North America Power Generation Carbon Capture and Storage Market Size - By Technology, Analysis, Regional Share, & Growth Forecast, 2025 - 2034

North America Power Generation Carbon Capture and Storage Market Size

The North America power generation carbon capture and storage market was estimated at USD 2 billion in 2024 and will reach USD 5.2 billion in 2034 at a CAGR of 4.8%. The market had a significant transformation as the region intensifies efforts to curb greenhouse gas emissions and transition toward a low-carbon energy system.

The power sector has emerged as a pivotal component of decarbonization strategies including fossil fuel-based power plants that remain an essential part of the region’s energy mix. For instance, in December 2024, the U.S. Department of Energy’s Office of Clean Energy Demonstrations (OCED) has announced the launch of a USD 1.3 billion funding opportunity aimed at accelerating the deployment of transformative carbon capture, utilization, and storage (CCUS) technologies.
 

The funding, part of OCED’s Carbon Capture Demonstration Projects and Large-Scale Pilot Projects Programs supported the design, construction and operation of large-scale carbon capture systems at key industrial and power generation sites. Governments are increasingly recognizing CCS not only as a decarbonization tool but also as a means of preserving industrial competitiveness and energy reliability. With the rising technological advancements have further enhanced the attractiveness of carbon capture in power generation.
 

The integration of CCS with combined cycle gas turbine (CCGT) plants and supercritical coal-fired units is being actively explored and implemented. These technologies are being refined to improve capture efficiency, reduce energy penalties, and lower operational costs, thereby facilitating broader adoption across both new and retrofitted power facilities.
 

The growth of CCS adoption in the region is the strong regulatory framework and policy support from both the U.S. and Canada and state-level incentives with tax credits for carbon sequestration, grant funding and research initiatives which have significantly boosted investment in CCS technologies. The inclusion of CCS in clean energy plans, emission reduction targets and climate policy roadmaps had strengthened its viability.
 

North America Power Generation Carbon Capture and Storage Market Trends

The North American power generation CCS landscape is driven, driven by a convergence of technological innovation, policy momentum and the intensifying need for cleaner energy solutions. Emerging membrane, solvent and adsorbent capture technologies are enabling more efficient removal of carbon dioxide directly at power plant exhaust streams and the development of extensive transport and to secure geological storage networks is advancing in parallel.
 

With the rise of technological approaches in large stationary power applications in coal- and gas-fired plants the post combustion capture remains the dominant approach and the advances in solvent chemistry and heat integration which are increasing cost effectiveness and reducing energy penalties. For instance, in November 2024, the U.S. Department of Energy’s Office of Fossil Energy and Carbon Management has announced its intent to allocate funding under the Bipartisan Infrastructure Law for large-scale carbon conversion projects. This initiative aims to accelerate the transformation of captured carbon emissions into eco-friendly and economically valuable products such as sustainable fuels and construction materials.
 

The current trend toward market based structures that pair private investment, power customers and corporate offtake agreements for low carbon electricity or hydrogen. In liberalized power markets, utilities and generators are increasingly appending capture solutions to their generation assets as part of broader decarbonization strategies, allowing project developers to achieve revenue stability and creditworthiness independent of direct CO2 sale and storage contracts.
 

For instance, in April 2025, ExxonMobil Corporation has entered into an agreement with Calpine Corporation to transport and permanently store up to 2 million metric tons of CO2 yearly from Calpine’s Baytown Energy Center. This is the initiative of Calpine’s Baytown Carbon Capture and Storage (CCS) Project, aimed at capturing emissions from the facility’s cogeneration operations. The project handles the continuous supply of low-carbon electricity to Texas consumers and provide steam to nearby industrial users toward decarbonizing energy production in the region.
 

North America Power Generation Carbon Capture and Storage Market Analysis

• The market was estimated to be USD 1.5 billion, USD 1.5 billion, and USD 2 billion in 2022, 2023, and 2024 respectively, driven by a combination of supportive policies and urgent decarbonization objectives, reflecting the region's growing commitment to reducing greenhouse gas emissions from energy production.
   
• The market has been increasingly driven by policy support, technological advancements, and the need for utilities to meet stricter environmental standards while maintaining grid reliability. The growing adoption of post-combustion carbon capture in existing coal and natural gas power stations. This method allows operators to retrofit existing plants without overhauling their core infrastructure, making it a practical and cost-effective solution for emission reduction.
   
• The formation of CCS infrastructure networks around the key industrial regions includes the development of CO2 transportation corridors and storage hubs where captured emissions from multiple facilities can be aggregated and sequestered in centralized geological formations.
   
• Ongoing technological innovation continues to shape the market with improved capture solvents, modular carbon capture units and heat integration systems are enhancing efficiency and reducing the operational costs of CCS installations. In addition, digital tools are being used to monitor CO2 flow, assess storage integrity and optimize capture processes in real time, increasing operational transparency and reliability.
   

• Based on technology, the power generation carbon capture and storage market are classified into pre-combustion, post-combustion and oxy-fuel combustion. The post-combustion technology in the power generation carbon capture and storage witnessed a market share of 79.2% in the year 2024.
   
• This technology is widely favored due to its ability to be retrofitted onto existing fossil fuel-based power plants without requiring major modifications to the core combustion process. It captures carbon dioxide from flue gases after fuel has been burned, making it highly suitable for conventional coal and natural gas power stations that remain in operation across the region.
   
• The adaptability of post-combustion systems coupled with the growing regulatory pressure and the availability of financial incentives is driving utilities and energy providers to integrate these solutions into their decarbonization strategies. In addition, the innovations in solvent and membrane technologies are further improving efficiency and reducing operational costs are enhancing the viability of large-scale deployment.
   
• The pre-combustion technology will expand CAGR 3.6% by 2034, fueled by the efforts to reduce carbon dioxide emissions before combustion takes place. This approach involves converting fossil fuels into a mixture of hydrogen and carbon dioxide through processes including gasification or reforming. The adoption of pre-combustion technology is its high capture efficiency compared to traditional post-combustion systems.
   
• The rising interest in hydrogen as a clean fuel during the pre-combustion process can be used in various industrial applications and transportation sectors. This integration potential makes pre-combustion CCS an attractive pathway for multi-sectoral decarbonization strategies. As energy systems evolve toward greater flexibility and diversification, technologies that support such cross-sector integration are likely to gain further relevance.
   
• For instance, in June 2024, the U.S. DOE announced the investment of USD 16 million to modern technologies that convert carbon emissions into valuable products, supporting the decarbonization of the U.S. fuel and chemical industries by enabling sustainable alternatives derived from carbon dioxide.
   

• The U.S. power generation carbon capture and storage market in 2022, 2023, and 2024 was valued at USD 1 billion, USD 1 billion, and USD 1.4 billion, respectively, supported by the strong regulatory frameworks, fiscal incentives, and technological innovation, which in turn is bolstering the industry growth across the country.
   
• Government Federal programs including the 45Q tax credit and funding under the Bipartisan Infrastructure Law have played a crucial role in boosting investment in carbon capture systems across coal and natural gas-fired power plants. For instance, in April 2024, the U.S. government introduced the Industrial Demonstration Program, with plans to allocate up to USD 867 million to support carbon capture, utilization, and storage (CCUS) initiatives.
   
• The Canada market for power generation carbon capture and storage is projected to surpass USD 1.4 billion by 2034, supported by the deep commitment to climate action underscored by federal carbon pricing mechanisms and clean energy transition goals which is catalyzing investments in CCS infrastructure.
   
• Continuous collaborative efforts between government entities and private developers, including the recent partnerships to build dedicated carbon sequestration hubs. For instance, in July 2024, a significant collaboration between the Canada Growth Fund and Strathcona Resources was announced, involving a joint investment of up to USD 2 billion. This funding will be used to establish CCUS infrastructure at Strathcona’s steam-assisted gravity drainage oil sands operations in Saskatchewan and Alberta. The project is expected to capture and securely store up to two million tonnes of carbon dioxide each year, reinforcing Canada’s position as a frontrunner in delivering low-emission energy resources to global markets.
   

North America Power Generation Carbon Capture and Storage Market Share

The top 5 players, including ExxonMobil, Chevron, Linde, NRG Energy, and Shell held over 30% market share in the region. These companies are leveraging their expertise in large-scale project development and carbon management to deploy CCS technologies at fossil fuel-based power plants. The competitive landscape is further supported by government funding and public-private partnerships to hold significant positions across different segments of the CCS value chain, including capture, transport, utilization, and storage.
 

Key players are adopting a range of strategic approaches to accelerate deployment and enhance technological effectiveness. Industry leaders are forming strategic partnerships and joint ventures with utilities, oil and gas firms, and government agencies to develop integrated CCS hubs that serve multiple emitters. Additionally, companies are leveraging digital tools including AI-driven monitoring platforms and predictive maintenance software to optimize system performance and ensure regulatory compliance.
 

North America Power Generation Carbon Capture and Storage Market Companies

• Halliburton has been steadily expanding its role in the power-generation carbon capture and storage sector by leveraging its deep expertise in subsurface engineering and large-scale infrastructure deployment. The company integrates advanced technologies for reservoir characterization, well construction, and integrity management, which are critical for ensuring the safe and permanent storage of captured carbon emissions. The annual revenue of the company is USD 22.9 billion in 2024.
   
• Baker Hughes leverages its deep expertise in energy technologies to deliver integrated CCS solutions tailored for industrial and utility-scale applications. The company offers a comprehensive portfolio that spans the entire CCS value chain, including CO2 capture technologies, compression systems, transport infrastructure and injection solutions for long-term storage. In the power sector, the company focuses on enabling low-carbon transformation of existing fossil fuel-based plants by integrating advanced post-combustion capture systems and CO2 handling equipment. The annual revenue of the company is USD 27.8 billion in 2024.
   
• ExxonMobil is a leading player in the power-generation carbon capture and storage (CCS) market, leveraging its deep expertise in large-scale industrial operations and advanced emissions-reduction technologies. The company is actively advancing CCS projects aimed at reducing carbon dioxide emissions from its own natural gas and hydrogen-powered facilities, as well as supporting broader deployment across the power sector. The annual revenue of the company is USD 349.5 billion in 2024.
   

Major players operating in the North America power generation carbon capture and storage industry are:

• Aker Solutions
• Baker Hughes
• CarbonFree
• Dakota Gasification Company
• Equinor
• Exxon Mobil
• Fluor
• GE Vernova
• Global Thermostat
• Halliburton
• Linde
• NRG Energy
• Shell
   

North America Power Generation Carbon Capture and Storage Industry News

• In May 2025, Canada-based Svante Technologies has inaugurated the world’s first commercial-scale gigafactory dedicated to carbon capture filter production in Columbia. It is designed to enable the rapid and cost-effective manufacturing of filters, and the gigafactory is equipped to support the capture of millions of tons of CO2 annually. Svante’s new plant positions itself at the forefront of industrial decarbonization, offering a scalable and timely response to mounting climate challenges.
   
• In March 2025, Baker Hughes and Frontier Infrastructure Partner to Advance CCS and Data Center Projects in the U.S. Baker Hughes has joined forces with Frontier Infrastructure in a new partnership aimed at fast-tracking the development of carbon capture and storage (CCS) and data center projects across the United States. This collaboration combines Baker Hughes’ energy technology expertise with Frontier’s infrastructure capabilities to drive scalable, low-carbon solutions.
   
• In September 2024, Baker Hughes launched CarbonEdge, an advanced digital solution designed to optimize carbon capture, utilization, and storage (CCUS) operations. The solution enables users to monitor CO2 flows, enhance operational efficiency, manage risk, and streamline regulatory compliance. With this launch, Baker Hughes reinforces its commitment to supporting the energy sector’s transition toward lower carbon operations.
   
• In June 2024, Shell made a Final Investment Decision (FID) for its Polaris carbon capture project at the Shell Energy and Chemicals Park in Scotford, Alberta. It aims to capture around 650,000 tonnes of CO2 annually from Shell’s refinery and chemicals operations at the site. The first phase of Atlas will provide permanent underground storage for the carbon captured by Polaris, marking a significant step toward advancing large-scale carbon management infrastructure in Canada.
   

The North America power generation carbon capture and storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Billion” and volume in (MTPA) from 2021 to 2034 for the following segments:

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Market, By Technology

• Pre-combustion
• Post-combustion
• Oxy-fuel combustion

The above information has been provided for the following countries:

• U.S.
• Canada