Carbon Capture and Storage Market to Grow by USD 11.95 Billion (2024-2028), Fossil Fuel Dependence Drives Revenue, Report Highlights AI's Market Impact - Technavio

NEW YORK, Dec. 5, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global carbon capture and storage (CCS) market  size is estimated to grow by USD 11.95 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 24.93%  during the forecast period. Dependence on fossil fuels for generation of electricity is driving market growth, with a trend towards growing popularity of carbon capture and storage projects in developing nations. However, risks associated with carbon capture and storage  poses a challenge. Key market players include Air Products and Chemicals Inc., Aker Solutions ASA, Babcock and Wilcox Enterprises Inc., Chevron Corp., ENGIE SA, Enhance Energy Inc., Eni SpA, Equinor ASA, Exxon Mobil Corp., Fluor Corp., General Electric Co., Hitachi Ltd., Linde Plc, Mitsubishi Heavy Industries Ltd., NET Power, Occidental Petroleum Corp., Schlumberger Ltd., Shell plc, Siemens AG, and Sulzer Ltd..

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Key Market Trends Fueling Growth

The Carbon Capture and Storage (CCS) market is gaining momentum as businesses and governments seek to reduce greenhouse gas emissions, particularly from fossil fuels used in electricity generation and industrial processes. The focus is on capturing CO2 from sources like flue gas, pre-combustion, and oxy fuel combustion. CCUS technology plays a crucial role in mitigating greenhouse gas emissions, helping to combat climate change and ozone depletion. Regulations and policies are driving the adoption of CCS, with tax benefits and carbon footprint reduction incentives. Technology providers are investing in CCUS, implementing it in power generation and industrial plants. Syngas, fuel gas, hydrogen, and CO2 are key components in the process. Storage technologies like geological and deep ocean storage are essential for long-term CO2 management. Industries like oil and gas, chemicals, cement and concrete, biofuels, fertilizers, textiles, food and beverages, paper and pulp, and renewable energy sources are exploring CCS to meet energy needs while minimizing environmental impact. Companies like Equinor are leading the way in CCS implementation, demonstrating commitment to a sustainable environment. 

The carbon capture and storage (CCS) market is gaining traction in developed economies, where there's a growing focus on reducing carbon emissions from the power generation sector. Mature technologies and energy demands from the industry have facilitated substantial investments, enabling these countries to transition towards low-carbon technologies. However, developing nations, such as China, India, and Brazil, are still in their early stages of economic development, prioritizing energy security over carbon reduction. These nations heavily rely on coal for their energy needs, supplying billions of people and industries. CCS technology could play a crucial role in their energy mix, allowing them to meet their energy demands while reducing their carbon footprint. 

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• Businesses in electricity generation and industrial processes face increasing pressure to reduce their carbon footprints and minimize greenhouse gas emissions, particularly CO2, which contributes to ozone depletion and climate change. Fossil fuels remain a significant source of these emissions, making Carbon Capture and Storage (CCS) technology a crucial solution. CCUS technology captures CO2 from pre-combustion, oxy-fuel combustion, or post-combustion processes. The captured CO2 can be utilized in various applications, such as enhanced oil recovery, or stored in depleted hydrocarbon fields, deep ocean storage, or geological formations. Regulations and policies drive the adoption of CCS, with tax benefits and environmental impact considerations influencing decision-making. Technology providers like Equinor offer solutions for power generation, industrial plants, natural gas plants, and various industries, including chemicals, cement and concrete, iron and steel, fertilizer, biofuels, textiles, food and beverages, paper and pulp, and renewable energy sources. CCS implementation addresses energy costs, power consumption, and the environmental impact of industrial sources while reducing greenhouse gas emissions. Syngas, fuel gas, hydrogen, flue gas, and H2O are integral components of CCS processes. The technology supports a sustainable environment and climate change awareness, with the potential to transform industries and power generation towards cleaner, more efficient, and eco-friendly operations.
• Carbon capture and storage (CCS) is a technology aimed at mitigating climate change by capturing carbon dioxide (CO2) emissions from power plants and industrial processes, and storing it underground. However, concerns surrounding CCS include potential leakage hazards from dedicated storage facilities. The implications of CO2 leaks are a topic of ongoing debate. Studies examine the potential consequences, as a leak could diminish the effectiveness of CCS as a climate change solution. This concern could hinder the widespread adoption of CCS technology. It is crucial to address these apprehensions through rigorous research and safety measures to ensure the long-term viability of CCS as a key component in the global effort to combat climate change.

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This carbon capture and storage (ccs) market report extensively covers market segmentation by

1. Technology 
• 1.1 Pre-combustion
• 1.2 Post-combustion
• 1.3 Oxy-fuel combustion
2. Application 
• 2.1 Enhanced oil recovery
• 2.2 Geological storage
3. Distribution Channel
• 3.1 Pipeline
• 3.2 Ships
4. End-user 
• 4.1 Power and oil and gas
• 4.2 Manufacturing
5. Geography 
• 5.1 North America
• 5.2 APAC
• 5.3 Europe
• 5.4 Middle East and Africa
• 5.5 South America

1.1 Pre-combustion-  The post-combustion Carbon Capture and Storage (CCS) market is expected to expand significantly during 2024 and 2025. This growth can be attributed to the affordability of post-combustion CO2 capture technology, which can be integrated into existing power plants. In this process, flue gas from an industrial or power plant passes through a scrubbing tank, where a liquid solvent reacts with CO2 but not with other gas components, such as nitrogen. The solvent, now laden with CO2, is then separated and transported for storage. Advancements in technology have led to a decline in the cost of materials, equipment, and processes, making post-combustion capture technology increasingly cost-effective. Furthermore, the development of new solvents, membrane, and sorbent platforms will continue to reduce costs. The rising number of pilot-scale test projects will also contribute to the growth of this segment. Optimization of the post-combustion process, including component reconfiguration and waste heat integration, will increase overall process efficiency. Additionally, reduced energy penalties due to advances in post-combustion technologies will further support market expansion. This segment's growth is crucial in mitigating carbon emissions from power generation and industrial processes.

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Carbon Capture and Storage (CCS), also known as Carbon Capture, Utilization, and Storage (CCUS), is a critical technology for reducing greenhouse gas emissions, particularly from fossil fuel-based electricity generation and industrial processes. The primary objective of CCS is to capture and store CO2 before it is released into the atmosphere, helping mitigate the negative impacts of greenhouse gases on the environment. CO2, a major greenhouse gas, is produced in large quantities during the combustion of fossil fuels for electricity generation and industrial processes. The release of CO2 contributes to climate change, ozone depletion, and increased carbon footprints. CCS technology includes pre-combustion capture, which separates CO2 from the fuel before combustion, and oxy-fuel combustion, which separates CO2 from the flue gases produced during combustion. Regulations and policies are driving the adoption of CCS, with tax benefits and incentives encouraging the implementation of this technology. CCS is essential for industries with high energy needs, such as cement, steel, and chemical production, to reduce their carbon footprints. CCS is also being explored for use in power generation and industrial plants, providing a bridge to a low-carbon future while meeting energy demands. Technology providers are investing in research and development to improve the efficiency and cost-effectiveness of CCS. Green energy sources, such as wind and solar, are becoming increasingly competitive with fossil fuels, but they cannot yet meet the world's energy demands alone. CCS offers a solution for reducing the carbon intensity of these energy sources by capturing and storing the CO2 produced during their production. In summary, CCS is a vital technology for reducing greenhouse gas emissions from fossil fuels and industrial processes, addressing the challenges of climate change, and enabling the transition to a low-carbon economy.

Carbon Capture and Storage (CCS), also known as Carbon Capture, Utilization, and Storage (CCUS), is a critical technology aimed at mitigating greenhouse gas emissions, primarily from fossil fuels used in electricity generation and industrial processes. CO2, a primary greenhouse gas, is captured before it is released into the atmosphere, preventing its contribution to ozone depletion and climate change. CCS technology is applied to various sources, including pre-combustion capture in synthesis gas production, oxy-fuel combustion, and post-combustion capture in flue gas. Regulations and policies drive the adoption of CCS to reduce industrial sources' greenhouse gas emissions and meet energy needs while minimizing carbon footprints. CCS technology providers offer solutions for power generation, industrial plants, natural gas plants, and various industries such as chemicals, iron and steel, cement and concrete, biofuels, fertilizers, textiles, food and beverages, paper and pulp, and renewable energy sources. The technology's implementation requires significant energy consumption and financial investment but offers tax benefits and environmental impact reduction. CCS technology is applied to various gases, including CO2, CO, H2O, and hydrogen, and is used in various applications, including geological storage, deep ocean storage, and industrial separation. The technology's environmental impact is a concern, but its implementation supports a sustainable environment and climate change awareness. Oil and gas companies, chemicals, and other industries are exploring the use of depleted hydrocarbon fields for CO2 storage, reducing the greenhouse effect and supporting clean technologies. The technology's implementation faces challenges, including energy costs and power consumption, but its potential to significantly reduce greenhouse gas emissions makes it a crucial component of the global transition towards a low-carbon economy.

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Technology
• Pre-combustion
• Post-combustion
• Oxy-fuel Combustion
• Application
• Enhanced Oil Recovery
• Geological Storage
• Distribution Channel
• Pipeline
• Ships
• End-user
• Power And Oil And Gas
• Manufacturing
• Geography
• North America
• APAC
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio