Carbon Capture & Storage Market by Service, Technology, End-Use Industry

Description

List of Tables

[188 Pages Report] The Carbon Capture & Storage Market size was estimated at USD 3.04 billion in 2023 and expected to reach USD 3.45 billion in 2024, at a CAGR 16.44% to reach USD 8.84 billion by 2030.

Carbon capture and storage (CCS) is a technology-focused approach designed to reduce carbon dioxide (CO2) emissions, mitigate climate change, and address environmental concerns. It involves three primary steps such as capturing CO2 produced by industrial activities or power generation, transporting the captured CO2 to a storage location, usually through pipelines, and securely storing it underground in geological formations or using it in various industrial processes to ensure that it does not enter the atmosphere. Several key factors have contributed to the progress of the CCS market, including stringent global climate policies, increasing investments in low-carbon technologies, and the rising awareness of the urgent need to address climate change. Furthermore, financial incentives and support from governments worldwide act as catalysts for the deployment of CCS solutions. However, the high initial cost of deployment of CCS solutions, technical complexities, and lack of adequate skilled personnel for managing the CCS solutions presents significant hurdles. Moreover, the limited availability of suitable geological storage sites in certain regions poses additional constraints. However, key players are exploring the integration of advanced technologies such as AI/ML, real-time data analytics, and robotics strategies to overcome technical constraints and performance limitations. The ever-increasing demand for sustainable solutions across industries presents significant opportunities within the CCS market. Advances in carbon utilization technologies, which convert captured CO2 into useful products, open up new avenues for growth. Additionally, the potential for CCS to play a key role in hydrogen production and other low-carbon energy systems further expands its market prospects.

KEY MARKET STATISTICS
Base Year [2023]	USD 3.04 billion
Estimated Year [2024]	USD 3.45 billion
Forecast Year [2030]	USD 8.84 billion
CAGR (%)	16.44%

Technology: Emerging usage of post-combustion capture due to its compatibility with existing infrastructure

Oxy-fuel combustion involves burning fossil fuels in oxygen, resulting in a flue gas that primarily consists of CO2 and water vapor. This makes CO2 separation easier, and the technology is particularly suited for applications where retrofitting is challenging or not possible. Oxy-fuel combustion is preferred in industries where high-purity CO2 is required for use in other processes or where sequestration options are nearby, minimizing transport needs. Post-combustion captures CO2 from flue gases after combustion has taken place. This method is highly adaptable to existing systems, making it a viable choice for retrofitting older power plants and industrial facilities. It is ideal for facilities looking to add CCS capabilities without altering existing combustion processes. It is also the technology of choice for its flexibility and scalability. Pre-combustion involves converting fossil fuels into a gas mixture containing hydrogen and carbon dioxide before combustion. The CO2 is then separated and captured from this mixture. This technology is preferred for new plants or major refurbishments, especially where hydrogen production is a bonus output for the energy or transportation sector.

End-Use Industry: Growing need to manage fuel emissions and control the carbon footprint in coal & biomass power plants

CCS application in the chemical industry primarily focuses on reducing the carbon footprint from extensive manufacturing processes. These include ammonia, ethylene, and methanol production, which are significant CO2 emitters. The need for CCS in this sector is driven by regulatory pressures and sustainability goals. For coal and biomass power plants, CCS is vital in addressing emissions from one of the largest sources of carbon pollution globally. These facilities have a pronounced need for CCS to comply with environmental regulations and to transition towards cleaner energy production. The iron and steel industry is responsible for a substantial fraction of industrial CO2 emissions due to the energy-intensive nature of iron and steel production. CCS applications in the iron and steel industry are focused on capturing emissions from blast furnaces and directly reducing iron processes. The need here arises from a mix of regulatory compliance and the shift towards green steel. In the oil and gas sector, CCS is crucial for both emission reduction and enhanced oil recovery (EOR) processes. The industry's investment in CCS is driven by the dual need to mitigate environmental impacts and improve oil recovery rates.

Regional Insights

The Americas region, particularly the U.S. and Canada, features a robust technological architecture and a strong energy infrastructure supported by government backing, which has created a beneficial ground for the progress and growth of carbon capture and storage technologies. The U.S. emerges as a significant presence in the CCS sector, driven by significant investments, supportive government policies, and pioneering research institutions promoting carbon capture strategies. The 45Q tax credit, aiming to incentivize carbon capture, has enhanced the economic viability of CCS projects. Consumer needs in the Americas region largely revolve around integrating CCS within existing industries to achieve compliance with stringent environmental regulations. The European Union's Green Deal and ambitious emission reduction targets position the region as a proactive adopter of CCS. Consumer needs are focused on aligning industrial processes with climate goals, making CCS an integral component of the EU's energy strategy. Ongoing initiatives emphasize cross-border CO2 transport and storage networks to facilitate regional cooperation. APAC region showcases an evolving awareness of the significance of achieving carbon neutrality, and several government initiatives backing carbon capture and storage technologies have emerged. Various manufacturing industries in China have initiated initiatives to reduce their carbon footprint by adopting CSS. The integration of CCS in heavy industries and power plants is a key consumer need, driven by both regulatory measures and the strategic desire to lead in green technology innovation. Japan focuses on technological robustness and international collaborations in CCS to compensate for its limited geological storage capacities. Its strategic investments in hydrogen and ammonia co-firing power plants with CCS signify a unique market direction aimed at clean energy transitions.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Carbon Capture & Storage Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Carbon Capture & Storage Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Carbon Capture & Storage Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aker Solutions ASA, Aramco, ArcelorMittal S.A., Baker Hughes Company, Carbfix hf., Carbon Clean Solutions Limited, Carbon Engineering Ltd., Chevron Corporation, Climeworks AG, EPCM Holdings, Exxon Mobil Corporation, Fluor Corporation, General Electric Company, Halliburton Energy Services, Inc., Hitachi, Ltd., Honeywell International Inc., Japan Petroleum Exploration Co., Ltd., LanzaTech, Inc., Linde PLC, MAN Energy Solutions SE, Mitsubishi Heavy Industries, Ltd., PTT PLC, SAIPEM SpA, Santos Ltd., Schlumberger NV, Shell PLC, Siemens AG, Technip Energies N.V., and TotalEnergies SE.

Market Segmentation & Coverage

This research report categorizes the Carbon Capture & Storage Market to forecast the revenues and analyze trends in each of the following sub-markets:

Service
- Capture
- Storage

Technology
- Oxy-Fuel Combustion
- Post-Combustion
- Pre-Combustion

End-Use Industry
- Chemicals
- Coal & Biomass Power Plant
- Iron & Steel
- Oil & Gas

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Carbon Capture & Storage Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Carbon Capture & Storage Market?

3. What are the technology trends and regulatory frameworks in the Carbon Capture & Storage Market?

4. What is the market share of the leading vendors in the Carbon Capture & Storage Market?

5. Which modes and strategic moves are suitable for entering the Carbon Capture & Storage Market?

Product Code: MRR-0D217D5AD2F3

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing awareness about the need to manage fuel emissions released by industrial processes
  - 5.1.1.2. Government initiatives to promote carbon capture, storage, and utilization technologies
  - 5.1.1.3. Expansion of smart cities across the world and adoption of renewable energy resources for carbon capture and storage
- 5.1.2. Restraints
  - 5.1.2.1. Technological complexities and lack of skilled personnel
- 5.1.3. Opportunities
  - 5.1.3.1. Rising development of the advanced carbon capture & storage techniques
  - 5.1.3.2. Growing oil & gas exploration & production activities
- 5.1.4. Challenges
  - 5.1.4.1. Technical issues and safety concerns
5.2. Market Segmentation Analysis
- 5.2.1. Technology: Emerging usage of post-combustion capture due to its compatibility with existing infrastructure
- 5.2.2. End-Use Industry: Growing need to manage fuel emissions and control the carbon footprint in coal & biomass power plants
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Carbon Capture & Storage Market, by Service

6.1. Introduction
6.2. Capture
6.3. Storage

7. Carbon Capture & Storage Market, by Technology

7.1. Introduction
7.2. Oxy-Fuel Combustion
7.3. Post-Combustion
7.4. Pre-Combustion

8. Carbon Capture & Storage Market, by End-Use Industry

8.1. Introduction
8.2. Chemicals
8.3. Coal & Biomass Power Plant
8.4. Iron & Steel
8.5. Oil & Gas

9. Americas Carbon Capture & Storage Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Carbon Capture & Storage Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Carbon Capture & Storage Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. ExxonMobil Breaks Ground on Texas Carbon Dioxide Storage Project
- 12.3.2. Eni and Snam Unveil Carbon Capture and Storage Project in Italy
- 12.3.3. Aker Carbon Capture and Aramco to Explore Partnership Opportunities to Deploy CCUS Modular Solutions in Saudi Arabia
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio