WASHINGTON, May 04, 2023 (GLOBE NEWSWIRE) -- Global Carbon Capture and Sequestration Market is valued at USD 2.1 Billion in 2022 and is projected to reach a value of USD 7.49 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 19.9% over the forecast period 2023-2030.
Market Overview
Due to growing environmental concerns and rising demand for CO2-EOR approaches, the Carbon Capture and Sequestration market is predicted to expand throughout the projected period. The market for Carbon Capture and Sequestration may be constrained in its growth, nevertheless, by the high expense of the process. On the other hand, over the projection period, the second-generation capturing techniques that enable commercial operations are projected to exhibit growth potential for the Carbon Capture and Sequestration market.
We forecast that the enhanced oil recovery (EOR) category in Carbon Capture and Sequestration market sales will account for more than 57% of the market share by 2030. The forecast for the EOR segment is expected to improve as a result of the rising demand for fossil fuels across numerous residential, commercial, and industrial operations and the abundance of low-pressure aging oil & gas deposits.
Get Access to Free Sample Research Report with Latest Industry Insights @ https://www.vantagemarketresearch.com/carbon-capture-and-sequestration-market-2102/request-sample
Market Dynamics
Collaborations Between Industry Participants for Large-Scale Projects to Drive Market Growth
Various market participants are focusing on collaborating to complete large-scale Carbon Capture and Sequestration facilities and commercialize the technology. The partnerships are also focused on assisting in collecting significant CAPEX required for new projects and the easy rollout of regional contracts to support project construction and operation. For example, in May 2020, CCS market leaders Total, Shell, and Equinor announced a USD 680 million investment in the first phase of the Northern Lights CCS project. The project's first stage will focus on developing infrastructure to inject, transport, and store 1.5 metric tonnes per annum (MTPA) of CO2.
Encouragement of Financial Plans by Governments and Organisations to Boost Market Growth
Many governments are investing significantly in creating novel substitutes to capture carbon effectively from various sources. The organizations also gather information about potential new sites for storing and using sequestered gases. They also support the creation of several carbon capture technologies. For instance, in July 2020, the US Department of Energy (DoE) announced a grant of USD 11.5 million for the FLExible Carbon Capture and Storage (FLECCS) project. The program intends to create new natural gas power generation systems and repair existing units with crucial Carbon Capture and Sequestration requirements.
Top Players in the Global Carbon Capture and Sequestration Market
- Fluor Corporation (U.S.)
- ExxonMobil (U.S.)
- Carbon Engineering Ltd. (Canada)
- ADNOC Group (UAE)
- Equinor (Norway)
- China National Petroleum Corporation (China)
- Dakota Gasification Company (U.S.)
- Shell (Netherlands)
- BP (UK)
- Chevron (U.S.)
- Linde (Ireland)
- Total (France)
- Aker Solutions (Norway)
- NRG Energy (U.S.)
Budget Limitation? Contact us for Special Discount and Pricing
Top Trends in Global Carbon Capture and Sequestration Market
- One trend that Vantage Market Research (VMR) expects to see in the Carbon Capture and Sequestration industry is a rising need for CO2 EOR projects or enhanced oil recovery. Around 65% of the total recoverable oil in place that was not produced through primary and secondary phases is recovered using the tertiary oil recovery technique known as enhanced oil recovery (EOR). The carbon capture and storage market is being driven by increased efforts to reduce the maximum levels of carbon dioxide produced by the production and use of fossil fuels.
- Another trend that VMR predicts will continue in the carbon capture, and sequestration industry is the implementation of strict regulations to reduce carbon footprints. Various countries have put out strict action plans to control climate change and reduce overall carbon emissions over the short and long terms. Serious efforts to track and reduce greenhouse gas (GHG) emissions from power plants are expected to increase market size further.
Top Report Findings
- The Enhanced Oil Recovery (EOR) category controls most of the Carbon Capture and Sequestration market's revenue based on end-use due to the significant storage capacity in both onshore and offshore deep geological formations.
- Based on the Capture Source, most of the Carbon Capture and Sequestration market's revenue is controlled by natural gas processing categories. The existence of large-scale manufacturing facilities and the rising need for energy are both responsible for this expansion. The development of new processing facilities is also driven by increased oil and gas production worldwide. Furthermore, it would aid in this market's expansion.
Buy this Premium Research Report with Discount | Immediate Delivery @ https://www.vantagemarketresearch.com/buy-now/carbon-capture-and-sequestration-market-2102/0
Recent Developments in the Global Carbon Capture and Sequestration Market
- October 2022: Carbon Engineering has begun front-end planning for Direct Air Capture facilities in Texas. This location is anticipated to make it easier to construct several DAC facilities with a combined annual removal capacity of about 30 million tons of CO2 for targeted sequestration.
- March 2022: CO2CRC and Santos collaborated with Korea Trade Insurance Corporation, SKE&S, and Korea-CCUS Association (K-CCUS) to implement carbon capture and storage (CCS) projects in Timor-Leste and Australia. Santos claims that these businesses have a memorandum of understanding (MOU) in place to work together to construct carbon capture and storage (CCS) facilities in Australia and surrounding areas.
- July 2021: Shell revealed its plans to build a sizable carbon capture and storage facility in Alberta, Canada. 300 million tonnes of carbon are expected to be stored at the plant's chemical and refinery facilities as CO2 over the course of its operation.
- June 2021: The first large-scale direct air capture (DAC) facility in the UK with a capacity of 0.5 to 1 MTPA was announced to be designed and engineered by Carbon engineering and Storegga together.
Natural Gas Processing Category of the Capture Source Segment of the Carbon Capture and Sequestration Market Expected to Generate a Considerable Proportion of the Total Segment Revenue
For better understanding, based on the Capture Source, the Carbon Capture and Sequestration market is divided into Chemicals, Natural Gas Processing, Power Generation, Fertilizers Production, and Other Capture Sources.
The Natural Gas Processing segment is expected to dominate the Carbon Capture and Sequestration market. More processing facilities will likely be built due to rising oil and gas output, assisting in the expansion of this industry. Furthermore, it is anticipated that high-capacity production facilities and rising energy consumption will change the face of the power generation industry.
On the other hand, it is anticipated that the Chemicals category will be the fastest growing category in the Carbon Capture and Sequestration market. The chemicals source segment is projected to grow due to the exponentially rising demand for diverse chemicals used to produce various raw materials and finished goods for various industries.
North America Region of the Global Carbon Capture and Sequestration Market Expected to Generate Closed to Half the Total Global Revenue
North America dominates the market throughout the projection period because there are numerous high-capacity Carbon Capture and Sequestration plants and large investments in research and development. The regional expansion has also benefited from funding programs launched by local governments. For instance, the U.S. Department of Energy (DoE) announced in June 2021 that it would provide USD 12 million in federal funding to support six research and development projects promoting direct air capture (DAC) technology to create new devices for effectively removing CO2 from the atmosphere.
The Asia Pacific is expected to be the fastest growing region in the Carbon Capture and Sequestration market. The size of the sector in the Asia Pacific is expected to increase due to numerous large-scale projects in the early stages of development and feasibility studies across nations like Australia and China. Furthermore, the regional environment is expected to benefit from high-volume storage locations, primarily across subsea oil and gas reservoirs, with EOR operations and supportive government initiatives.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Carbon Capture and Sequestration Market Forecast Report (2023-2030).
Global Carbon Capture and Sequestration Market Segmentation
By End-Use
- Enhanced Oil Recovery (EOR)
- Dedicated Storage & Treatment
By Capture Source
- Chemicals
- Natural Gas Processing
- Power Generation
- Fertilizers Production
- Other Capture Sources
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Read Full Report with TOC @ https://www.vantagemarketresearch.com/industry-report/carbon-capture-and-sequestration-market-2102
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 2.1 Billion |
| Revenue Forecast by 2030 | USD 7.49 Billion |
| CAGR | 19.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Fluor Corporation, Exxon Mobil, Carbon Engineering Ltd., ADNOC Group, Equinor, China National Petroleum Corporation, Dakota Gasification Company, Shell, BP, Chevron, Linde, Total, Aker Solutions, NRG Energy |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/carbon-capture-and-sequestration-market-2102/request-sample |
Key Questions Answered in the Carbon Capture and Sequestration Market Report are:
- What is the current status of the global carbon capture and sequestration market, and what are the major trends and drivers shaping its growth?
- What are the various types of carbon capture and sequestration technologies available in the market, and what are their respective strengths and limitations?
- Who are the leading players in the carbon capture and sequestration market, and what are their market shares and competitive strategies?
- What are the regulatory frameworks and policies governing the carbon capture and sequestration market, and how are they likely to evolve in the future?
- What are the major challenges and opportunities facing the carbon capture and sequestration market, and how can stakeholders overcome these challenges and leverage these opportunities to drive growth and innovation?
- What is the market outlook for the carbon capture and sequestration market, and what are the key factors that are likely to influence its future growth and development?
Browse More Reports from Vantage Library:
- Petrochemical Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/petrochemical-market-1956
- Waste Oil Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/waste-oil-market-1943
- Hydraulic Fracturing Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/hydraulic-fracturing-market-1645
- Oilfield Services Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/oilfield-services-market-1387
- Floating Production Systems Market Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/floating-production-systems-market-0991
- Floating Production Storage and Offloading Market Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/floating-production-storage-and-offloading-market-0990
About Vantage Market Research:
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies.
Follow Us on: LinkedIn | Twitter | Facebook | YouTube
Contact us
Eric Kunz
6218 Georgia Avenue NW Ste 1 - 564
Washington DC 20011-5125
United States Tel: +1 202 380 9727
Email: sales@vantagemarketresearch.com
Website:
https://www.vantagemarketresearch.com/
Latest Vantage Market Research Press Releases
Latest Vantage Market Research Blog
Vantage Market Research All Reports
Blog:
