Carbon Capture and Storage Global Market Report 2024

The carbon capture and storage market has grown rapidly in recent years. It will grow from $5.43 billion in 2023 to $6.23 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. During the historic period, the observed growth can be ascribed to several key factors, including the implementation of environmental regulations and policy support. Additionally, rising apprehensions regarding climate change spurred investments in clean energy solutions. The industry's shift and commitment toward decarbonization, along with corporate sustainability initiatives, further contributed significantly to this growth trajectory.

The carbon capture and storage market is expected to see rapid growth in the next few years. It will grow to $10.79 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The anticipated growth in the forecast period is anticipated to stem from several drivers, notably government funding and incentives, a rise in carbon pricing initiatives, and accelerated industrialization in emerging economies. Global pledges towards achieving net-zero targets and collaborative efforts across industries are further expected to fuel this growth.

The anticipated rise in global carbon dioxide emissions is poised to drive the expansion of the carbon capture and storage market. These emissions, stemming from fossil fuel combustion, cement production, and other industrial processes such as gas flaring, prompt the need for methods to reduce carbon emissions. Carbon capture and storage involves the separation, treatment, and transportation of CO2 from industrial sources to long-term storage sites. Notably, in March 2022, the International Energy Agency reported a 6% increase, reaching a record high of 36.3 billion tons in 2021. Coal contributed over 40% to this surge, hitting 15.3 billion metric tons. Hence, the escalating global CO2 emissions are a catalyst for the carbon capture and storage market's growth.

The imminent surge in industrialization is projected to significantly propel the carbon capture and storage market. Industrialization, characterized by transitioning economies from agriculture-based to large-scale mechanical production in factories, prompts increased greenhouse gas emissions. Carbon capture and storage technologies aim to mitigate these emissions by capturing CO2 from industrial sources and storing it underground. Notably, in March 2023, the National Bureau of Statistics highlighted a 2.4% year-on-year increase in industrial enterprise value creation, indicating a rapid industrial growth rate of 4.9% over two years. Thus, rapid industrialization acts as a driving force for the carbon capture and storage market.

A prevailing trend in the carbon capture and storage market revolves around product innovation. Key industry players are dedicated to developing inventive products to bolster their market standing. For instance, in August 2021, Exxon Mobil Corporation collaborated with research institutions to unveil tetraamine-functionalized metal organic frameworks, a groundbreaking material enhancing carbon capture technology. This innovative substance boasts capturing over 90% of CO2 from sources such as natural gas-fired power plants with lower energy usage, six times more efficient than traditional methods. These advancements hold the promise of reducing technology costs and facilitating broader commercial applications by streamlining CO2 capture.

Major players in the carbon capture and storage sector are embracing strategic partnerships to integrate cutting-edge technologies into comprehensive solutions. In November 2022, ExxonMobil Corporation joined forces with Mitsubishi Heavy Industries, Ltd., leveraging their expertise to serve clients striving for a lower-carbon future. This collaboration aims to advance carbon capture technologies, particularly focusing on lowering CO2 capture costs for heavy-emitting industrial clients. Additionally, Baker Hughes Company's acquisition of Mosaic Materials Inc.

in April 2022 signifies the intent to bolster carbon dioxide capture methods. Through this partnership, Mosaic Materials gains access to resources and expertise to enhance and market its direct air capture technology based on metal-organic frameworks (MOFs).

Major companies operating in the carbon capture and storage market report are Aker Solutions ASA, Dakota Gasification Company, Equinor ASA, Fluor Corporation, Linde PLC, Mitsubishi Heavy Industries Ltd., Shell PLC, Siemens AG, Sulzer Ltd., NRG Energy Inc., General Electric Company, Maersk, Japan CCS Co. Ltd., Halliburton Company, ExxonMobil Corporation, Schlumberger Limited, Honeywell International Inc., Occidental Petroleum Corporation, Air Liquide S.A., Baker Hughes Company, LanzaTech, Royal Dutch Shell, Calix Limited, Carbon America, Carbon Clean, CarbonFree, Carbon8 Systems, Chart Industries, Capsol Technologies AS, Global Thermostat.

North America was the largest region in the carbon capture and storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global carbon capture and storage market report during the forecast period. The regions covered in the carbon capture and storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the carbon capture and storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Within the realm of carbon capture and storage, several product categories exist, including pre-combustion, industrial processes, post-combustion, and oxy-combustion. These categories serve diverse purposes such as capturing emissions, facilitating transportation, enabling utilization, and ensuring storage. Pre-combustion carbon capture involves the extraction of carbon dioxide from a gas mixture prior to combustion, commonly employed in integrated gasification combined cycle (IGCC) power plants. These technologies find application across multiple industries, including oil and gas, coal and biomass power generation, iron and steel manufacturing, chemical production, among others.

The carbon capture and storage market research report provides carbon capture and storage market statistics, including carbon capture and storage industry global market size, regional shares, competitors with a carbon capture and storage market share, detailed carbon capture and storage market segments, market trends and opportunities, and any further data you may need to thrive in the carbon capture and storage industry. This carbon capture and storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The carbon capture and storage market include revenues earned by entities by offering comprehensive single-point carbon capture, carbon transit, and carbon management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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