The global carbon capture and storage (CCS) market size is expected to be valued at USD 8.75 billion by 2025, cruising at a CAGR of 6.0% during the forecast period. The key factor driving the global carbon capture and storage market include the growing use of gas injection techniques for enhanced oil recovery (EOR) across several petroleum reserves across the world. Since the use of fossil fuels and natural gas to generate electricity is one of the world’s largest sources of CO2. CCS captures carbon dioxide using a variety of techniques and stores it instead of releasing it into the environment. CCS can help to keep greenhouse emissions out of the atmosphere.
Another major factor boosting the growth of the carbon capture and storage market includes the use of clean technologies, decreased coal consumption in developing economies, technical advances in industrial units resulting in lower emission rates, green energy generation, and widespread adoption of carbon capture and storage technology.
Carbon Capture And Storage Market Report Highlights
• Based on the technology, the pre-combustion carbon dioxide capture technology accounted for the largest share in 2015, with over 73%, and is expected to rise significantly over the projected period. It is the most advantageous technology as it incurs less of an energy penalty.
•On the other hand, post-combustion capture technology is anticipated to grow at the highest CAGR of 15.6% over the forecast period owing to the increased energy generation, newly developed advanced amine systems, and heat integration systems.
•From the application standpoint, the enhanced oil recovery (EOR) activities segment dominated the application segment accounting for 80% of the global revenue in 2015.
•Regionally, North America dominated the global market accounting for over 60% of the global market share. The dominance in the global market can be attributed to the stringent regulatory framework for a cleaner environment.
•In March 2021, United Nations (UN) called for expanding the use of carbon capture and storage, on the account of net-zero emissions goal to limit global warming as mentioned in Paris Agreement on climate change.
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Carbon Capture And Storage Market Segmentation
Grand View Research has segmented the carbon capture and storage market on the basis of application, capture technology, and region:
Carbon Capture And Storage (CCS) Application Outlook (Volume, Kilo Tons, USD Million, 2014 – 2025
• Enhanced Oil Recovery (EOR)
Carbon Capture and Storage (CCS) Capture Technology Outlook (Volume, Kilo Tons, USD Million, 2014 – 2025)
• Industrial separation
Carbon Capture and Storage (CCS) Regional Outlook (Volume, Kilo Tons, USD Million, 2014 – 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central and South America
• Middle East & Africa
• Saudi Arabia
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