Carbon Capture and Storage Market size is set to surpass USD 35 billion by 2032, according to a new research report by Global Market Insights Inc.
Rising demand for carbon dioxide-enhanced oil recovery (EOR) techniques is bolstering industry progression. Injecting CO2 into oil reserves during the EOR process raises the overall pressure within the reservoir, which pushes the oil toward production wells. The CO2 also makes the oil more easily extractable as the blend of oil and CO2 possesses better mobility. With surging energy demand across the globe, there is a increasing need for more innovation in CO2-injected EOR processes. Meanwhile, growing spending towards midstream and upstream sectors is further fueling the industry scenario.
Higher efficiency to boost stronger pre combustion technology segment growth
Carbon capture and storage market share from the pre combustion technology segment recorded at over 37% in 2022. The vertical’s revenues are driven by the efficient nature of the technology as the higher concentration of CO2 at high pressure makes CO2 removal much easier. Pre combustion witnesses strong demand across chemical and food processing industrial applications owing to its minimum waste streams and high capture rate. Widescale application of the technology in integrated gas-combined cycle power plants and rising investments towards emission control across industries is further outlining the industry outlook.
Increasing grid upgradation initiatives to spur power generation application segment share
Carbon capture and storage market size from the power generation applications is slated to grow more than 21% by 2032, This growth is attributed to the grid upgradation initiatives to integrate CCS systems into the existing energy network to reduce the overall carbon footprint. Back in July 2020, the U.S. Department of Energy invested USD 11.5 million towards the FLExible Carbon Capture and Storage (FLECCS) program, which is focusing on developing CCS retrofits for existing power generators.
Tightening environmental policies, which have spurred the emissions reduction race in the first place, are further helping with segment growth.
Browse key industry insights spread across 400 pages with 589 market data tables & 23 figures & charts from the report, “Carbon Capture and Storage Market Size By Technology (Pre Combustion, Post Combustion, Oxy-Fuel Combustion), By Application (Oil and Gas, Chemical Processing, Power Generation), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2023– 2032”, in detail along with the table of contents:
Ongoing CCS projects to strengthen industry growth across North America
North America carbon capture and storage market is predicted to observe nearly 14% CAGR by 2032, on account of the large-scale CCS projects currently underway in the region. Back in August 2022, the US DOE Office of Fossil Energy and Carbon Management (FECM) unveiled a USD 31 million investment for 10 projects to develop carbon capture technologies that can capture at least 95% of CO2 generated from industrial applications.
Regional growth can also be ascribed to investments toward economic growth along with a robust manufacturing industry where CCS systems are deployed. Growing energy demand in the region is also escalating product adoption. Furthermore, constant upgradation of existing equipment with efficient control technologies to attain low emission rates is also shaping the revenue graph.
Collaborations to outline the competitive landscape for carbon capture and storage market
Key participants operating in the industry are HALLIBURTON, Shell CANSOLV, NRG Energy, Inc., Dakota Gasification Company, SLB, Fluor Corporation, and Mitsubishi Heavy Industries, Ltd., among others. Many of these firms are emphasizing collaborations to expand their market presence. For instance, in February 2022, Aker Solutions, an engineering firm based out of Norway, teamed up with Dril-Quip, an offshore drilling & production systems manufacturer for CCS projects, to deliver offshore injection equipment for CCS projects under the Northern Endurance Development Project in the UK.
This strategic move will consolidate UK’s commitment to the energy transition and provide energy-efficient technologies, which will help customers save time and money, while also minimize risks, and reducing the carbon footprint.