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.
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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).
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.
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
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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
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.
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.
| Report Attributes | Details |
| Market Size in 2022 | US$ 8.5 Bn |
| Market Size by 2030 | US$ 13.14 Bn |
| CAGR | CAGR of 5.6 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • 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) |
| Regional Analysis/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) |
| Company Profiles | 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) |
| Key Drivers | • Growing demand for carbon capture and storage • Increasing demand for natural gas due to growing environmental consciousness |
| Market Restraints | • Safety issues about storage methods • Locations are limiting market expansion • High storing cost |
Ans: Carbon Capture and Storage Market is anticipated to expand by 5.6 % from 2023 to 2030.
Ans: USD 13.14 billion is expected to grow by 2030.
Ans: Carbon Capture and Storage Market size was valued at USD 8.5 billion in 2022
Ans: Safety issues about storage methods, Locations are limiting market expansion and High storing cost.
Ans: Investment in developing new innovative capturing technologies
Preventing emission of greenhouse gas
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Carbon Capture and Storage Market Segmentation, By Service
8.1 Capture
8.2 Transportation
8.3 Utilization
8.4 Storage
9. Carbon Capture and Storage Market Segmentation, By Technology
9.1 Chemical Looping
9.2 Solvents & Sorbents
9.3 Membranes
9.4 Others
10. Carbon Capture and Storage Market Segmentation, By End-User
10.1 Oil & Gas
10.2 Power Generation
10.3 Chemicals & Petrochemicals
10.4 Cement
10.5 Iron & Steel
10.6 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Carbon Capture and Storage Market by Country
11.2.2North America Carbon Capture and Storage Market by Service
11.2.3 North America Carbon Capture and Storage Market by Technology
11.2.4 North America Carbon Capture and Storage Market by End-User
11.2.5 USA
11.2.5.1 USA Carbon Capture and Storage Market by Service
11.2.5.2 USA Carbon Capture and Storage Market by Technology
11.2.5.3 USA Carbon Capture and Storage Market by End-User
11.2.6 Canada
11.2.6.1 Canada Carbon Capture and Storage Market by Service
11.2.6.2 Canada Carbon Capture and Storage Market by Technology
11.2.6.3 Canada Carbon Capture and Storage Market by End-User
11.2.7 Mexico
11.2.7.1 Mexico Carbon Capture and Storage Market by Service
11.2.7.2 Mexico Carbon Capture and Storage Market by Technology
11.2.7.3 Mexico Carbon Capture and Storage Market by End-User
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Carbon Capture and Storage Market by Country
11.3.1.2 Eastern Europe Carbon Capture and Storage Market by Service
11.3.1.3 Eastern Europe Carbon Capture and Storage Market by Technology
11.3.1.4 Eastern Europe Carbon Capture and Storage Market by End-User
11.3.1.5 Poland
11.3.1.5.1 Poland Carbon Capture and Storage Market by Service
11.3.1.5.2 Poland Carbon Capture and Storage Market by Technology
11.3.1.5.3 Poland Carbon Capture and Storage Market by End-User
11.3.1.6 Romania
11.3.1.6.1 Romania Carbon Capture and Storage Market by Service
11.3.1.6.2 Romania Carbon Capture and Storage Market by Technology
11.3.1.6.4 Romania Carbon Capture and Storage Market by End-User
11.3.1.7 Turkey
11.3.1.7.1 Turkey Carbon Capture and Storage Market by Service
11.3.1.7.2 Turkey Carbon Capture and Storage Market by Technology
11.3.1.7.3 Turkey Carbon Capture and Storage Market by End-User
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Carbon Capture and Storage Market by Service
11.3.1.8.2 Rest of Eastern Europe Carbon Capture and Storage Market by Technology
11.3.1.8.3 Rest of Eastern Europe Carbon Capture and Storage Market by End-User
11.3.2 Western Europe
11.3.2.1 Western Europe Carbon Capture and Storage Market by Service
11.3.2.2 Western Europe Carbon Capture and Storage Market by Technology
11.3.2.3 Western Europe Carbon Capture and Storage Market by End-User
11.3.2.4 Germany
11.3.2.4.1 Germany Carbon Capture and Storage Market by Service
11.3.2.4.2 Germany Carbon Capture and Storage Market by Technology
11.3.2.4.3 Germany Carbon Capture and Storage Market by End-User
11.3.2.5 France
11.3.2.5.1 France Carbon Capture and Storage Market by Service
11.3.2.5.2 France Carbon Capture and Storage Market by Technology
11.3.2.5.3 France Carbon Capture and Storage Market by End-User
11.3.2.6 UK
11.3.2.6.1 UK Carbon Capture and Storage Market by Service
11.3.2.6.2 UK Carbon Capture and Storage Market by Technology
11.3.2.6.3 UK Carbon Capture and Storage Market by End-User
11.3.2.7 Italy
11.3.2.7.1 Italy Carbon Capture and Storage Market by Service
11.3.2.7.2 Italy Carbon Capture and Storage Market by Technology
11.3.2.7.3 Italy Carbon Capture and Storage Market by End-User
11.3.2.8 Spain
11.3.2.8.1 Spain Carbon Capture and Storage Market by Service
11.3.2.8.2 Spain Carbon Capture and Storage Market by Technology
11.3.2.8.3 Spain Carbon Capture and Storage Market by End-User
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Carbon Capture and Storage Market by Service
11.3.2.9.2 Netherlands Carbon Capture and Storage Market by Technology
11.3.2.9.3 Netherlands Carbon Capture and Storage Market by End-User
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Carbon Capture and Storage Market by Service
11.3.2.10.2 Switzerland Carbon Capture and Storage Market by Technology
11.3.2.10.3 Switzerland Carbon Capture and Storage Market by End-User
11.3.2.11.1 Austria
11.3.2.11.2 Austria Carbon Capture and Storage Market by Service
11.3.2.11.3 Austria Carbon Capture and Storage Market by Technology
11.3.2.11.4 Austria Carbon Capture and Storage Market by End-User
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Carbon Capture and Storage Market by Service
11.3.2.12.2 Rest of Western Europe Carbon Capture and Storage Market by Technology
11.3.2.12.3 Rest of Western Europe Carbon Capture and Storage Market by End-User
11.4 Asia-Pacific
11.4.1 Asia-Pacific Carbon Capture and Storage Market by Country
11.4.2 Asia-Pacific Carbon Capture and Storage Market by Service
11.4.3 Asia-Pacific Carbon Capture and Storage Market by Technology
11.4.4 Asia-Pacific Carbon Capture and Storage Market by End-User
11.4.5 China
11.4.5.1 China Carbon Capture and Storage Market by Service
11.4.5.2 China Carbon Capture and Storage Market by End-User
11.4.5.3 China Carbon Capture and Storage Market by Technology
11.4.6 India
11.4.6.1 India Carbon Capture and Storage Market by Service
11.4.6.2 India Carbon Capture and Storage Market by Technology
11.4.6.3 India Carbon Capture and Storage Market by End-User
11.4.7 Japan
11.4.7.1 Japan Carbon Capture and Storage Market by Service
11.4.7.2 Japan Carbon Capture and Storage Market by Technology
11.4.7.3 Japan Carbon Capture and Storage Market by End-User
11.4.8 South Korea
11.4.8.1 South Korea Carbon Capture and Storage Market by Service
11.4.8.2 South Korea Carbon Capture and Storage Market by Technology
11.4.8.3 South Korea Carbon Capture and Storage Market by End-User
11.4.9 Vietnam
11.4.9.1 Vietnam Carbon Capture and Storage Market by Service
11.4.9.2 Vietnam Carbon Capture and Storage Market by Technology
11.4.9.3 Vietnam Carbon Capture and Storage Market by End-User
11.4.10 Singapore
11.4.10.1 Singapore Carbon Capture and Storage Market by Service
11.4.10.2 Singapore Carbon Capture and Storage Market by Technology
11.4.10.3 Singapore Carbon Capture and Storage Market by End-User
11.4.11 Australia
11.4.11.1 Australia Carbon Capture and Storage Market by Service
11.4.11.2 Australia Carbon Capture and Storage Market by Technology
11.4.11.3 Australia Carbon Capture and Storage Market by End-User
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Carbon Capture and Storage Market by Service
11.4.12.2 Rest of Asia-Pacific Carbon Capture and Storage Market by Technology
11.4.12.3 Rest of Asia-Pacific Carbon Capture and Storage Market by End-User
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Carbon Capture and Storage Market by Country
11.5.1.2 Middle East Carbon Capture and Storage Market by Service
11.5.1.3 Middle East Carbon Capture and Storage Market by Technology
11.5.1.4 Middle East Carbon Capture and Storage Market by End-User
11.5.1.5 UAE
11.5.1.5.1 UAE Carbon Capture and Storage Market by Service
11.5.1.5.2 UAE Carbon Capture and Storage Market by Technology
11.5.1.5.3 UAE Carbon Capture and Storage Market by End-User
11.5.1.6 Egypt
11.5.1.6.1 Egypt Carbon Capture and Storage Market by Service
11.5.1.6.2 Egypt Carbon Capture and Storage Market by Technology
11.5.1.6.3 Egypt Carbon Capture and Storage Market by End-User
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Carbon Capture and Storage Market by Service
11.5.1.7.2 Saudi Arabia Carbon Capture and Storage Market by Technology
11.5.1.7.3 Saudi Arabia Carbon Capture and Storage Market by End-User
11.5.1.8 Qatar
11.5.1.8.1 Qatar Carbon Capture and Storage Market by Service
11.5.1.8.2 Qatar Carbon Capture and Storage Market by Technology
11.5.1.8.3 Qatar Carbon Capture and Storage Market by End-User
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Carbon Capture and Storage Market by Service
11.5.1.9.2 Rest of Middle East Carbon Capture and Storage Market by Technology
11.5.1.9.3 Rest of Middle East Carbon Capture and Storage Market by End-User
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by Country
11.5.2.2 Africa Carbon Capture and Storage Market by Service
11.5.2.3 Africa Carbon Capture and Storage Market by Technology
11.5.2.4 Africa Carbon Capture and Storage Market by End-User
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Carbon Capture and Storage Market by Service
11.5.2.5.2 Nigeria Carbon Capture and Storage Market by Technology
11.5.2.5.3 Nigeria Carbon Capture and Storage Market by End-User
11.5.2.6 South Africa
11.5.2.6.1 South Africa Carbon Capture and Storage Market by Service
11.5.2.6.2 South Africa Carbon Capture and Storage Market by Technology
11.5.2.6.3 South Africa Carbon Capture and Storage Market by End-User
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Carbon Capture and Storage Market by Service
11.5.2.7.2 Rest of Africa Carbon Capture and Storage Market by Technology
11.5.2.7.3 Rest of Africa Carbon Capture and Storage Market by End-User
11.6 Latin America
11.6.1 Latin America Carbon Capture and Storage Market by Country
11.6.2 Latin America Carbon Capture and Storage Market by Service
11.6.3 Latin America Carbon Capture and Storage Market by Technology
11.6.4 Latin America Carbon Capture and Storage Market by End-User
11.6.5 Brazil
11.6.5.1 Brazil America Carbon Capture and Storage Market by Service
11.6.5.2 Brazil America Carbon Capture and Storage Market by Technology
11.6.5.3 Brazil America Carbon Capture and Storage Market by End-User
11.6.6 Argentina
11.6.6.1 Argentina America Carbon Capture and Storage Market by Service
11.6.6.2 Argentina America Carbon Capture and Storage Market by Technology
11.6.6.3 Argentina America Carbon Capture and Storage Market by End-User
11.6.7 Colombia
11.6.7.1 Colombia America Carbon Capture and Storage Market by Service
11.6.7.2 Colombia America Carbon Capture and Storage Market by Technology
11.6.7.3 Colombia America Carbon Capture and Storage Market by End-User
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Carbon Capture and Storage Market by Service
11.6.8.2 Rest of Latin America Carbon Capture and Storage Market by Technology
11.6.8.3 Rest of Latin America Carbon Capture and Storage Market by End-User
12. Company Profile
12.1 Fluor Corporation (US)
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 ExxonMobil Corporation (US)
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Linde PLC (UK)
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Royal Dutch Shell (Netherlands)
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Mitsubishi Heavy Industries Ltd., (Japan)
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 JGC Holdings Corporation (Japan)
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Schlumberger Ltd., (US)
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Aker Solutions (Norway)
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Honeywell International (US)
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Equinor ASA (Norway)
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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