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Europe Carbon Capture and Storage Market - By Technology (Pre Combustion, Post Combustion, Oxy-Fuel Combustion), Application (Oil and Gas, Chemical Processing, Power Generation) & Forecast, 2024 - 2032

  • Report ID: GMI6623
  • Published Date: Sep 2023
  • Report Format: PDF

Europe Carbon Capture and Storage Market Size

Europe Carbon Capture and Storage Market size was valued at USD 470.7 million in 2023 and is set to grow at a CAGR of around 34% between 2024 and 2032, fueled by a heightened global commitment to combat climate change. With mounting pressure to reduce carbon emissions, there has been a substantial uptick in investments across industries. Technological innovation in CCS has been a standout trend, with breakthroughs in direct air capture and enhanced carbon capture techniques.
 

Europe Carbon Capture and Storage Market

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The industry growth is projected to increase the efficiency of CCS processes and potentially lower associated costs. The reach of CCS has expanded beyond traditional sectors like energy and oil and gas, with industries such as cement and steel exploring its application. However, challenges like high initial capital requirements, regulatory uncertainties, and public acceptance issues persist. To thrive in this evolving landscape, businesses must remain adaptable and seize opportunities for growth within the CCS sector. The global push for decarbonization makes CCS a pivotal player in the transition towards a sustainable future, in turn fueling the market growth.
 

The carbon capture and storage (CCS) industry is undergoing a profound transformation that is reshaping the entire industry landscape, driven by an urgent global imperative to combat climate change and reduce carbon emissions. Originally concentrated in energy production and oil and gas, CCS is now being explored by a diverse range of industries, including heavy manufacturing, cement, and even transportation. This broadening application is a testament to the growing recognition that CCS is not just an option but a necessity for achieving carbon neutrality.
 

COVID- 19 Impact

The impact of the COVID-19 pandemic on the Europe carbon capture and storage market has been mixed and multifaceted. In the initial phases of the pandemic in 2020, the CCS industry experienced disruptions due to lockdowns, supply chain interruptions, and delays in project implementation. Several CCS projects faced setbacks as companies redirected resources to address immediate pandemic-related challenges. However, as the global community continued to emphasize the importance of addressing climate change, Europe remained committed to its long-term climate goals. This commitment bolstered government support and financial incentives for CCS projects, helping to counteract some of the pandemic's negative effects.
 

Europe Carbon Capture and Storage Market Trends

The Europe carbon capture and storage market is experiencing a transformation driven by strong government support, industrial adoption, technological innovation, increased investment, and a growing understanding of the crucial role CCS plays in achieving ambitious climate goals. This market evolution positions Europe as a leader in the global effort to address carbon emissions and accelerate the transition to a sustainable, low-carbon future. Proactive stance of European governments, exemplified by initiatives like the European Green Deal have resulted in increased funding, incentives, and supportive policies for CCS endeavors favoring the industry growth.
 

Europe Carbon Capture and Storage Market Analysis

Europe Carbon Capture and Storage Market Size, By Technology,
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The post combustion technology is expected to grow at a 51.4% CAGR through 2032. Continuous & exponential increase in energy demand from oil & gas facilities or refinery processes in said to complement the post-combustion technology. The technology is being developed & deployed across refineries to curb down the emissions that are posed by heavy refining processes.
 

In addition, post combustion capture technique also receives a funding preference over pre combustion due to high ability of retrofitting in the existing plants. Cost reductions has been achieved in large scale CCS deployment and the same trend is said to follow on account of its extensive applications in power plant & oil & gas industries. These factors collectively contribute to the Europe carbon capture and storage market.
 

Europe Carbon Capture and Storage Market Revenue Share, By Application,
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The power generation application across the Europe region is likely to witness 44.3% growth up to 2032. The carbon capture and storage facilities across power generation is said to be one of the fastest growing applications down the line as power plants are the major contributor to carbon emissions. Moreover, implementing policy frameworks that favors emission reduction policies across a wide array of industries will complement the Europe carbon capture and storage market landscape. The deployment of carbon storage for enhanced oil recovery method represents the key factor in the commercialization of CCS across the oil & gas industry. The significant expansion of EOR oil production, most notably across North America has created potential opportunities for the market growth.
 

 Norway Carbon Capture and Storage Market,
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The Norway carbon capture and storage industry is predicted to expand at 14.5% CAGR up to 2032. Norway's CCS business trends are characterized by strong government support, international collaboration, a focus on offshore CCS, and integration into broader energy transition plans. These trends not only position the country as a leader in CCS technology and implementation but also offer valuable opportunities for businesses in the country to play a vital role in the global efforts to combat climate change and advance sustainable energy solutions.
 

Europe Carbon Capture and Storage Market Share

Major manufacturers operating across the Europe carbon capture and storage market includes:

  • Linde plc
  • General Electric
  • Siemens
  • Aker Solutions
  • Halliburton
  • SLB
  • Exxon Mobil Corporation
  • Shell CANSOLV
  • Fluor Corporation
  • Sulzer
  • Equinor
  • SSE
  • Carbon Clean Solutions Limited
  • TotalEnergies
  • Vattenfall AB
  • RWE
  • Heidelberg Materials

 These participants are reshaping the industry through the integration of CCS into carbon markets. Companies are not only using CCS to comply with emission reduction targets but are also exploring ways to monetize carbon capture and storage. This shift is creating new business models and revenue streams within the industry.
 

Europe Carbon Capture and Storage Market News

  • In March 2022, Halliburton received a contract by Energean, a UK based, hydrocarbon E & P company for an underground study to assess the Carbon Capture & Storage (CCS) prospect of the Prinos Basin in Greece. The contract comprises the evaluation of a CO2 storage complex in the region. In addition, it includes a conceptual development plan with performance modeling, characterizing the storage complex, and long-term plume modeling. The company will deploy a wholly integrated CO2 storage roadmap commercializing the DecisionSpace 365 cloud applications including PermediaCO2 software, thereby enhancing its solution towards decarbonization.
     
  • In February 2022, Shell CANSOLV was selected by The Humber Zero project, a project in carbon capture and hydrogen production technology, to deliver the technology which will capture millions of tonnes of CO2 from the VPI Immingham in the UK. Humber Zero is a multi-billion-dollar project aiming to decarbonize key industries in Immingham in northern Lincolnshire. The project will encompass both the production of hydrogen for energy and post-combustion carbon capture, thereby enhancing the company’s market share in the region.
     

This Europe Carbon Capture and Storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘“MTPA’ & ‘USD Million’ from 2019 to 2032, for the following segments:

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By Technology

  • Pre Combustion
    • Oil and Gas
    • Chemical Processing
    • Power Generation
    • Others
  • Post Combustion
    • Oil and Gas
    • Chemical Processing
    • Power Generation
    • Others
  • Oxy-Fuel Combustion
    • Oil and Gas
    • Chemical Processing
    • Power Generation
    • Others

By Application

  • Oil and Gas
  • Chemical Processing
  • Power Generation
  • Others

The above information has been provided for the following countries:

Europe

  • Norway
  • Netherlands
  • UK

 

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of carbon capture and storage in Europe crossed USD 470.7 million in 2023 and will witness over 34% CAGR from 2024 to 2032, due to the mounting pressure to reduce carbon emissions and the substantial uptick in investments across industries.
The power generation applications is set to record 44.3% CAGR through 2032, owing to rising adoption in various power plants for the utilization of low-cost fossil fuels for electricity generation.
Norway carbon capture and storage industry size is poised to record over 14.5% CAGR from 2023-2032, owing to strong government support, international collaboration, higher focus on offshore CCS, and rising integration into broader energy transition plans.
Linde plc, General Electric, Siemens, Aker Solutions, Halliburton, SLB, Exxon Mobil Corporation, Shell CANSOLV, Fluor Corporation, Sulzer, Equinor, SSE, TotalEnergies, Eni, Vattenfall AB, RWE, and Heidelberg Materials are some of the carbon capture and storage firms in Europe.

Europe Carbon Capture & Storage Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 18
  • Tables & Figures: 299
  • Countries covered: 3
  • Pages: 260
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