by The global Carbon Capture and Storage (CCS) market is estimated to be valued at US$ 1.76 Bn in 2021 and is expected to exhibit a CAGR of 10.6% over the forecast period of 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
CCS is a technology that captures and stores carbon dioxide emissions from various industries, preventing them from being released into the atmosphere. It plays a crucial role in reducing greenhouse gas emissions and mitigating climate change. The increasing focus on environmental sustainability and the rising concerns about global warming have driven the adoption of CCS technologies across industries such as power generation, oil and gas, and manufacturing. The advantages of CCS include the reduction of carbon emissions, preservation of the environment, and the potential to enhance energy efficiency. These factors have led to a growing need for CCS products and solutions in the market.
Market key trends:
One of the key trends observed in the CCS market is the implementation of stringent government regulations to reduce carbon emissions. Governments worldwide are introducing policies and initiatives to combat climate change and promote the adoption of low-carbon technologies. For instance, countries such as the United States, Canada, and Norway have launched initiatives that provide financial incentives and regulatory support for CCS projects. Additionally, the integration of CCS technologies with renewable energy sources, such as biomass and hydrogen, is gaining traction. This integration enables the capture and storage of carbon emissions from renewable energy production, further reducing the overall carbon footprint. These trends are expected to drive the growth of the CCS market over the forecast period.
PEST Analysis:
Political:
The political factors influencing the carbon capture and storage (CCS) market include government regulations, policies, and incentives aimed at reducing greenhouse gas emissions. Countries around the world are implementing carbon reduction targets and adopting stricter environmental regulations, which creates a favorable environment for the growth of the CCS market.
Economic:
The economic factors impacting the CCS market are the cost of deploying CCS technology, availability of financial incentives, and the overall investment climate. The market is expected to witness high growth due to increased funding and investments from governments and private entities. The CCS market is also driven by the potential for revenue generation through carbon credits and the need to reduce the economic costs of climate change.
Social:
The social factors influencing the CCS market include public awareness and acceptance of climate change issues, as well as the perception of CCS technology. While some stakeholders perceive CCS as a crucial solution to mitigate carbon emissions, others are concerned about the safety and long-term effects of underground carbon storage. Public support and education campaigns will play a crucial role in the widespread adoption of CCS technology.
Technological:
The technological factors impacting the CCS market include advancements in carbon capture and storage technologies, improvements in efficiency, and scalability of CCS systems. Ongoing research and development efforts are focused on reducing the costs associated with CCS and enhancing the overall performance of the technology. Technological advancements will be instrumental in driving the growth of the CCS market.
Key Takeaways:
The Global Carbon Capture And Storage Market Size is expected to witness high growth, exhibiting a Compound Annual Growth Rate (CAGR) Of 10.6% between 2022 and 2030. This growth can be attributed to increasing environmental regulations and the need to reduce greenhouse gas emissions. Government incentives and funding are also driving market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the CCS market. This can be attributed to stringent emission regulations in the United States and Canada, along with the availability of extensive infrastructure for the deployment of CCS technology. The region’s high industrial activity and investment in research and development further contribute to its dominance in the CCS market.
Key players operating in the CCS market include Honeywell International Inc., Aker Solutions, Dakota Gasification Company, Exxon Mobil Corporation, Baker Hughes, Air Liquide, Fluor Corporation, General Electric, and Halliburton. These companies play a crucial role in the development and deployment of CCS technology globally. Their expertise, technological advancements, and financial capabilities position them as key players in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
