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Base Year: 2024
Companies covered: 16
Tables & Figures: 36
Countries covered: 8
Pages: 148
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Power Generation Carbon Capture and Storage Market
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Power Generation Carbon Capture and Storage Market Size
The global power generation carbon capture & storage market was valued at USD 3.2 billion in 2024 and is estimated to reach the value of USD 11.7 billion by 2034, growing at a CAGR of 10.3% from 2025 to 2034. Strict emission rules require power plants to use carbon capture and storage (CCS) technologies to reduce greenhouse gas emissions. Governments impose fines for high carbon output, pushing the use of CCS to meet climate goals.
Global commitments to net-zero emissions are increasing the need for CCS technologies as a key solution to lower carbon emissions. Power companies are aligning with international climate agreements, focusing on CCS to reduce fossil fuel emissions. For instance, Norway’s government-backed Longship CCS project, part of the Paris Agreement, plans to capture and store up to 1.5 million tons of CO? annually from industrial emissions, with the potential to increase to 5 million tons by 2025, demonstrating large-scale CCS efforts to meet Norway's 2050 net-zero goals.
Improved capture efficiency and lower costs are encouraging CCS use across different industries, making it more practical for large-scale carbon emission reduction. Advances in storage solutions are improving the feasibility of CCS projects for power producers. In 2023, the Department of Energy announced an extra USD 45 million for its Carbon Capture Projects Program to enhance capture technologies for power generation and industries that are hard to decarbonize. These funds support research and development to boost capture efficiency, reduce energy use, and lower overall costs.
Using CCS helps power companies align with global climate goals and shows their commitment to sustainability. CCS allows utilities to cut their carbon emissions while continuing energy production, which is appealing to environmentally conscious investors and consumers. Under the EU's Corporate Sustainability Reporting Directive (CSRD), large utilities must report their greenhouse gas reduction targets, CCS investment plans, and spending timelines, complying with ESRS E1 reports as required by EU regulations, ensuring comprehensive CCS reporting.
In April 2025, President Trump introduced tariffs affecting the electric vehicle contractor market. Equipment for carbon capture and storage (CCS) also has increased tariffs for some suppliers. This leads to higher costs for key components, which may force project developers to either absorb these costs or pass them on to utilities, slowing down CCS projects. However, these higher import duties might encourage U.S. manufacturers to boost production of necessary equipment, strengthening the domestic supply chain.
Power Generation Carbon Capture and Storage Market Trends
Governments are enforcing stricter emission rules to encourage the use of carbon capture and storage (CCS) technology, motivating energy companies to invest in it. Power plants use CCS to meet climate goals while still using fossil fuels during the shift to cleaner energy. For instance, in 2024, Canada introduced a tax credit for CCS investments, offering up to 30% federal tax credits. Additionally, Manitoba enacted a law to regulate and promote CCS use by utilities.
Advancements in capture methods are lowering CCS costs, making it a more affordable option for utilities looking to reduce their carbon emissions. This combination of policy support and technological progress is increasing CCS use in the energy sector. For instance, in 2024, the U.S. Department of Energy announced USD 54.4 million in funding to improve carbon management strategies, enhancing capture efficiencies and reducing costs for power generators.
CCS is combined with renewable energy to provide stable and reliable power generation while still reducing overall carbon emissions. This mix allows the continued use of fossil fuels while cutting overall carbon emissions during the transition to cleaner energy. In 2023, the UK revised its BECCS Business Model, introducing dual contracts for electricity and carbon. This lets BECCS plants deliver firm, negative-emission power along with intermittent renewables by 2027.
Energy companies are working together to expand CCS infrastructure and share costs, making it more affordable for everyone involved. By partnering, these companies can use their resources and expertise to speed up the development and use of CCS technology in the energy sector. For instance, in 2024, the UK government awarded contracts for Net Zero Teesside Power. BP and Equinor operate a 742 MW gas power plant with CCS, capturing and storing up to 2 million tons of CO? annually, supported by USD 28 billion in funding.
Power Generation Carbon Capture and Storage Market Analysis
Power Generation Carbon Capture and Storage Market Share
The top 4 companies in the power generation carbon capture and storage industry include Linde plc, Exxon Mobil Corporation, Shell CANSOLV, and Mitsubishi Heavy Industries Ltd., collectively commanding about 30% of the market share. Their prominence is attributed to their innovative carbon capture technologies, extensive global project portfolios, and strategic alliances with energy producers and governments. These companies excel in developing and implementing post-combustion, pre-combustion, and oxy-fuel combustion CCS solutions.
Linde plc, one of the world’s largest industrial gas companies, leads in carbon capture technology with its HISORP CC adsorption-based solution, achieving CO? capture rates exceeding 99% through renewable energy-powered processes. In 2024, Linde entered into an agreement with NEXTCHEM to supply this technology for ADNOC’s Hail and Ghasha project in the UAE, one of the largest offshore sour gas developments globally, aiming for net-zero emissions.
Power Generation Carbon Capture and Storage Market Companies
Key market players operating across the power generation carbon capture and storage market industry are:
Power Generation Carbon Capture and Storage Industry News
This power generation carbon capture and storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MTPA’ & ‘USD Billion’ from 2021 to 2034, for the following segments:
Market, By Technology
The above information has been provided for the following regions across the countries.