The global carbon capture and storage market has seen increased demand in recent years owing to the pressing need to reduce greenhouse gas emissions and transition towards cleaner energy sources. Carbon capture technology facilitates the capture of carbon dioxide emissions from fossil fuel-powered facilities like power plants and oil refineries before it enters the atmosphere. The captured CO2 can then be transported to storage locations for permanent storage underground in geological formations or used for enhanced oil recovery. Carbon storage prevents the carbon dioxide from accumulating in the atmosphere and contributes to decarbonizing energy and industrial systems.
Key players operating in the carbon capture and storage market are Morgan Advanced Materials (UK), Mersen (France), TOYO TANSO (Japan), SGL Group (Germany), NAC Carbon Products, Inc. (USA), Graphite India Limited (India), Superior Graphite (USA), Qingdao Tennry Carbon Co., Ltd. (China), Zircar Ceramics (USA) & Schunk Group (Germany).
The global carbon capture and storage market is estimated to be valued at US$ 2.25 billion in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the carbon capture and storage are focused on expanding their production capacities and infrastructure to meet the growing demand for carbon capture technologies. For instance, Shell is developing large scale carbon capture and storage projects and has invested over $2 billion in capturing and storing CO2 since 2020.
The growing demand for cleaner energy sources and stringent government regulations regarding carbon emissions are fueling the adoption of Carbon Capture and Storage Market Size across industries. Power generation and oil & gas industries are deploying carbon capture technologies on a large scale to reduce their carbon footprint.
Major companies are also entering partnerships to develop shared carbon dioxide transport and storage infrastructure to facilitate CCS adoption globally. For example, Equinor partnered with Shell Canada to develop the Carbon Capture and Storage Development at Quest in Canada, one of the largest CCS facilities in the world.
Market Drivers
Rapid decarbonization of energy systems and industries is one of the major drivers of carbon capture and storage market. Many countries and organizations have committed to achieving net zero emissions by 2050 which is fueling investments in carbon reduction technologies. According to the International Energy Agency's Net Zero Emissions by 2050 scenario, carbon capture capacity needs to increase over six-fold by 2030 and over 15-fold by 2050 from current levels.
Government policies in the form of subsidies, tax incentives and mandates for utilizing carbon capture technologies are encouraging widespread adoption of CCS across geographies. Many nations have introduced carbon pricing mechanisms that make carbon capture economically more viable for companies. This is positively impacting the carbon capture and storage market revenue.
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