Status : Published Published On : Dec, 2023 Report Code : VRCH2098 Industry : Chemicals & Materials Available Format : Page : 200
2025
2030

Global Carbon Capture and Storage (CCS) Market – Analysis and Forecast (2025-2030)

Industry Insight by Technology Type (pre-combustion carbon capture, post-combustion carbon capture, and oxy-fuel combustion carbon capture), by End-User (oil and gas industry, power and energy industry, metal production, chemical industry, and other end-user industry) and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

Carbon Capture and Storage (CCS) is one of the technologies for mitigating climate change, which lowers carbon dioxide (CO2) emissions from power plants and industrial activities. In order to store CO2 emissions safely, carbon must first be captured at the source, such as a factory or power station, then compressed and transported to an underground geological formation, such as a depleted oil or gas reserve. By doing this, CO2 is kept out of the atmosphere and doesn't contribute to global warming. As it minimizes the environmental impact of industries while allowing them to continue running, CCS is essential to reaching climate targets; however, challenges for its broad use include high prices and legal restrictions, which calls for coordinated efforts to improve and scale up the technology.

Global carbon capture and storage (CCS) market was worth USD 4.62 billion in 2023 and is expected reach USD 13.02 billion by 2030 with a CAGR of 13.8% during the forecast period, i.e., 2025-2030. The growing demand for carbon capture and storage (CCS) is driven by the global transition towards more sustainable resources. Biodegradable substitutes are becoming more popular due to environmental awareness and governmental pressure to eliminate plastic waste. Sustainable solutions are sought after by the packaging, agricultural, and medical industries and carbon capture and storage (CCS), such as PLA and PHA, are proving to be suitable alternative to their non-biodegradable counterparts.

Carbon Capture And Storage (CCS) Market

Geographically, the market is expanding rapidly in North America, Europe, and the Asia Pacific, as a result of the presence of large companies such as ExxonMobil, Shell, and Saudi Aramco, huge investment in the R&D, and growing focus to reduce emissions and decarbonization; however, the market confronts constraints such as investment requirement and lack of infrastructure. Overall, the carbon capture and storage (CCS) market offers potential prospects for market participants to develop and fulfill the growing needs of wide range of industries including oil and gas, metal processing, power and energy, and other industries.

Market Segmentation

Insight by Technology Type

Based on the technology type, the global carbon capture and storage (CCS) market is segmented into pre-combustion carbon capture, post-combustion carbon capture, and oxy-fuel combustion carbon capture. Pre-combustion carbon capture technology dominates the market due to its efficiency in capturing CO2 at the source before combustion. This technology is widely adopted in integrated gasification combined cycle (IGCC) plants and hydrogen production facilities, making it a critical component in decarbonizing industries. Major projects, such as the Kemper County Energy Facility in Mississippi and the Great Plains Synfuels Plant in North Dakota, exemplify the successful application of pre-combustion carbon capture, solidifying its position as a leading CCS technology in the industry.

Insight by End-User

Based on the end-use industry, the global carbon capture and storage (CCS) market is segmented into oil and gas industry, power and energy industry, metal production, chemical industry, and other end-user industry. The power and energy sector leads the global Carbon Capture and Storage (CCS) market due to its significant contribution to CO2 emissions. Major projects from power and energy industry for CCS include the likes of Boundary Dam plant in Canada and the Quest CCS facility. Boundary Dam is the world's first large-scale CCS project at a coal-fired power plant, while Quest annually stores over one million tonnes of CO2. These projects highlight sector's proactive stance in adopting CCS technologies, supporting its dominant share in the global carbon capture and storage (CCS) market.

Global Carbon Capture and Storage (CCS) Market Report Coverage

Report Metric

Details

Historical Period

2018–2023

Base Year Considered

2024

Forecast Period

2025 - 2030

Market Size in 2023

$4.62 Billion

Revenue Forecast in 2030

$13.02 Billion

Growth Rate

CAGR 13.08%

Segments Covered in the Report

By Technology Type and By End User

Report Scope

Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

Regions Covered in the Report

North America, Europe, Asia-Pacific, Middle East, and Rest of the World

Industry Dynamics

Growth Drivers

Growing focus on reducing CO2 emissions

The carbon capture and storage (CCS) market is expanding as a result of the rising emphasis on lowering CO2 emissions with governments, businesses, and environmental groups highlight the criticality of tackling climate change. Through the use of CCS, CO2 emissions from power plants and industrial operations can be captured and kept out of the atmosphere, reducing the impact on the climate while simultaneously making it easier for energy-intensive companies that are essential to the stability of the economy to continue operating.

Well-known CCS projects such as the Sleipner project in Norway and the Petra Nova project in Texas provide concrete examples of effective execution of CCS technology and these projects have shown to significantly lower emissions while preserving operational effectiveness. Governments are also enacting laws and incentives to promote the implementation of CCS. For instance, the EU Green Deal places a high priority on CCS as a crucial part of its aggressive carbon neutrality ambitions.

CCS has advantages beyond just lowering emissions as it makes it possible to use the current infrastructure, preserving jobs in sectors such as steel, coal, power generation, and others. Moreover, enhanced oil recovery – a method that lowers emissions and boosts oil production efficiency – can be carried out using the captured CO2.

Demand from power and energy industry

The carbon capture and storage (CCS) market is growing primarily due to the extensive demand from the power and energy sector as it accounts for a sizable amount of the world's CO2 emissions. Regulations that push power and energy corporations to invest in CCS technologies include carbon pricing schemes and emissions reduction targets. This tendency is highlighted by a number of notable programs and efforts. One example of the power industry's dedication to CCS is the Petra Nova project in Texas, which is a joint venture between NRG Energy and JX Nippon. About 90% of the CO2 emissions from a coal-fired power station are successfully captured by it.

Furthermore, the industry's commitment to emissions reduction is demonstrated by the use of CCS in natural gas power plants, such as Mississippi's Kemper County Energy Facility. In an effort to become carbon neutral, renewable energy businesses are also investigating CCS. Examples of how renewable energy and CCS can work together are initiatives like Equinor's Longship project in Norway, which uses CCS with offshore wind to reduce emissions completely. All these projects highlights the demand and implementation of CCS projects in power and energy sector, supporting the growth of the global carbon capture and storage (CCS) market.

Challenge

High cost of Carbon capture and storage (CCS)

The significant investment associated with the Carbon Capture and Storage (CCS) industry is one of the main challenges for its expansion. The capital expenses of CCS infrastructure, which includes capture facilities and transportation networks along with the high operational costs for maintaining these systems are exponentially high. It is extremely difficult to secure funding for these kinds of projects, particularly in the lack of strong government incentives or carbon pricing mechanisms. Furthermore, legal frameworks and ambiguous long-term liabilities may discourage prospective investors.

Geographic Overview

  • North America

  • Europe

  • Asia Pacific (APAC)

  • Middle East and Africa (MEA)

  • South America

The global carbon capture and storage (CCS) market is segmented into North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa region. The global carbon capture and storage (CCS) market is dominated by North America as the region boasts a diverse industrial landscape, including power generation, manufacturing, and petrochemicals, all of which produce substantial carbon emissions.

Additionally, initiatives such as the Boundary Dam in Canada and Petra Nova in Texas serve as prime examples of North America's dedication to the widespread deployment of CCS in the region. The introduction of CCS has also been aided by government incentives, research projects, and strict emission reduction regulations. Moreover, the presence of global giant such as ExxonMobil, BP, and Shell and large investments from these firm in CCS technologies helps North America’s position at the top of the global CCS market.

Competitive Insight

ExxonMobil has established itself as a prominent player in the Carbon Capture and Storage (CCS) market. The company is involved in research and development to improve carbon capture efficiency and lower related costs, to tackle climate change. ExxonMobil is focused on direct air capture as well as post-combustion capture techniques. The partnership between ExxonMobil and Global Thermostat, a company that specializes in direct air capture technology, is one of the company's notable CCS projects. The companies are collaborating to create scalable methods for directly capturing CO2 from the environment. With its dedication to CCS, ExxonMobil is focused on reducing the carbon emissions, which positions it as a major player in the global transition towards a more sustainable energy future.

Shell is a major player in the Carbon Capture and Storage (CCS) market, demonstrating its dedication to addressing climate change. The company regularly participates in a number of global CCS projects and is a partner in the Canadian Quest CCS complex, which absorbs and holds more than a million tonnes of CO2 yearly. Shell is also involved in the Northern Lights project in Norway, which is an endeavor to create a CCS transportation and storage system. Shell also works with other government agencies and groups to promote CCS technologies, highlighting its goal of having net-zero emissions by the year 2050. Shell’s collaborations and investments demonstrate its commitment to using cutting-edge CCS technologies to play a crucial part in meeting global climate targets.

Recent Development by Key Players

In October 2023, Aramco – the world’s largest integrated energy and chemicals company – announced that it has signed an agreement with Siemens for a pilot project for carbon capture and storage (CCS) with direct air capture technology. Aramco is already capturing and processing 45 million standard cubic feet of CO2 at its NGL plant in Hawiyah and injected it into the Uthmaniyah oil reservoir.

In July 2023, ExxonMobil acquired Denbury Resources – a developer of carbon capture, utilisation and storage (CCS) solutions and enhanced oil recovery – for $4.9 billion. Denbury Resources will be integrated into Exxon’s existing Low Carbon Solutions business and provide some of the first real assets to be deployed by the company in this effort.

Key Players Covered in the Report

ExxonMobil Corporation, Saudi Aramco, British Petroleum (BP), Fluor Corporation, ExxonMobil Corporation, Linde plc, Shell plc, Mitsubishi Heavy Industries, Ltd, JGC Holdings Corporation, Equinor ASA, Schlumberger Limited, Aker Carbon Capture, Carbon Clean Solutions Limited, C-Capture, Halliburton, Siemens, Hitachi, Ltd, Honeywell International Inc, Mirreco, SeeO2 Energy Inc., Neustark AG, CarbonFree, and Cemvita Factory Inc.

The carbon capture and storage (CCS) market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.

Segments Covered in the Report

  • By Technology Type

  • Pre-Combustion Carbon Capture

  • Post-Combustion Carbon Capture

  • Oxy-Fuel Combustion Carbon Capture

  • By End-Use Industry

  • Oil and gas industry

  • Power and energy industry

  • Metal processing

  • Chemical industry

  • Other End-use Industry

Region Covered in the Report

  • North America

  • U.S.

  • Canada

  • Mexico

  • Europe

  • Germany

  • U.K.

  • France

  • Italy

  • Spain

  • Russia

  • Rest of Europe

  • Asia-Pacific (APAC)

  • China

  • Japan

  • India

  • South Korea

  • Rest of Asia-Pacific

  • Middle East and Africa (MEA)

  • Saudi Arabia

  • U.A.E

  • South Africa

  • Rest of MEA

  • South America

  • Argentina

  • Brazil

  • Chile

  • Rest of Latin America

5G In Healthcare Market Size

Source: VynZ Research

5G In Healthcare Market Analysis

Source: VynZ Research

Frequently Asked Questions

Global carbon capture and storage (CCS) market was worth USD 4.62 billion in 2023 and is expected reach USD 13.02 billion by 2030 with a CAGR of 13.8% during the forecast period, i.e., 2025-2030.
Technology Type, End User and region are the segments in the global Carbon Capture And Storage (CCS) Market.
The carbon capture and storage (CCS) market is expanding as a result of the rising emphasis on lowering CO2 emissions with governments, businesses, and environmental groups highlight the criticality of tackling climate change.
The global carbon capture and storage (CCS) market is dominated by North America as the region boasts a diverse industrial landscape, including power generation, manufacturing, and petrochemicals, all of which produce substantial carbon emissions.
Some of the key players operating in the Carbon Capture And Storage (CCS) Market are ExxonMobil Corporation, Saudi Aramco, British Petroleum (BP), Fluor Corporation, ExxonMobil Corporation, Linde plc, Shell plc, Mitsubishi Heavy Industries, Ltd, JGC Holdings Corporation, Equinor ASA, Schlumberger Limited, Aker Carbon Capture, Carbon Clean Solutions Limited, C-Capture, Halliburton, Siemens, Hitachi, Ltd, Honeywell International Inc, Mirreco, SeeO2 Energy Inc., Neustark AG, CarbonFree, and Cemvita Factory Inc.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle

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