Carbon Capture And Storage Market (By Application: Power Generation, Oil & Gas, Metal Production, Cement; By Capture Technology: Pre-combustion, Industrial Process) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030

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

Carbon Capture And Storage Market Size 2021 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. 

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.

Scope of The Report

Report Coverage Details
Market Size in 2021 USD 3.32 billion
Revenue Forecast by 2030 USD 5.61 billion
Growth rate from 2022 to 2030 CAGR of 6.0%
Base Year 2021
Forecast Period 2022 to 2030
Segmentation Capture technology, application, region
Companies Covered 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.; Japan CCS Co. Ltd; HTC CO2 Systems Corp.

 

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.

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
  • By Regional Outlook
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • U.K.
      • France
      • Spain
      • Norway
      • Italy
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Australia
    • Central & South America
      • Brazil
      • Argentina
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa 

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