Carbon Capture and Storage Market Analysis

Carbon Capture and Storage Market Analysis

The post-combustion carbon capture and storage technology is expected to cross over USD 34 billion by 2034. There is a strong belief that adoption of the post-combustion approach is likely to increase significantly in the near term as it demonstrates strong capability in retrofitting existing structures and in capturing carbon from expedient and large scale electricity generating plants. Also, end of pipe characteristics of the technology, in which enhanced carbon dioxide is captured using chemical absorption and adsorption after fuels are combusted, is likely to further adoption and penetration in the market structure in years to come.
 

The power generation segment of carbon capture and storage market is expected to grow at a CAGR of 17% through 2034. The prospect of developing hydrogen or hydrogen-rich fuel gases for electricity and hydrogen fuel cells for transport integrating carbon capture technologies is expected to prop the industry framework owing to rising energy needs. On the other hand, regulatory policies put in place to protect the environment and increasing retrofitting of existing power plants with emission capturing and storage systems will work favorably on the deployment of CCS projects.
 

The U.S. carbon capture and storage market is estimated to cross over USD 11.5 billion by 2034. The CCS market is expected to be driven by the modernization of conventional systems through advanced emission control technologies to attain lower emission rates and ever rising energy needs. Additionally, the expansion of strategic key proposed CCS projects, the existence of a solid production capability, and the growth of investments directed toward economic growth will facilitate the expansion of CCS initiatives in the near future.
 

Measures to curb emissions from cement, chemical, and food and beverage industries, coupled with a favorable outlook on oil and gas sector, are expected to propel the growth of Asia Pacific CCS market. In addition, the existing initiatives to retrofit CCS into aging power plants and the growing government support for carbon capture and sequestration in these sectors are likely to improve industrial dynamics in the near future.