New York, Oct. 04, 2023 (GLOBE NEWSWIRE) -- The global carbon capture and storage market size is predicted to expand at ~15% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 11 billion by the end of 2035, up from a revenue of ~USD 5 billion in the year 2022.The major element encouraging the growth of the market is the rise in the emission of carbon dioxide. In 2022, the amount of carbon dioxide (CO2) released into the atmosphere as a result of industrial activities and the burning of energy increased by about 0.8%, or approximately 320 Mt, to a new record-high of about 35 Gt. Hence, with the guidance of carbon capture and storage this growing emission is estimated to be captured.
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After being captured, the CO2 may be compressed into a liquid or left in a gaseous condition to be delivered to a storage facility through a ship, road, or pipeline. This stored CO2 could be also utilized by improved coalbed methane recovery (ECBM) in order to extract methane gas. Carbon capture and storage (CCS) is a critical technology aimed at reducing greenhouse gas emissions by capturing carbon dioxide (CO2) emissions from industrial processes and power generation, transporting the captured CO2 to storage sites, and securely storing it underground to prevent it from entering the atmosphere.
Increasing Demand for Power Generation across the Globe to Boost Carbon Capture and Storage Market Growth
An estimated 580 million terajoules of energy are consumed worldwide each year. This is equivalent to 13865 million tons of oil or 580 million trillion joules. However, electricity is one of the major contributors to global CO2 emissions. Hence, it is crucial to swiftly decarbonize this sector of the economy in order to achieve net-zero emissions. As a result, the need for CCS is growing. Power stations using CCS would contribute to the stable and robust low-carbon grid of the future. The stored CO2 is injected in order to extract the remaining crude oil. These remaining crude oils are encountered as the injected CO2 passes through the pore spaces in the rock. As the crude oil and CO2 combine, the viscosity of the oil is reduced, it is pressurized, it is mobilized, and a concentrated oil bank is created that is swept to the producing wells. Oil and gas businesses are able to obtain oil in this method that would otherwise remain in the ground. The synthesis of ammonia generates high-quality carbon dioxide (CO2), which is also a necessary ingredient in the creation of urea fertilizer. As a result, the industry catches CO2 released during the ammonia manufacturing process and reuses it throughout the urea manufacturing procedure.
Carbon Capture and Storage Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Regulatory Support and Environmental Goals to Drive the Market Growth in North America Region
The carbon capture and storage market in North America region is estimated to garner the largest revenue by the end of 2035. Governments across North America have implemented stringent regulations aimed at reducing greenhouse gas emissions. CCS technology aligns with these regulations, providing industries with a viable means to capture and store carbon emissions, thus supporting compliance with environmental goals. In the United States, the Environmental Protection Agency (EPA) has set emissions reduction targets under the Clean Power Plan, which encourages CCS adoption in power generation. Canada has also introduced the Carbon Pricing Backstop, driving emissions reduction initiatives. Public and private investments have poured into CCS research, development, and deployment projects. Financial incentives, grants, and subsidies are available to support CCS infrastructure development, making it a financially attractive option for industries. The shift toward cleaner energy sources and decarbonization efforts has accelerated the adoption of CCS. CCS allows for the continued use of fossil fuels while mitigating carbon emissions, bridging the gap during the transition to renewable energy sources.
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Government Policies and Emission Reduction Targets to Propel the Growth in the North America Region
The Asia Pacific carbon capture and storage market is estimated to garner the highest CAGR by the end of 2035. Governments across the Asia Pacific region have adopted ambitious emission reduction targets to combat climate change. CCS technology is considered a crucial tool in achieving these goals, leading to regulatory support and incentives. China, for example, has set a target to peak its carbon emissions by 2030 and achieve carbon neutrality by 2060. India has also committed to reducing its carbon intensity and increasing the share of non-fossil fuel capacity. As many countries in Asia continue to rely on coal and other fossil fuels for energy, CCS offers a way to reduce emissions while maintaining energy security. It complements the ongoing transition to cleaner energy sources. Industries such as cement, steel, and chemicals are significant contributors to carbon emissions. CCS technologies are being adopted in industrial hubs to capture emissions from these sectors, aligning with sustainability goals. Governments and international organizations are providing financial incentives, grants, and subsidies to support CCS projects. These investments attract private sector involvement and drive CCS infrastructure development.
Carbon Capture and Storage, Segmentation by Technology
- Pre-Combustion Capture
- Post Combustion Capture
- OXY-FUEL Combustion Capture
- Industrial Separation Capture
Amongst these segments, the post combustion capture segment in carbon capture and storage market is anticipated to hold the largest share over the forecast period. In post combustion capture, CO2 is taken out of the atmosphere after fossil fuels are burned in power plants. At power plants or other point sources, CO2 is extracted from flue gases. Additional industrial applications are currently using the technology. Since PCC can often be integrated into already-existing industrial units and power stations without significantly affecting the original facility, post-combustion recapture is the most common research focus. For both existing and new power plants, post-combustion capture provides significant operational flexibility (partial refit, zero to full capture operation) and can adapt to market conditions.
Carbon Capture and Storage, Segmentation by End User Industry
- Food & Beverages
- Manufacturing Sector
- Coal & Biomass Power Plants
- Iron & Steel
- Oil & Gas Sector
- Chemical Industries
Amongst these segments, the oil & gas sector segment in carbon capture and storage market is anticipated to hold a significant share over the forecast period. CCS is utilized in the oil and gas sector to enhance oil recovery from mature reservoirs. Injecting captured CO2 into oil fields increases oil production while safely storing carbon underground. According to the Global CCS Institute, the use of CO2 for EOR in the oil and gas industry accounts for a significant share of global CCS projects. Oil and gas companies are increasingly adopting sustainable practices to reduce their environmental footprint. CCS is viewed as a critical technology to achieve net-zero emissions from oil and gas operations. Major oil and gas companies have made commitments to achieve net-zero emissions by 2050, with CCS playing a pivotal role in their decarbonization strategies.
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Few of the well-known industry leaders in the carbon capture and storage market that are profiled by Research Nester are Exxon Mobil, Honeywell International Inc, Aker Solutions, and Dakota Gasification Company, and other key market players.
Recent Development in the Carbon Capture And Storage Market
- In order to develop integrated carbon capture and storage solutions, Fluor Corporation announced its memorandum of understanding (MOU) with Carbfix, the first carbon dioxide (CO2) mineral storage operator in the world. Together, the businesses seek to lessen the effects of climate change by assisting in the decarbonization of challenging industries with high greenhouse gas emissions, such as cement, steel, and aluminum.
- Directors of Dakota Gas approved the construction of the Dakota Carbon Pipeline, a 6.8-mile pipeline that will transport collected CO2 from the Great Plains Synfuels Plant to a long-term geologic storage reservoir close to the plant.
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