Carbon Capture And Storage Industry Overview
The global carbon capture and storage market size is expected to reach USD 5.35 Billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.8% from 2022 to 2030. Increasing concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of carbon capture and storage (CCS) technology. Various governments are encouraging the implementation of technology through pilot projects across various industries due to the ability of carbon capture & storage technology to serve as a large-scale solution for achieving the high CO2 emission reduction targets and climate control goals.
Carbon Capture And Storage Market Segmentation
Grand View Research has segmented the carbon capture and storage market based on capture technology, application, and region:
Based on the Capture Technology Insights, the market is segmented into Pre-combustion Industrial Process Oxy-combustion and Post-combustion.
- The pre-combustion capture technologies constituted the largest share accounting for over 54.77% in 2021 and are anticipated to witness considerable growth over the forecast period. Pre-combustion CO2 capture utilizing water gas shift reaction and removal with acid gas removal (AGR) process is currently being commercially practiced globally.
- The post-combustion capture technology is anticipated to grow at the highest CAGR of 6.4% from 2021 to 2030. Increased energy generation, newly developed advanced amine systems, and heat integration systems are expected to be the main factors driving its demand over the forecast period.
Based on the Application Insights, the market is segmented into Power generation, Oil & Gas, Metal production, Cement, and Others.
- The power generation segment accounted for the largest revenue share of more than 40% in 2021. Coal-fired power plants are the most dominant emitters of carbon dioxide. Due to imposed restrictions on power plants, the utilization of CCS facilities has become mandatory to reduce carbon emissions up to the required standards.
- Moreover, CCS facilities can be retrofitted to the existing power plants without hampering their efficiency. Due to these factors, the adoption of CCS technologies in the power generation industry is anticipated to grow over the forecast period.
Carbon Capture And Storage Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies Profile & Market Share Insights
The market is characterized by the presence of several key players and a few medium and small-scale regional players. Many of the companies have their own sector that they focus on and have a very high penetration in that sector.
Some of the prominent players operating in the global carbon capture and storage market are:
- Aker Solutions
- Dakota Gasification Company
- Equinor ASA
- Fluor Corporation
- Linde plc
- Maersk Oil
- Mitsubishi Heavy Industries Ltd.
- Royal Dutch Shell PLC
Order a free sample PDF of the Carbon Capture And Storage Market Intelligence Study, published by Grand View Research.
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