by The global Carbon Capture And Storage Market is estimated to be valued at US$ 1.95 Mn or Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Carbon capture and storage (CCS) involves capturing carbon dioxide (CO2) produced by industrial facilities like power plants and permanently storing it underground in rock formations or depleted oil and gas fields. CCS helps reduce CO2 emissions from large point sources like coal and natural gas power plants, cement production facilities, refineries etc. thereby playing a crucial role in mitigating climate change.
Market key trends:
One of the key trends driving the growth of the Global Carbon Capture And Storage Market is the increased focus on reducing emissions from industrial sources to limit global warming. As per the Intergovernmental Panel on Climate Change (IPCC), CCS could contribute 10%-55% of the energy-related CO2 emission reductions needed by 2050 to limit global temperature rise below 2°C. Most climate change mitigation scenarios show CCS playing a significant role along with renewable energy sources. This is prompting both private companies and governments globally to invest substantially in developing CCS technology and projects.
Segment Analysis
The global carbon capture and storage market is segmented into service type, capture source, end-use industry and geographical regions. Based on service type, the market is bifurcated into capture, transportation and storage. The capture segment currently dominates the market and is expected to maintain its dominance over the forecast period. This is due to the continuous deployment of capture equipment for reducing carbon dioxide emissions from industries and power plants.
Key Takeaways
The global carbon capture and storage market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing stringent regulations regarding carbon emissions reduction across various countries.
Regional analysis
North America dominates the global carbon capture and storage market and is expected to continue its dominance over the forecast period. This is attributed to the presence of key players and growing focus on lowering carbon footprint from oil & gas industries in the US. Asia Pacific exhibits the fastest growth over the forecast period owing to increasing investment by emerging economies like China and India in carbon capture projects to curb emissions.
Key players
Key players operating in the carbon capture and storage market are Honeywell International Inc., Aker Solutions, Dakota Gasification Company, Exxon Mobil Corporation, Baker Hughes, Air Liquide, Fluor Corporation, General Electric and Halliburton. Honeywell International dominates the market owing to its expertise and wide geographic footprint for carbon capture technologies. The company offers carbon capture solutions, technologies and equipment to various end-use industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
