by Carbon capture and storage is a set of technologies that can greatly reduce carbon dioxide emissions from industrial processes like electricity generation and manufacturing. Carbon capture is usually used along with carbon storage, which refers to long term containment of carbon dioxide produced by industrial processes in underground geological formations. The technologies allow the separation and isolation of carbon dioxide from flue gases in power plants and industrial facilities, followed by the transport and long-term storage of carbon dioxide in various storage locations, including depleted oil and gas reservoirs, coal seams, and saline aquifers. The global Carbon Capture and storage Market is estimated to be valued at US$ 3.5 billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advanced Carbon Capture Technologies: Carbon capture technologies have advanced significantly in the recent years with various new solutions being commercialized or piloted across power and industrial sectors. For instance, next-generation solvent-based carbon capture technology from companies like Climeworks and Carbon Engineering promises more than 90% carbon capture rates at reduced costs compared to earlier technologies. Such advanced carbon capture technologies are propelling the growth of global carbon capture and storage market as they help overcome challenges related to viability and costs of traditional carbon capture processes. Their widespread adoption across power and industrial sectors in the coming years will further drive the carbon capture and storage market growth during the forecast period.
SWOT Analysis
Strength: Carbon capture and storage technologies help reduce carbon dioxide emissions from large point sources like coal and gas-fired power plants and industrial facilities. It allows the continued use of fossil fuel resources while mitigating climate change.
Weakness: High costs associated with retrofitting plants for carbon capture and transporting and storing the captured CO2 underground are barriers to large-scale adoption of carbon capture and storage technologies. Public acceptability of underground CO2 storage also remains a concern.
Opportunity: Government regulations and policies including carbon pricing mechanisms and subsidies can create financial incentives for deployment of carbon capture and storage in different regions and sectors. Emerging technologies aim to reduce costs and enable more efficient and effective carbon capture, utilization, and storage.
Threats: Uncertainties around the long-term safety and security of underground carbon storage pose technological and environmental risks. Slow economic growth in different parts of the world impacts budgets for investment in new clean energy technologies.
Key Takeaways
The Global Carbon Capture And Storage Market Demand is expected to witness high growth over the forecast period.
North America currently dominates the market aided by supportive government policies and incentives for deployment of carbon capture and storage technologies from fossil fuel-based power plants and industrial facilities in the region. Key players like Chevron, ExxonMobil, Shell, and Equinor are investing in building new carbon capture facilities and pilot projects to advance technologies and drive costs lower to support grid-scale deployment.
Key players operating in the carbon capture and storage market are Chevron, ExxonMobil, Shell, Equinor, Mitsubishi Heavy Industries, Fluor, Linde, and Aker Solutions. These companies offer technologies, equipment and complete carbon capture solutions to help decarbonize smokestack emissions from fuel combustion and industrial facilities worldwide. Carbon utilization for enhanced oil recovery or production of alternative fuels complements sequestration reducing the overall costs of carbon capture and storage projects.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
