Global Carbon Capture and Storage Market Size to grow by USD 3.27 billion in 2030.

Press Release

The Global Carbon Capture and Storage (CCS) Market size was valued at USD 1.7 billion in 2021 and is expected to grow by USD 3.27 billion in 2030 at a CAGR of 10 % during the forecast period.  

The rising rate of industrialization, combined with increased investment in manufacturing facilities, is driving the global carbon capture and storage industry. Throughout the projection period, various government measures to reduce greenhouse gas emissions in different industries will also promote the market demand.

The COVID-19 pandemic has emerged as the most major health threat, halting virtually all activities across industries. The coronavirus outbreak has hindered nearly all economies, and many countries have been placed under lockdown. While this issue is likely to be quickly rectified, climate change requires long-term planning and significant action.

The biggest difficulty that industry experts face is the demand for significant capital expenditures (CAPEX) to establish new carbon capture plants. Furthermore, the dramatic reduction in global crude oil prices has hurt prospects for increasing hydrocarbon output using CO2-based EOR. Nonetheless, the stability of the market will be bolstered by several administrations' financial stimulus measures to stimulate economic regeneration, as well as a bright outlook for industrial decarbonization. 

Carbon dioxide is stored in deep onshore geological formations using CCS technologies developed in the oil and gas industry for better oil recovery. One of the most important driving factors affecting the growth of the worldwide carbon capture and storage (CCS) market in the future years is increased demand from the oil and gas sector, particularly in the domain of Enhanced Oil Recovery (EOR). In the oil industry, carbon dioxide is widely utilized for enhanced oil recovery (EOR) from older oilfields. When carbon dioxide is injected into an oilfield, it can react with the crude oil, causing it to swell and lose viscosity, so assisting in maintaining or raising reservoir pressure. More crude oil can flow to the producing wells thanks to the combination of these procedures.    

Various countries have implemented tight action plans to slow climate change and reduce overall carbon emissions in the short and long term. Stern activities to monitor and reduce greenhouse gas (GHG) emissions from power plants are expected to add to the market's size. As a result, the International Energy Agency (IEA) reported in February 2020 that worldwide energy-related CO2 emissions grew to 33.3 gigatonnes (Gt) in 2019 from 32.2 Gt in 2015, representing an increase of over 3.4 percent in just five years. 

North America is projected to dominate the carbon capture and storage market due to the large investments in research and development and the availability of many high-capacity CO2 capture and sequestration plants. Regional expansion has also been aided by regional government funding initiatives. The US Department of Energy (DoE), for example, announced in June 2021 that it will invest USD 12 million in six R&D efforts promoting direct air capture (DAC) technology in order to create new devices for efficiently collecting CO2 from the atmosphere.   

KEY INDUSTRY DEVELOPMENTS:

In July 2021, Shell announced its plans to build a large-scale carbon capture and storage (CCS) complex in Alberta, Canada. Over the course of its lifetime, the plant is expected to capture 300 million tonnes of CO2 from its chemical and refinery operations.

In June 2021, Carbon engineering announced that they will collaborate to develop and engineer the first large-scale direct air capture (DAC) facility in the United Kingdom, with a capacity of 0.5 to 1 MTPA.   

Read More Details On This Report: https://extrapolate.com/Energy-and-Power/carbon-capture-and-storage-market/25774