The carbon capture and sequestration market is anticipated to be valued at US$ 4.2 billion in 2024. The carbon capture and sequestration is predicted to rise at a staggering CAGR of 20.1% from 2024 to 2034. The global market is anticipated to reach US$ 26.1 billion by 2034.
| Attributes | Key Insights |
|---|---|
| Estimated Market Size in 2024 | US$ 4.2 billion |
| Projected Market Value in 2034 | US$ 26.1 billion |
| Value-based CAGR from 2024 to 2034 | 20.1% |
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From 2019 to 2023, the carbon capture and sequestration (CSS) market experienced a remarkable CAGR of 24.2%. This substantial growth can be attributed to several factors, including increasing awareness of climate change, stringent environmental regulations, and growing investments in low-carbon technologies.
Governments and industries worldwide have been increasingly focused on reducing greenhouse gas emissions, driving the adoption of CCS solutions as a key mitigation strategy. Advancements in CCS technologies, supportive government policies, and financial incentives have further propelled market growth during this period.
Looking ahead to the forecasted period of 2024 to 2034, the CCS market is anticipated to grow at a robust CAGR of 20.1%. Despite the slightly moderated growth rate compared to the historical period, this forecasted growth indicates sustained momentum in adopting CCS technologies.
Factors such as continued regulatory support, advancements in capture and storage technologies, and increasing investments in carbon mitigation efforts are expected to drive market expansion during the forecast period. Furthermore, as the global focus on combating climate change intensifies, the demand for CCS solutions is likely to remain strong, positioning the market for continued growth in the coming years.
| Historical CAGR from 2019 to 2023 | 24.2% |
|---|---|
| Forecast CAGR from 2024 to 2034 | 20.1% |
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The provided table highlights the top five countries in terms of revenue, with South Korea leading the list.
South Korea has invested substantially in developing advanced CCS technologies, driven by its commitment to combating climate change and reducing greenhouse gas emissions.
The robust technological capabilities, government support, and collaboration with leading industry players have enabled South Korea to develop cutting-edge CCS solutions and establish itself as a global leader in carbon capture initiatives.
| Countries | Forecast CAGRs from 2024 to 2034 |
|---|---|
| The United States | 20.4% |
| China | 21% |
| Japan | 21.4% |
| South Korea | 22.6% |
| The United Kingdom | 21.8% |
The carbon capture and sequestration (CCS) market growth in the United States is primarily utilized across various sectors, including power generation, oil and gas, and industrial manufacturing. CCS technologies are deployed in coal-fired power plants and natural gas facilities to capture carbon dioxide emissions, reducing their environmental impact.
CCS is used in industrial processes such as cement production and steel manufacturing to mitigate greenhouse gas emissions. The United States also invests in CCS projects for enhanced oil recovery (EOR) and carbon utilization initiatives, contributing to the growth of the market.
The CCS market in China is predominantly utilized in the power generation and industrial sectors, where coal-fired power plants and heavy industries account for significant carbon emissions. CCS technologies are deployed to capture CO2 emissions from coal-fired power plants and industrial facilities, helping China reduce its carbon footprint and meet emission reduction targets.
China invests in CCS projects for carbon utilization applications such as enhanced oil recovery (EOR) and chemical manufacturing, contributing to the expansion of the CCS market.
In Japan, the CCS market is primarily used in the power generation and industrial sectors. CCS technologies are deployed to capture CO2 emissions from coal-fired power plants, natural gas facilities, and industrial processes.
Committing to reducing greenhouse gas emissions and transitioning to a low-carbon economy drives investment in CCS projects and research initiatives. Japan explores CCS applications for carbon utilization, including EOR and chemical synthesis, further enhancing the utilization of CCS technologies in the country.
The CCS market is majorly utilized in the power generation, industrial, and transportation sectors. CCS technologies are deployed in coal-fired power plants, steel manufacturing facilities, and petrochemical industries to capture CO2 emissions and reduce environmental impact.
The strong focus on technological innovation and sustainability drives investment in CCS projects and research initiatives. South Korea explores CCS applications for carbon utilization in EOR and chemical synthesis, contributing to the growth of the CCS market in the country.
In the United Kingdom, the CCS market is predominantly utilized in the power generation and industrial sectors. CCS technologies are deployed to capture CO2 emissions from coal-fired power plants, natural gas facilities, and industrial processes.
Committing to decarbonization and achieving net-zero emissions targets drives investment in CCS projects and research initiatives. The United Kingdom explores CCS applications for carbon utilization in EOR, hydrogen production, and chemical synthesis, further enhancing the utilization of CCS technologies in the country.
The below section shows the leading segment. On the basis of end-use, enhanced oil recovery is anticipated to expand at 19.8% CAGR by 2034. Based on the capture source, the chemicals segment is projected to expand at 19.5% CAGR by 2034.
With conventional oil reserves depleting and global energy demand rising, there is a growing emphasis on maximizing the recovery of remaining oil reserves. Chemical manufacturing processes are significant sources of CO2 emissions, making the industry a prime target for CCS implementation.
| Category | CAGR from 2024 to 2034 |
|---|---|
| Enhanced Oil Recovery | 19.8% |
| Chemicals | 19.5% |
Enhanced oil recovery (EOR) is a leading carbon capture and sequestration (CCS) market segment. EOR involves injecting the carbon dioxide captured into oil reservoirs to increase oil production and extend the life of mature oil fields.
The anticipated expansion at a CAGR of 19.8% by 2034 reflects the growing adoption of CCS technologies for EOR applications globally. The growth in this segment is driven by factors such as the increasing demand for oil, the need for cost-effective production methods, and government incentives supporting CCS-EOR projects.
Within the capture source segment of the CCS market, the chemicals industry emerges as a leading segment. Chemical plants and refineries are significant sources of CO2 emissions, making them prime candidates for CCS implementation.
The projected expansion at a CAGR of 19.5% by 2034 underscores the growing demand for CCS solutions in the chemicals sector to reduce carbon emissions and comply with regulatory requirements.
The growth is fueled by stringent environmental regulations, corporate sustainability initiatives, and technological advancements in carbon capture technologies tailored for chemical processes.
The competitive landscape of the carbon capture and sequestration (CCS) market dynamics is characterized by key players such as ExxonMobil, Shell, and Chevron, alongside emerging companies like Carbon Engineering and Climeworks.
The industry leaders leverage extensive Research and Development investments, strategic partnerships, and technological expertise to drive innovation and market expansion.
Regional players and startups contribute to market competitiveness, offering niche solutions and driving price competition. Collaboration between governments, industries, and research institutions further intensifies competition, fostering innovation and market growth.
Key Industry Developments
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | US$ 4.2 billion |
| Projected Market Valuation in 2034 | US$ 26.1 billion |
| Value-based CAGR 2024 to 2034 | 20.1% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in US$ billion |
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
|
| Key Companies Profiled |
|
As of 2024, the market for global carbon capture and sequestration is expected to be valued at US$ 4.2 billion.
By 2034, the market value of global carbon capture and sequestration is expected to reach US$ 26.1 billion.
From 2024 to 2034, the global carbon capture and sequestration market is expected to flourish at a CAGR of 20.1%
The chemical segment is anticipated to register at a CAGR of 19.5% by 2034.
South Korea is likely the top-performing market, with a CAGR of 22.6%.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
4.1. Historical Market Size Value (US$ Million) Analysis, 2019 to 2023
4.2. Current and Future Market Size Value (US$ Million) Projections, 2024 to 2034
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Capture Source
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Capture Source, 2019 to 2023
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Capture Source, 2024 to 2034
5.3.1. Chemicals
5.3.2. Natural Gas Processing
5.3.3. Power Generation
5.3.4. Fertilizers Production
5.3.5. Others
5.4. Y-o-Y Growth Trend Analysis By Capture Source, 2019 to 2023
5.5. Absolute $ Opportunity Analysis By Capture Source, 2024 to 2034
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-Use
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By End-Use, 2019 to 2023
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End-Use, 2024 to 2034
6.3.1. Enhanced Oil Recovery (EOR)
6.3.2. Dedicated Storage & Treatment
6.4. Y-o-Y Growth Trend Analysis By End-Use, 2019 to 2023
6.5. Absolute $ Opportunity Analysis By End-Use, 2024 to 2034
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2019 to 2023
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2024 to 2034
7.3.1. North America
7.3.2. Latin America
7.3.3. Western Europe
7.3.4. Eastern Europe
7.3.5. South Asia and Pacific
7.3.6. East Asia
7.3.7. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Capture Source
8.2.3. By End-Use
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Capture Source
8.3.3. By End-Use
8.4. Key Takeaways
9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Capture Source
9.2.3. By End-Use
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Capture Source
9.3.3. By End-Use
9.4. Key Takeaways
10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. UK
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Western Europe
10.2.2. By Capture Source
10.2.3. By End-Use
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Capture Source
10.3.3. By End-Use
10.4. Key Takeaways
11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
11.2.1. By Country
11.2.1.1. Poland
11.2.1.2. Russia
11.2.1.3. Czech Republic
11.2.1.4. Romania
11.2.1.5. Rest of Eastern Europe
11.2.2. By Capture Source
11.2.3. By End-Use
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Capture Source
11.3.3. By End-Use
11.4. Key Takeaways
12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Bangladesh
12.2.1.3. Australia
12.2.1.4. New Zealand
12.2.1.5. Rest of South Asia and Pacific
12.2.2. By Capture Source
12.2.3. By End-Use
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Capture Source
12.3.3. By End-Use
12.4. Key Takeaways
13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Capture Source
13.2.3. By End-Use
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Capture Source
13.3.3. By End-Use
13.4. Key Takeaways
14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Capture Source
14.2.3. By End-Use
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Capture Source
14.3.3. By End-Use
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2023
15.1.2.1. By Capture Source
15.1.2.2. By End-Use
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2023
15.2.2.1. By Capture Source
15.2.2.2. By End-Use
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2023
15.3.2.1. By Capture Source
15.3.2.2. By End-Use
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2023
15.4.2.1. By Capture Source
15.4.2.2. By End-Use
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2023
15.5.2.1. By Capture Source
15.5.2.2. By End-Use
15.6. UK
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2023
15.6.2.1. By Capture Source
15.6.2.2. By End-Use
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2023
15.7.2.1. By Capture Source
15.7.2.2. By End-Use
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2023
15.8.2.1. By Capture Source
15.8.2.2. By End-Use
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2023
15.9.2.1. By Capture Source
15.9.2.2. By End-Use
15.10. Poland
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2023
15.10.2.1. By Capture Source
15.10.2.2. By End-Use
15.11. Russia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2023
15.11.2.1. By Capture Source
15.11.2.2. By End-Use
15.12. Czech Republic
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2023
15.12.2.1. By Capture Source
15.12.2.2. By End-Use
15.13. Romania
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2023
15.13.2.1. By Capture Source
15.13.2.2. By End-Use
15.14. India
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2023
15.14.2.1. By Capture Source
15.14.2.2. By End-Use
15.15. Bangladesh
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2023
15.15.2.1. By Capture Source
15.15.2.2. By End-Use
15.16. Australia
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2023
15.16.2.1. By Capture Source
15.16.2.2. By End-Use
15.17. New Zealand
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2023
15.17.2.1. By Capture Source
15.17.2.2. By End-Use
15.18. China
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2023
15.18.2.1. By Capture Source
15.18.2.2. By End-Use
15.19. Japan
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2023
15.19.2.1. By Capture Source
15.19.2.2. By End-Use
15.20. South Korea
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2023
15.20.2.1. By Capture Source
15.20.2.2. By End-Use
15.21. GCC Countries
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2023
15.21.2.1. By Capture Source
15.21.2.2. By End-Use
15.22. South Africa
15.22.1. Pricing Analysis
15.22.2. Market Share Analysis, 2023
15.22.2.1. By Capture Source
15.22.2.2. By End-Use
15.23. Israel
15.23.1. Pricing Analysis
15.23.2. Market Share Analysis, 2023
15.23.2.1. By Capture Source
15.23.2.2. By End-Use
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Capture Source
16.3.3. By End-Use
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. Fluor Corporation (USA)
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. ExxonMobil (USA)
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. Carbon Engineering Ltd. (Canada)
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. ADNOC Group (UAE)
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Equinor (Norway)
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. China National Petroleum Corporation (China)
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. Dakota Gasification Company (USA)
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. Shell (Netherlands)
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. BP (UK)
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. Chevron (USA)
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
17.1.11. Linde (Ireland)
17.1.11.1. Overview
17.1.11.2. Product Portfolio
17.1.11.3. Profitability by Market Segments
17.1.11.4. Sales Footprint
17.1.11.5. Strategy Overview
17.1.11.5.1. Marketing Strategy
17.1.12. Total (France)
17.1.12.1. Overview
17.1.12.2. Product Portfolio
17.1.12.3. Profitability by Market Segments
17.1.12.4. Sales Footprint
17.1.12.5. Strategy Overview
17.1.12.5.1. Marketing Strategy
17.1.13. Aker Solutions (Norway)
17.1.13.1. Overview
17.1.13.2. Product Portfolio
17.1.13.3. Profitability by Market Segments
17.1.13.4. Sales Footprint
17.1.13.5. Strategy Overview
17.1.13.5.1. Marketing Strategy
17.1.14. NRG Energy (USA)
17.1.14.1. Overview
17.1.14.2. Product Portfolio
17.1.14.3. Profitability by Market Segments
17.1.14.4. Sales Footprint
17.1.14.5. Strategy Overview
17.1.14.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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Carbon Capture and Sequestration Market
