Acumen Research and Consulting recently published report titled “Carbon Capture and Storage Market Size, Share, Analysis Report and Region Forecast, 2022 – 2030”
TOKYO, June 23, 2022 (GLOBE NEWSWIRE) — The Global Carbon Capture and Storage Market size accounted for USD 2,784 Mn in 2021 and is estimated to reach USD 8,636 by 2030, with a significant CAGR of 13.7% from 2022 to 2030.
Carbon capture and storage, or CCS, is an important emissions-cutting technology that can be used throughout the energy system. The surging investment to develop new capturing facilities is undoubtedly one of the leading carbon capture and storage market trends that will fuel the demand in the coming future. According to the International Energy Agency (IEA), climate targets have been strengthened, and new investment incentives have created unprecedented momentum for CCS, which was planned for more than 100 new facilities in 2021. In addition, the rising number of government initiatives to achieve net-zero emission rates in the future is expected to expand the carbon capture and storage market revenue. CCS technology will be crucial in meeting net-zero goals because it is one of the only options for decreasing heavy industry emissions and extracting carbon from the environment. According to the IEA, despite recent advances, the planned pipeline of projects falls short of the 1.7 billion tonnes of CO2 capture capacity installed until 2030 in the Net Zero by 2050 forecast.
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|Market||Carbon Capture and Storage Market|
|Market Size 2021||US$ 2,784 Mn|
|Market Forecast 2030||US$ 8,636 Mn|
|CAGR||13.7% During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Technology, By Application, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Aker Solutions, Exxon Mobil, Fluor Corporation, General Electric, Halliburton, Honeywell International Inc.,
Linde Plc, Mitsubishi Heavy Industries, Ltd, NRG Energy, Inc, Schlumberger Limited, Shell Cansolv, and Siemens.
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Covid-19 Impact on the Global Carbon Capture and Storage Industry
Because of the COVID-19 epidemic, the carbon capture and storage market revenue dropped in 2020. Companies have shut down operations and manufacturing facilities to prevent the virus from spreading further, and the government has reduced construction activities. As a result, consumption of carbon capture and storage has decreased across end-use industries. However, with the reopening of lockdowns, these industries are readily adapted to changes and resumed operations after a few months of lockdown.
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Global Carbon Capture and Storage Market Growth Factors
The increasing focus to reduce carbon emissions, growth in environmental awareness to increase natural gas demand, and rigorous government regulations towards GHG emissions are some of the factors that are boosting the carbon capture and storage market growth. According to the Environmental Protection Agency (EPA), 21% of the global greenhouse gas emissions release form industries. Greenhouse gas emissions from industry are mostly caused by fossil fuels used on-site at energy plants. This sector also includes emissions from non-energy-consuming chemical, mineral transformation, and metallurgical operations, as well as emissions from waste management activities.CO2 emissions have increased by over 90% since 1970, with emissions from fossil fuel burning and industrial operations accounting for approximately 78% of the entire increase in greenhouse gas emissions from 1970 to 2011. Thus, the demand for capturing and storing carbon is expanding rapidly.
However, the industry is been hampered by the high cost of capturing and storing of CO2. In addition to that, safety issues at storage sites are also hindering the market growth during the projected years 2022 – 2030. Furthermore, installation of new hydrogen projects with large capacity will definitely gain a significant impetus to the market in the coming years.
Global Carbon Capture and Storage Market Segmentation
The carbon capture and storage market is divided into three categories: technology, application, and geography. Based on technology, the market is split into post-combustion, pre-combustion, and oxy-fuel combustion. Based on our analysis, the pre-combustion segment generated the maximum carbon capture and storage market revenue in 2021.
By application, the market is segregated into oil and gas, power generation, chemical processing, and others. Out of these, the oil & gas segment held the major carbon capture and storage market share in 2021.
Carbon Capture and Storage Market Regional Stance
The regional group includes North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa. The Asia-Pacific region is expected to experience the strongest growth between 2022 and 2030. The region is seeing rapid expansion as a result of surging industrial sectors, rising government support to minimize carbon emissions, and booming research and development activities connected to carbon capture and storage technology.
However, North America region is predicted to have the largest market share throughout the forecast timeframe. Increasing demand from the oil and gas sector, combined with stringent government rules to minimize carbon emissions from industrial plants such as the chemical, cement, and food and beverage industries, is driving regional expansion. Furthermore, due to rising energy demand, the market for carbon capture and storage in North America will expand significantly.
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Carbon Capture and Storage Market Player Analysis
The leading carbon capture and storage companies presented in the report include Aker Solutions, General Electric, Exxon Mobil, Fluor Corporation, Honeywell International Inc., Halliburton, Linde Plc, NRG Energy, Inc, Mitsubishi Heavy Industries, Ltd, Schlumberger Limited, Shell Cansolv, and Siemens.
In July 2021 – Shell announced planned to build a massive carbon capture and storage (CCS) complex in Alberta, Canada. Over its lifetime, the plant is expected to capture CO from its chemical and petrochemical plants and store 300 million tonnes of carbon.
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