According to Vision Research Reports, the global carbon capture and storage market size is predicted to expand around USD 5.61 billion by 2030 and rising a notable CAGR of 6% 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.

The pre-combustion segment led the market in 2021. The pre-combustion segment was the dominant segment in 2021. However, the post-combustion segment is anticipated to take over in the forecast period by a small margin. Post-combustion carbon dioxide capture technology removes the diluted CO2 from the flue gases which are produced after the combustion of fossil fuels.

In application, 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. Adoption of these technologies is essential, to potentially permit the continued use of coal resources for power generation, whilst reducing CO2 emissions.

Carbon dioxide is increasingly being used for crop growth enhancement inside closed greenhouses; as well as applications in the fields, for growth enhancement. It is commonly used compressed gases for pneumatic systems (pressurized gas) in portable pressure tools that are ubiquitous in the construction industry. Carbon dioxide is also used to create dry ice pellets which can be used to replace sandblasting for removing paint from surfaces.

The market is anticipated to have a steady growth in the medical segment. Carbon dioxide is used in surgeries, such as arthroscopy laparoscopy, and endoscopy, to stabilize body cavities and enlarge the surgical surface area. It is also used to maintain the cryotherapy temperatures of approximately -76-degree Celsius.

The global carbon capture and storage market was valued at USD 3.32 billion in 2021 and it is predicted to surpass around USD 5.61 billion by 2030 with a CAGR of 6.0% from 2022 to 2030

Report Highlights

- The pre-combustion capture technologies constituted the largest share accounting for over 54.86% in 2021 and are anticipated to witness considerable growth over the forecast period.

- The post-combustion capture technology is anticipated to grow at the highest CAGR of 6.7% from 2021 to 2030.

- The power generation segment accounted for the largest revenue share of more than 40.5% in 2021.

- North America accounted for the largest revenue share of over 36.88%.

- In terms of revenue, Europe accounted for the second-largest share of 27.97% in the global market in 2021.

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Key Market Trends

The Oil and Gas Segment is Expected to Dominate the Market

Carbon dioxide stored in deep, onshore, or offshore geological formations uses CCS technologies for enhanced oil recovery that have been developed in the oil and gas industry.

Carbon dioxide is extensively used in the oil industry for enhanced oil recovery (EOR) from mature oilfields. When carbon dioxide is inserted into an oilfield, it can mix with the crude oil, triggering it to swell and drop its viscosity, helping to maintain or raise the pressure in the reservoir. The combination of these processes permits more of the crude oil to flow to the production wells.

In other circumstances, the carbon dioxide is not soluble in the oil. Here, the injection of carbon dioxide raises the pressure in the reservoir, helping to sweep the oil toward the production well.

In Texas (United States), for more than three decades, carbon dioxide has been used in enhanced oil recovery projects. EOR constitutes over 20% of total oil production, and some fields achieve recoveries of nearly 70%.

Kyoto Clean Development Mechanism is mostly applied among the OPEC Nations, which support CCS technology. For instance, Abu Dhabi National Oil Company (ADNOC) achieved dramatic reductions in gas flaring. ADNOC has reduced the volume of natural gas flared by more than 72% since 1995.

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Capture Technology Insights

The pre-combustion capture technologies constituted the largest share accounting for over 54.86% 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 advantage of using this capture technology under pressure is that it incurs less of an energy penalty, i.e., approximately 20% than current PCC technology (approx. 30%) at 90% CO2 capture.

The post-combustion capture technology is anticipated to grow at the highest CAGR of 6.7% 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.

Application Insights

The power generation segment accounted for the largest revenue share of more than 40.5% 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. Adoption of these technologies is essential, to potentially permit the continued use of coal resources for power generation, whilst reducing CO2 emissions. 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.

The market is anticipated to have a steady growth in the medical segment. Carbon dioxide is used in surgeries, such as arthroscopy laparoscopy, and endoscopy, to stabilize body cavities and enlarge the surgical surface area. It is also used to maintain the cryotherapy temperatures of approximately -76-degree Celsius. Carbon dioxide gas grades are used in other application segments such as rubber, firefighting, wastewater treatment, fertilizer production, electronics manufacturing, and industrial cleaning.

Post-combustion technologies are easily implemented to capture CO2 from flue gases escaping from the sinter plant, flue gas exiting the lime kiln, stove, coke oven plant, basic oxygen furnace, and blast furnace. On account of a wide range of CCS applications at various stages in metal production industry, the market is expected to grow at a significant pace over the forecast period.

Carbon dioxide is increasingly being used for crop growth enhancement inside closed greenhouses; as well as applications in the fields, for growth enhancement. It is commonly used compressed gases for pneumatic systems (pressurized gas) in portable pressure tools that are ubiquitous in the construction industry. Carbon dioxide is also used to create dry ice pellets which can be used to replace sandblasting for removing paint from surfaces.

Regional Insights

North America accounted for the largest revenue share of over 36.88%. It dominated the market for carbon capture & storage, owing to the increasing demand from the oil & gas sector coupled with stringent government regulations to reduce carbon emissions, and the trend is expected to continue over the forecast period. Canada accounts for the second-largest share of the CCS market in the region. The first-ever CCS project in Canada was operational in 2000 by Cenovus Energy in Weyburn and Midale oil fields. The pre-combustion method of carbon capture was utilized in this project. Further, large-scale CCS projects are under construction in Canada which will be operational in the forecast period.

Chemical production, hydrogen production, fertilizer production, natural gas processing, and power generation are among the industries in the United States where CO2 is captured and injected. These facilities capture and inject CO2 to store it underground in geologic formations or to use it to boost oil production from aged oil fields, a process known as enhanced oil recovery (EOR).

Since at least 1997, the US Department of Energy's Fossil Energy and Carbon Management Research, Development, Demonstration, and Deployment program (FECM) has financed research and development (R&D) in components of CCS.

The government has funded USD 7.3 billion for DOE CCS-related programs since FY2010, including annual increases in recent years. The country allocated USD 750 million to FECM in FY2021, with USD 228.3 million going to CCUS.

In December 2020, the Canadian government proposed regulations for the Clean Fuel Standard. Projects that employ CCS to minimize the lifecycle carbon intensity of fossil fuels are one of the approaches to earn compliance credits for the Clean Fuel Standard. In addition, Canada's recent Budget 2021 suggested an investment tax credit for capital spent in CCUS projects, with a target of lowering CO2 emissions by at least 15 Mtpa, which would take effect in 2022.

In terms of revenue, Europe accounted for the second-largest share of 27.97% in the global market in 2021. These support mechanisms of the European Union have the aim to enhance the development of commercial-scale CCS projects in the region and to accelerate R&D activities for technologies related to carbon capture and carbon storage in the region.

Key Players

Aker Solutions

Dakota Gasification Company

Equinor ASA

Fluor Corporation

Linde plc

Maersk Oil

Mitsubishi Heavy Industries Ltd.

Royal Dutch Shell PLC

Siemens AG

Sulzer Ltd.

Market Segmentation

By Capture Technology Outlook

Pre-Combustion

Industrial Process

Oxy-Combustion

Post-Combustion

By Application Outlook

Power Generation

Oil & Gas

Metal Production

Cement

Others

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