PUBLISHER: The Business Research Company | PRODUCT CODE: 1682019
PUBLISHER: The Business Research Company | PRODUCT CODE: 1682019
Carbon capture and storage (CCS) technology is engineered to address the mitigation of greenhouse gas emissions, notably carbon dioxide (CO2), arising from industrial processes and power generation. The primary objectives of CCS technology are to intercept CO2 emissions before they reach the atmosphere, thus diminishing their impact on climate change, and to facilitate the ongoing utilization of fossil fuels while curtailing their environmental footprint.
The primary types of carbon capture and storage technology encompass carbon capture and storage (CCS) and carbon capture and utilization (CCU). CCS entails the capture of carbon dioxide (CO2) emissions generated from fossil fuel combustion or industrial operations, followed by their storage underground or in other long-term storage facilities to prevent atmospheric release. Various technologies, including pre-combustion, post-combustion, and oxy-fuel combustion, are utilized across diverse applications such as industrial facilities, power plants, and other relevant sectors.
The carbon capture and storage technology market research report is one of a series of new reports from The Business Research Company that provides carbon capture and storage technology market statistics, including carbon capture and storage technology industry global market size, regional shares, competitors with a carbon capture and storage technology market share, detailed carbon capture and storage technology market segments, market trends and opportunities, and any further data you may need to thrive in the carbon capture and storage technology industry. This carbon capture and storage technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The carbon capture and storage technology market size has grown rapidly in recent years. It will grow from $3.26 billion in 2024 to $3.74 billion in 2025 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to government regulations, strengthened climate targets, presence of numerous high-capacity CCS plants.
The carbon capture and storage technology market size is expected to see rapid growth in the next few years. It will grow to $6.37 billion in 2029 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to rising demand for CO2 for EOR activities in the oil & gas industry, environmental impact and sustainability, growing demand from industrial sectors. Major trends in the forecast period include technological advancements, technology for achieving deep decarbonization, deployment of gas injection EOR techniques, advancement of shale gas technology, growth of commercial-scale CCS plants.
The increasing demand for cleaner energy is expected to drive the growth of the carbon capture and storage (CCS) technology market in the coming years. Cleaner energy refers to energy sources and technologies that produce lower greenhouse gas emissions and have less environmental impact compared to traditional fossil fuels. This rising demand is driven by environmental concerns, emissions regulations, and the push for sustainable, renewable energy sources to combat climate change and ensure a healthier future. Cleaner energy often relies on CCS technology to capture carbon dioxide from energy production and industrial processes, reducing emissions and minimizing environmental effects. For example, in September 2024, the Department for Energy Security and Net Zero, a UK-based governmental body, reported that total renewable energy generation in Q2 2024 increased by 19% year-over-year, reaching 32.8 TWh, largely due to favorable weather conditions. Onshore wind generation grew by 42% to 7.3 TWh, while offshore wind increased by 13% to 9.7 TWh. Thus, the rising demand for cleaner energy is driving the expansion of the CCS technology market.
Leading companies in the carbon capture and storage technology sector are ramping up efforts to promote sustainability through initiatives such as the development of commercial direct air capture (DAC) facilities. These facilities employ innovative processes, such as using renewable energy to extract CO2 from the air, to scale up carbon removal efforts and meet global climate objectives. For instance, Heirloom Carbon Technologies Inc. launched a DAC facility for concrete CO2 capture in January 2024, with the capacity to capture 1,000 tons of CO2 annually in the US. This process utilizes renewable energy to extract CO2 from limestone, subsequently storing it underground or integrating it into concrete through partnerships with companies such as CarbonCure Technologies. Such initiatives provide scalable solutions for CO2 storage and contribute to the advancement of carbon capture technologies.
Strategic acquisitions also play a significant role in driving innovation and market expansion within the carbon capture and storage technology sector. For instance, in August 2022, Baker Hughes Company bolstered its capabilities in CO2 capture by acquiring Mosaic Materials Inc., a company specializing in metal-organic framework (MOF) materials for efficient CO2 capture from the atmosphere. This acquisition underscores the industry's commitment to developing advanced technologies for effective carbon capture and storage, further catalyzing growth and innovation in the market.
Major companies operating in the carbon capture and storage technology market are Shell plc, Chevron Corporation, Microsoft Corporation, Tencent Holdings Limited, Siemens AG, Occidental Petroleum Corporation, Schneider Electric SE, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., ABB Ltd., Schlumberger NV, Bechtel Corporation, Aker Solutions ASA, NET Power Inc., LanzaTech Global Inc., Carbon Engineering Ltd., Climeworks AG, Carbon Clean Solutions Pvt. Ltd., Global Thermostat PBC, C-Capture Limited, ION Clean Energy, Svante Inc
North America was the largest region in the carbon capture and storage technology market in 2024. Europe is expected to be the fastest growing region in the market. The regions covered in the carbon capture and storage technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the carbon capture and storage technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The carbon capture and storage technology market consists of revenues earned by entities through technology licensing, consulting, and advisory services. The market value includes the value of related goods sold by the service provider or included within the service offering. The carbon capture and storage technology market also includes sales of CO2 pipeline systems, CO2 shipping and tanker systems, geologic storage systems, and enhanced oil recovery (EOR) systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Carbon Capture And Storage Technology Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on carbon capture and storage technology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for carbon capture and storage technology ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The carbon capture and storage technology market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.