Carbon Capture and Storage Technology Global Market Report 2024

The carbon capture and storage technology market size has grown rapidly in recent years. It will grow from $2.85 billion in 2023 to $3.26 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth observed in the historical period can be attributed to several key factors. These include the implementation of stringent government regulations aimed at reducing greenhouse gas emissions, the establishment of reinforced climate targets to combat global warming, and the proliferation of numerous high-capacity carbon capture and storage (CCS) plants dedicated to mitigating carbon dioxide emissions.

The carbon capture and storage technology market size is expected to see rapid growth in the next few years. It will grow to $5.58 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The anticipated growth in the forecast period can be attributed to several driving forces. These include the increasing demand for carbon dioxide (CO2) for Enhanced Oil Recovery (EOR) activities within the oil and gas industry, heightened focus on environmental impact and sustainability concerns, and growing demand from various industrial sectors for carbon capture and storage (CCS) solutions. Major trends expected during this period encompass ongoing technological advancements in CCS technology, the development of innovative approaches for achieving deep decarbonization goals, widespread deployment of gas injection EOR techniques, continual progress in shale gas technology, and the expansion of commercial-scale CCS plants to meet rising demand and address environmental challenges.

The increasing demand for cleaner energy sources is poised to drive significant growth in the carbon capture and storage (CCS) technology market in the foreseeable future. Cleaner energy solutions, characterized by lower greenhouse gas emissions and reduced environmental impact, are becoming increasingly sought after due to heightened environmental awareness, tightening emissions regulations, and a global push for sustainable energy alternatives to mitigate climate change. Carbon capture and storage technology plays a pivotal role in achieving cleaner energy goals by capturing and storing carbon dioxide emissions from energy generation and industrial processes, thereby reducing overall emissions and environmental footprint. Notably, investments in environmental, social, and governance (ESG) focused funds surged in 2021, indicating a growing commitment to sustainability, while projections from the International Energy Agency (IEA) forecast a significant increase in clean energy investment in the coming years, further driving the demand for CCS technology.

Leading companies in the carbon capture and storage technology sector are ramping up efforts to promote sustainability through initiatives such as the development of commercial direct air capture (DAC) facilities. These facilities employ innovative processes, such as using renewable energy to extract CO2 from the air, to scale up carbon removal efforts and meet global climate objectives. For instance, Heirloom Carbon Technologies Inc. launched a DAC facility for concrete CO2 capture in January 2024, with the capacity to capture 1,000 tons of CO2 annually in the US. This process utilizes renewable energy to extract CO2 from limestone, subsequently storing it underground or integrating it into concrete through partnerships with companies such as CarbonCure Technologies. Such initiatives provide scalable solutions for CO2 storage and contribute to the advancement of carbon capture technologies.

Strategic acquisitions also play a significant role in driving innovation and market expansion within the carbon capture and storage technology sector. For instance, in August 2022, Baker Hughes Company bolstered its capabilities in CO2 capture by acquiring Mosaic Materials Inc., a company specializing in metal-organic framework (MOF) materials for efficient CO2 capture from the atmosphere. This acquisition underscores the industry's commitment to developing advanced technologies for effective carbon capture and storage, further catalyzing growth and innovation in the market.

Major companies operating in the carbon capture and storage technology market are Shell plc, Chevron Corporation, Microsoft Corporation, Tencent Holdings Limited, Siemens AG, Occidental Petroleum Corporation, Schneider Electric SE, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., ABB Ltd., Schlumberger NV, Bechtel Corporation, Aker Solutions ASA, NET Power Inc., LanzaTech Global Inc., Carbon Engineering Ltd., Climeworks AG, Carbon Clean Solutions Pvt. Ltd., Global Thermostat PBC, C-Capture Limited, ION Clean Energy, Svante Inc.

North America was the largest region in the carbon capture and storage technology market in 2023. Europe is expected to be the fastest growing region in the market. The regions covered in the carbon capture and storage technology 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 technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Carbon capture and storage (CCS) technology is engineered to address the mitigation of greenhouse gas emissions, notably carbon dioxide (CO2), arising from industrial processes and power generation. The primary objectives of CCS technology are to intercept CO2 emissions before they reach the atmosphere, thus diminishing their impact on climate change, and to facilitate the ongoing utilization of fossil fuels while curtailing their environmental footprint.

The primary types of carbon capture and storage technology encompass carbon capture and storage (CCS) and carbon capture and utilization (CCU). CCS entails the capture of carbon dioxide (CO2) emissions generated from fossil fuel combustion or industrial operations, followed by their storage underground or in other long-term storage facilities to prevent atmospheric release. Various technologies, including pre-combustion, post-combustion, and oxy-fuel combustion, are utilized across diverse applications such as industrial facilities, power plants, and other relevant sectors.

The carbon capture and storage technology market research report is one of a series of new reports that provides carbon capture and storage technology market statistics, including carbon capture and storage technology industry global market size, regional shares, competitors with a carbon capture and storage technology market share, detailed carbon capture and storage technology market segments, market trends and opportunities, and any further data you may need to thrive in the carbon capture and storage technology industry. This carbon capture and storage technology 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 technology market consists of revenues earned by entities through technology licensing, consulting, and advisory services. The market value includes the value of related goods sold by the service provider or included within the service offering. The carbon capture and storage technology market also includes sales of CO2 pipeline systems, CO2 shipping and tanker systems, geologic storage systems, and enhanced oil recovery (EOR) systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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