Overview
The Global Carbon Capture & Storage Market is expected to grow at a CAGR of 15.95% during the forecasting period (2024-2031).
Carbon capture and storage (CCS) is a technology designed to capture carbon dioxide (CO2) emissions generated from fossil fuel use in power generation, liquefied natural gas (LNG) production, and other industrial processes. The captured CO2 is then stored underground, preventing its release into the atmosphere. Transportation of the CO2 to storage sites is typically done via ships, road tankers, or pipelines.
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Market Growth Trends
The rising global energy demand driven by urbanization and industrialization has led to increased consumption of fossil fuels, including natural gas, petrochemicals, and coal. This extensive use of fossil fuels has resulted in the release of large volumes of carbon dioxide (CO2) and other greenhouse gases, which have a significant negative impact on the environment.
Growing environmental concerns, such as global warming and the greenhouse effect, are fueling the need for effective CO2 control, thereby driving the growth of the carbon capture and storage (CCS) market. According to the International Energy Agency (IEA), over 50% of global CO2 emissions are generated by power and heat production, with the transport and manufacturing sectors also contributing a substantial share.
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Market is segmented
By Capture Technology: Pre-Combustion Capture, Post-Combustion Capture, Oxyfuel Combustion, Industrial Separation
By Storage Technology: Enhanced Oil Recovery, Geological Storage, Deep Ocean
By End-Use Industry: Power Generation, Oil & Gas, Chemicals, Fertilizers, Cement & Concrete, Steel, Textiles, and Others
By Region: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa
Market Key Players
- Mitsubishi Heavy Industries, Ltd.
- Aker Solutions ASA
- Exxon Mobil Corporation
- Hitachi, Ltd.
- General Electric Company
- Siemens AG
- Royal Dutch Shell
- Halliburton Company
- The Linde Group
- Schlumberger Limited
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