Carbon Capture and Storage (CCS) in Power Generation Market to Reach $450.5 Million, Globally, by 2032 at 11.7% CAGR: Allied Market Research

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Apr 10, 2024, 06:41 ET

The global carbon capture and storage (CCS) in power generation market is experiencing growth due to several factors such as increasing environmental regulations, government incentives, and corporate sustainability goals

PORTLAND, Ore., April 10, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Global Carbon Capture and Storage (CCS) in Power Generation Market by Fuel type (Coal, Natural Gas, Oil, and Others), by Service (Capture, Transport, and Storage), and by Technology (Pre Combustion Capture, Oxy-Fuel Combustion Capture, and Post Combustion Capture): Global Opportunity Analysis and Industry Forecast, 2022-2032". The carbon capture and storage (CCS) in power generation market was valued at $ 131.2 million in 2022 and is projected to reach $ 450.5 million by 2032, growing at a CAGR of 11.7% from 2023 to 2032.

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Prime determinants of growth

The global carbon capture and storage (CCS) in power generation market is experiencing growth due to several factors Public awareness and concern about climate change and growing focus on reducing CO2 emissions. However, extensive infrastructure requirements for CCS technology hinder market growth to some extent. Moreover, utilizing carbon capture and storage (CCS) technology in coal-fired power plants offers remunerative opportunities for the expansion of the global carbon capture and storage (CCS) in power generation market.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$131.2 million
Market Size in 2032	$450.5 million
CAGR	11.7 %
No. of Pages in Report	180
Segments Covered	Fuel Type, Service, Technology and Country
Drivers	Growing focus on reducing CO2 Government support
Opportunity	Utilizing carbon capture and storage (CCS) technology in coal-fired power plants
Restraint	Extensive infrastructure requirements for CCS technology

The coal segment is expected to grow faster throughout the forecast period.

Based on the fuel type, the coal segment held the highest market share in 2022, accounting for more than half of the global carbon capture and storage (CCS) in power generation market revenue and is projected to manifest the highest CAGR of 11.8% from 2023 to 2032. This can be attributed to the fact that coal is used in power generation as it is a reliable and relatively inexpensive source of energy. It is used to generate electricity in coal-fired power plants by burning coal to heat water and produce steam, which then drives turbines connected to generators. This process is known as thermal power generation. Coal is a key fuel source for power generation; however, it also emits a significant amount of carbon dioxide (CO2) when burned. Carbon capture and storage (CCS) technology is used to capture and store CO2 emissions from coal-fired power plants, reducing their environmental impact. This technology involves capturing CO2 emissions from power plants, compressing them into a liquid form, and then transporting and storing them underground in geological formations. CCS has the potential to significantly reduce CO2 emissions from coal-fired power plants, making them a more sustainable option for power generation.

The capture segment is expected to lead throughout the forecast period.

Based on the service, the capture segment held the highest market share in 2022, accounting for more than half of the global carbon capture and storage (CCS) in power generation market revenue and is likely to retain its dominance throughout the forecast period. Capture in CCS (carbon capture and storage) technology refers to the process of capturing carbon dioxide (CO2) emissions from power plants and other sources before they are released into the atmosphere. This captured CO2 is then transported to a storage site, typically deep underground, where it is stored permanently. The primary goal of capture in CCS technology is to reduce greenhouse gas emissions and combat climate change.

However, the storage segment is projected to manifest the highest CAGR of 12.4% from 2023 to 2032. This can be attributed to the fact that the captured CO2 is compressed and transported to a storage site, where it is injected deep into geological formations, such as depleted oil and gas reservoirs or saline aquifers. This prevents CO2 from entering the atmosphere and contributing to climate change. CCS technology is used in power generation to reduce greenhouse gas emissions and mitigate the impact of fossil fuel use on the environment. It is a key technology for achieving carbon neutrality and reducing the carbon footprint of power generation.

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The oxy-fuel combustion capture segment is expected to grow faster throughout the forecast period.

Based on the technology, the post-combustion capture held the highest market share in 2022, accounting for more than two-fifths of the global carbon capture and storage (CCS) in power generation market revenue and is likely to retain its dominance throughout the forecast period. Post-combustion capture technology is a method used in carbon capture and storage (CCS) to reduce carbon dioxide emissions from power generation. It involves capturing CO2 from the flue gas stream after combustion has occurred. This is typically done using chemical solvents or absorbents that selectively capture CO2 while allowing other gases to pass through. Once captured, the CO2 is compressed and transported for storage in geological formations, such as depleted oil and gas reservoirs or deep saline aquifers. Post-combustion technology is widely used in coal and natural gas-fired power plants, as well as in industries such as cement and steel production. It is considered a key technology for reducing greenhouse gas emissions and combating climate change.

However, the oxy-fuel combustion capture segment is projected to manifest the highest CAGR of 12.1% from 2023 to 2032. This can be attributed to the oxy-fuel combustion capture technology involves burning fuel in a mixture of oxygen and recycled flue gas, resulting in a concentrated stream of CO2 that is captured and stored. This technology is used in carbon capture and storage (CCS) in power generation to reduce greenhouse gas emissions. By capturing and storing CO2, oxy-fuel combustion helps mitigate climate change and reduce the environmental impact of power plants. It is a promising technology for achieving carbon neutrality and meeting emission reduction targets.

Canada to maintain its dominance by 2032.

Based on country, Canada held the highest market share in terms of revenue in 2022, accounting for more than half of the global carbon capture and storage (CCS) in power generation market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. Carbon capture and storage (CCS) technology has gained significant traction in the power generation market in Canada. As the country seeks to reduce its carbon emissions and transition toward a cleaner energy future, CCS has emerged as a key solution for capturing and storing CO2 emissions from power plants. The Canadian government has also been actively supporting CCS projects through funding and incentives, further driving the adoption of this technology in the power generation sector.

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Leading Market Players: -

MITSUBISHI HEAVY INDUSTRIES, LTD.
Linde plc
Shell plc
Exxon Mobil Corporation
JGC HOLDINGS CORPORATION
NRG Energy, Inc.
Honeywell International Inc.
General Electric
Fluor Corporation
Siemens Energy

The report provides a detailed analysis of these key players in the global carbon capture and storage (CCS) in power generation market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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