbon and carbon-negative solutions.
Expansion of Direct Air Capture (DAC): Direct air capture, which removes CO₂ directly from the atmosphere, is gaining traction as a crucial tool for achieving negative emissions, particularly in sectors where emissions are difficult to eliminate.
Global Collaboration and Investments: International collaboration will play a pivotal role, with cross-border CCS projects and investments in large-scale carbon storage hubs becoming more common.
Impact of the COVID-19 Pandemic:
The COVID-19 pandemic initially posed challenges to the CCS market, including delays in project development, disruptions to supply chains, and a temporary reduction in CO₂ emissions due to decreased industrial activity. However, the post-pandemic recovery has seen a resurgence in CCS investments, driven by renewed focus on sustainable recovery and climate resilience.
Key Takeaways from the Report:
Market Size Projections: The CCS market is expected to grow from USD 4.2 Billion in 2024 to USD 26.1 Billion by 2034, driven by a CAGR of 20.1%.
Sectoral Leadership: Power generation, oil and gas, and heavy industries will be the leading adopters of CCS technologies.
Regional Insights: North America and Europe are anticipated to lead the market, with Asia-Pacific emerging as a key growth region due to increasing industrialization and climate commitments.
"The rapid growth of the CCS market is a clear indicator that carbon capture and sequestration will be an essential component of global climate strategy over the next decade. The integration of CCS with other decarbonization technologies, coupled with robust policy support, will be crucial in achieving net-zero emissions targets." - opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape
In the competitive landscape of the carbon capture and sequestration (CCS) market, several key players vie for market share, including multinational corporations, technology providers, and engineering firms. These entities focus on innovation, research, and development to offer efficient CCS solutions tailored to diverse industrial needs.
Collaboration between governments, industries, and research institutions further intensifies competition, driving advancements and market expansion in the CCS sector. Some key developments are:
•In July 2021, Shell unveiled plans to build a substantial carbon capture and storage (CCS) facility in Alberta, Canada. The facility aims to capture CO2 emissions from Shell's chemical and refinery plant, which can store 300 million tonnes of carbon throughout its operational lifespan.
•In July 2020, four prominent companies established a carbon capture, utilization, and sequestration (CCUS) system in Singapore. This collaborative effort focuses on capturing and utilizing carbon dioxide, addressing environmental concerns and promoting sustainable practices in the region.
Leading Players in the Industry:
Fluor Corporation; ExxonMobil; Carbon Engineering Ltd.; ADNOC Group; Equinor; China National Petroleum Corporation; Dakota Gasification Company; Shell; BP; Chevron; Linde; Total; Aker Solutions; NRG Energy.
Global Carbon Capture and Sequestration Market Segmentation Analysis:
By Capture Source:
Chemicals
Natural Gas Processing
Power Generation
Fertilizers Production
Others
By End-Use:
Enhanced Oil Recovery (EOR)
Dedicated Storage & Treatment
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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