Carbon Capture And Storage Market
PUBLISHED: 2024 ID: SMRC27078
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Carbon Capture And Storage Market

Carbon Capture and Storage Market Forecasts to 2030 - Global Analysis By Type (Cryogenic Units, Carbon Steel Pipelines, Injection Wells, Sensors and Detectors, Particulate Removal Systems and Other Types), Service, Technology, Application, End User and By Geography

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4.5 (73 reviews)
Published: 2024 ID: SMRC27078

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Carbon Capture and Storage Market is accounted for $3.7 billion in 2024 and is expected to reach $6.4 billion by 2030 growing at a CAGR of 9.3% during the forecast period. Carbon capture and storage (CCS) is a technological process designed to reduce carbon dioxide (CO2) emissions from industrial sources, such as power plants and manufacturing facilities. The process involves three key steps: capturing CO2 from emissions, transporting it to a storage site, and permanently storing it underground in geological formations. During capture, CO2 is separated from other gases produced in industrial activities. It is then compressed and transported, typically via pipelines, to locations such as depleted oil and gas reservoirs or saline aquifers, where it can be securely stored.

According to the U.S. Department of Energy, in the recent past, the U.S. government started providing loans up to 80% of the cost for nascent stage CCS projects.

Market Dynamics: 

Driver: 

Demand for enhanced oil recovery

The demand for enhanced oil recovery (EOR) within the market is increasing due to its dual benefits of maximizing oil extraction and reducing carbon emissions. EOR techniques, such as CO2 injection, leverage captured carbon dioxide to improve oil recovery rates from aging reservoirs while simultaneously sequestering CO2 underground. This synergy supports energy security and environmental sustainability, driving investments and technological advancements in CCS to address climate change and enhance oil production efficiency.

Restraint:

Concerns over process efficiency

Concerns over process efficiency in the market can significantly hinder progress and adoption. Inefficient CCS processes may lead to increased costs, lower capture rates, and reduced overall effectiveness in mitigating carbon emissions. These inefficiencies can result in higher operational expenses and decreased economic viability, discouraging investment and slowing the development of critical technologies. Ultimately, this undermines efforts to combat climate change and impedes the transition to a more sustainable energy system.

Opportunity:

Growing focus on reducing CO2 emissions

The growing focus on reducing CO2 emissions is driving significant advancements in the market. As climate change concerns intensify, there is increased emphasis on technologies that capture and store carbon dioxide from industrial processes and power generation. This focus aims to mitigate greenhouse gas emissions, enhance environmental sustainability, and meet stringent regulatory targets. Investments in research and development are accelerating, leading to more efficient, scalable solutions that support global efforts to achieve net-zero emissions.

Threat:

High implementation costs

High implementation costs in the market pose significant barriers to widespread adoption. These elevated expenses can deter investment and slow the deployment of CCS technologies, limiting their potential to effectively reduce carbon emissions. The financial burden associated with installing and maintaining CCS systems may also impact the economic feasibility of projects, particularly for smaller operators. Consequently, this can impede progress towards climate goals and delay the transition to more sustainable energy practices.

Covid-19 Impact: 

The market plays a crucial role in mitigating climate change by capturing and securely storing carbon dioxide emissions from industrial sources and power plants. This technology helps reduce greenhouse gas concentrations in the atmosphere, supporting global efforts to achieve climate targets and transition to a low-carbon economy. By enabling continued use of fossil fuels with reduced emissions, CCS also fosters energy security and promotes sustainable practices, driving technological innovation and economic opportunities in the process.

The carbon steel pipelines segment is expected to be the largest during the forecast period

The carbon steel pipelines is expected to be the largest during the forecast period. Their durability and strength make them suitable for handling high-pressure CO2, ensuring safe and efficient transport. However, the selection of carbon steel requires careful consideration of factors such as corrosion resistance and material integrity to prevent leaks and maintain system reliability. Effective management and maintenance of these pipelines are crucial for the successful implementation of CCS technologies.

The power generation segment is expected to have the highest CAGR during the forecast period

The power generation segment is expected to have the highest CAGR during the forecast period. Fossil fuel-based power plants, equipped with CCS systems, capture CO2 before it is released into the atmosphere, significantly lowering greenhouse gas emissions. This integration enhances the environmental performance of traditional power generation, supports regulatory compliance, and helps in the transition towards cleaner energy sources, thereby advancing global climate goals.

Region with largest share:

North America is projected to hold the largest market share during the forecast period driven by robust regulatory frameworks, significant investments, and technological advancements. The region benefits from abundant geological formations for CO2 storage and a strong focus on innovation in CCS technologies. This growth supports the transition to a low-carbon economy, enhances energy sustainability, and creates economic opportunities within the clean energy sector.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period due to increasing environmental regulations and a push towards sustainable industrial practices. The region’s geological formations, such as depleted oil and gas fields, provide suitable sites for CO2 storage. Government policies, international collaborations, and advancements in CCS technology are accelerating the deployment and integration of these solutions, supporting the transition to a low-carbon economy and enhancing energy sustainability in the region.

Key players in the market

Some of the key players in Carbon Capture and Storage market include SABIC, Shell, Carbfix hf., TotalEnergies, Chevron, Air Products and Chemicals, Inc., Carbon Clean Solutions, Mitsubishi Heavy Industries, Siemens Energy, Fluor Corporation, Linde plc, Tata Chemicals, BASF SE, Doosan Heavy Industries & Construction, Equinor, GE Carbon Capture and Technip Energies N.V.

Key Developments:

In February 2024, Carbfix hf. announced an expansion of its global footprint by launching a new carbon capture plant in Iceland. This plant is expected to capture 3,000 tons of carbon annually.

In June 2023, Technip Energies N.V. announced the launch of CaptureNow, which is a platform that brings all the carbon capture, storage, and utilization technologies under one platform.

Types Covered:
• Cryogenic Units
• Carbon Steel Pipelines
• Injection Wells
• Sensors and Detectors
• Particulate Removal Systems
• Other Types

Services Covered:
• Dental Bone Grafting
• Joint Reconstruction
• Capture
• Transportation
• Storage
• Utilization

Technologies Covered:
• Pre-Combustion Capture
• Post-Combustion Capture
• Oxy-Fuel Combustion
• Direct Air Capture
• Cryogenic Distillation
• Other Technologies

Applications Covered:
• Coal-Fired Power Plants
• Gas Processing
• Cement Production
• Oil Refining
• Chemical Manufacturing
• Other Applications

End Users Covered:
• Power Generation
• Oil & Gas
• Industrial Processes
• Refineries
• Pulp & Paper
• Biomass Energy
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary        
          
2 Preface         
 2.1 Abstract        
 2.2 Stake Holders       
 2.3 Research Scope       
 2.4 Research Methodology      
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources     
  2.5.3 Assumptions      
          
3 Market Trend Analysis       
 3.1 Introduction       
 3.2 Drivers        
 3.3 Restraints       
 3.4 Opportunities       
 3.5 Threats        
 3.6 Technology Analysis      
 3.7 Application Analysis      
 3.8 End User Analysis       
 3.9 Emerging Markets       
 3.10 Impact of Covid-19       
          
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes      
 4.4 Threat of new entrants      
 4.5 Competitive rivalry       
          
5 Global Carbon Capture and Storage Market, By Type    
 5.1 Introduction       
 5.2 Cryogenic Units       
 5.3 Carbon Steel Pipelines      
 5.4 Injection Wells       
 5.5 Sensors and Detectors      
 5.6 Particulate Removal Systems      
 5.7 Other Types       
          
6 Global Carbon Capture and Storage Market, By Service    
 6.1 Introduction       
 6.2 Capture        
 6.3 Transportation       
 6.4 Storage        
 6.5 Utilization       
          
7 Global Carbon Capture and Storage Market, By Technology    
 7.1 Introduction       
 7.2 Pre-Combustion Capture      
 7.3 Post-Combustion Capture      
 7.4 Oxy-Fuel Combustion      
 7.5 Direct Air Capture       
 7.6 Cryogenic Distillation      
 7.7 Other Technologies       
          
8 Global Carbon Capture and Storage Market, By Application    
 8.1 Introduction       
 8.2 Coal-Fired Power Plants      
 8.3 Gas Processing       
 8.4 Cement Production       
 8.5 Oil Refining       
 8.6 Chemical Manufacturing      
 8.7 Other Applications       
          
9 Global Carbon Capture and Storage Market, By End User    
 9.1 Introduction       
 9.2 Power Generation       
 9.3 Oil & Gas        
 9.4 Industrial Processes       
 9.5 Refineries       
 9.6 Pulp & Paper       
 9.7 Biomass Energy       
 9.8 Other End Users       
          
10 Global Carbon Capture and Storage Market, By Geography    
 10.1 Introduction       
 10.2 North America       
  10.2.1 US       
  10.2.2 Canada       
  10.2.3 Mexico       
 10.3 Europe        
  10.3.1 Germany       
  10.3.2 UK       
  10.3.3 Italy       
  10.3.4 France       
  10.3.5 Spain       
  10.3.6 Rest of Europe      
 10.4 Asia Pacific       
  10.4.1 Japan       
  10.4.2 China       
  10.4.3 India       
  10.4.4 Australia       
  10.4.5 New Zealand      
  10.4.6 South Korea      
  10.4.7 Rest of Asia Pacific      
 10.5 South America       
  10.5.1 Argentina      
  10.5.2 Brazil       
  10.5.3 Chile       
  10.5.4 Rest of South America     
 10.6 Middle East & Africa      
  10.6.1 Saudi Arabia      
  10.6.2 UAE       
  10.6.3 Qatar       
  10.6.4 South Africa      
  10.6.5 Rest of Middle East & Africa     
          
11 Key Developments        
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures   
 11.2 Acquisitions & Mergers      
 11.3 New Product Launch      
 11.4 Expansions       
 11.5 Other Key Strategies      
          
12 Company Profiling        
 12.1 SABIC        
 12.2 Shell        
 12.3 Carbfix hf.       
 12.4 TotalEnergies       
 12.5 Chevron        
 12.6 Air Products and Chemicals, Inc.     
 12.7 Carbon Clean Solutions      
 12.8 Mitsubishi Heavy Industries      
 12.9 Siemens Energy       
 12.10 Fluor Corporation       
 12.11 Linde plc        
 12.12 Tata Chemicals       
 12.13 BASF SE        
 12.14 Doosan Heavy Industries & Construction     
 12.15 Equinor         
 12.16 GE Carbon Capture       
 12.17 Technip Energies N.V.       
          
List of Tables         
1 Global Carbon Capture and Storage Market Outlook, By Region (2022-2030) ($MN)  
2 Global Carbon Capture and Storage Market Outlook, By Type (2022-2030) ($MN)  
3 Global Carbon Capture and Storage Market Outlook, By Cryogenic Units (2022-2030) ($MN) 
4 Global Carbon Capture and Storage Market Outlook, By Carbon Steel Pipelines (2022-2030) ($MN)
5 Global Carbon Capture and Storage Market Outlook, By Injection Wells (2022-2030) ($MN) 
6 Global Carbon Capture and Storage Market Outlook, By Sensors and Detectors (2022-2030) ($MN)
7 Global Carbon Capture and Storage Market Outlook, By Particulate Removal Systems (2022-2030) ($MN)
8 Global Carbon Capture and Storage Market Outlook, By Other Types (2022-2030) ($MN) 
9 Global Carbon Capture and Storage Market Outlook, By Service (2022-2030) ($MN)  
10 Global Carbon Capture and Storage Market Outlook, By Capture (2022-2030) ($MN)  
11 Global Carbon Capture and Storage Market Outlook, By Transportation (2022-2030) ($MN) 
12 Global Carbon Capture and Storage Market Outlook, By Storage (2022-2030) ($MN)  
13 Global Carbon Capture and Storage Market Outlook, By Utilization (2022-2030) ($MN) 
14 Global Carbon Capture and Storage Market Outlook, By Technology (2022-2030) ($MN) 
15 Global Carbon Capture and Storage Market Outlook, By Pre-Combustion Capture (2022-2030) ($MN)
16 Global Carbon Capture and Storage Market Outlook, By Post-Combustion Capture (2022-2030) ($MN)
17 Global Carbon Capture and Storage Market Outlook, By Oxy-Fuel Combustion (2022-2030) ($MN)
18 Global Carbon Capture and Storage Market Outlook, By Direct Air Capture (2022-2030) ($MN) 
19 Global Carbon Capture and Storage Market Outlook, By Cryogenic Distillation (2022-2030) ($MN)
20 Global Carbon Capture and Storage Market Outlook, By Other Technologies (2022-2030) ($MN)
21 Global Carbon Capture and Storage Market Outlook, By Application (2022-2030) ($MN) 
22 Global Carbon Capture and Storage Market Outlook, By Coal-Fired Power Plants (2022-2030) ($MN)
23 Global Carbon Capture and Storage Market Outlook, By Gas Processing (2022-2030) ($MN) 
24 Global Carbon Capture and Storage Market Outlook, By Cement Production (2022-2030) ($MN)
25 Global Carbon Capture and Storage Market Outlook, By Oil Refining (2022-2030) ($MN) 
26 Global Carbon Capture and Storage Market Outlook, By Chemical Manufacturing (2022-2030) ($MN)
27 Global Carbon Capture and Storage Market Outlook, By Other Applications (2022-2030) ($MN)
28 Global Carbon Capture and Storage Market Outlook, By End User (2022-2030) ($MN) 
29 Global Carbon Capture and Storage Market Outlook, By Power Generation (2022-2030) ($MN) 
30 Global Carbon Capture and Storage Market Outlook, By Oil & Gas (2022-2030) ($MN) 
31 Global Carbon Capture and Storage Market Outlook, By Industrial Processes (2022-2030) ($MN)
32 Global Carbon Capture and Storage Market Outlook, By Refineries (2022-2030) ($MN) 
33 Global Carbon Capture and Storage Market Outlook, By Pulp & Paper (2022-2030) ($MN) 
34 Global Carbon Capture and Storage Market Outlook, By Biomass Energy (2022-2030) ($MN) 
35 Global Carbon Capture and Storage Market Outlook, By Other End Users (2022-2030) ($MN) 
          
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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