Newark, Aug. 14, 2024 (GLOBE NEWSWIRE) -- According to a study by The Brainy Insights, the global carbon capture and storage market is projected to grow from USD 3.23 billion in 2023, with a CAGR of 15.33% during the 2024-2033 forecast period. North America emerged as the most significant global carbon capture and storage market, with a 38.55% market revenue share in 2023. The European Union's financial initiatives aim to boost major CCS project development and research into carbon capture and storage technologies in the region.
Get a Free Sample Research Report: https://www.thebrainyinsights.com/enquiry/sample-request/13503
Carbon capture and storage technology has emerged as awareness of carbon emissions' harmful environmental impacts has grown. Many governments are supporting its adoption through pilot projects across industries, as the technology has the potential for large-scale application in meeting challenging CO2 emission reduction targets and climate management goals.
Key industry players include Aker Solutions, Dakota Gasification Company, Siemens Energy, Sulzer Ltd., Japan CCS Co., Ltd., LanzaTech, Shell PLC, Linde plc, Mitsubishi Heavy Industries, Equinor ASA, Carbon Engineering Ltd., and Fluor Corporation. These companies are focusing on new product development and venture capital investments to expand their market share.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 15.33% |
| Market Size in 2023 | USD 3.23 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Capture Technology, Application, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Carbon Capture and Storage Market Growth Drivers | The rise in investments and technological advancements |
Browse Detailed Summary of Research Report with TOC: https://www.thebrainyinsights.com/report/carbon-capture-and-storage-market-13503
Market Dynamics in the Carbon Capture and Storage (CCS) Sector
Driver: Increased Investments and Technological Advancements
Recent years have seen a surge in financial investments dedicated to the research and development of advanced carbon capture technologies. Government initiatives promoting CCS technology are also on the rise, spurring industrial growth. Both public and private sectors are channeling significant resources into the development and dissemination of low-carbon technologies. These efforts are aimed at reducing carbon prices and safeguarding the environment, making CCS a critical component of future energy strategies.
Opportunity: Growing Need for Carbon Capture and Storage
Stringent environmental regulations have heightened the demand for carbon capture and storage. The primary fuels currently in use, such as natural gas, petrol, diesel, and petroleum products, have a detrimental impact on the environment during their exploration and production. However, natural gas is increasingly viewed as a sustainable alternative, as it reduces carbon emissions, mitigates global warming, and lowers greenhouse gas emissions. Governments worldwide are implementing various rules and regulations to minimize the risks associated with petrol and diesel use and promote the adoption of natural gas. Countries with significant natural gas reserves are recognizing the benefits of CCS in reducing carbon emissions.
Challenge: Safety Concerns with Storage Techniques and Locations
One of the major challenges in the CCS sector is the risk of carbon dioxide leakage when stored underground. Such leaks can lead to cryogenic fires, water pollution, soil acidification, and groundwater contamination. Selecting appropriate storage sites is crucial to assess the risks and prevent leakage. After CO2 is injected underground, it may escape through geological structures, such as rock fissures, or through poorly constructed wells. Issues like well blowouts and ongoing CO2 leakage from both active and inactive wells are also concerns. Continuous leakage often results from poor well construction, including cement degradation, casing failures, and inadequate pressure control. Although rare, well blowouts can lead to rapid CO2 leakage, causing serious environmental damage and posing risks to human and animal life.
The global carbon capture and storage market is segmented by capture technology, application, and region. Capture technology is divided into industrial process, post-combustion, pre-combustion, and oxy-combustion. The pre-combustion segment dominated, with a market share of around 28.33% in 2023. Pre-combustion CO2 capture using Acid Gas Removal (AGR) and water gas shift reaction has seen widespread commercial use. This pressure-based capture method uses 20% less energy than current PCC technology for 90% CO2 capture. The application segment includes oil & gas, cement, power generation, metal production, and others. Power generation dominated with a 24.31% market share in 2023. Coal-fired power plants are the main carbon dioxide emitters. CCS facilities have become crucial for reducing carbon emissions to meet power plant restrictions. Multiple technologies must be implemented to continue using coal for energy while cutting CO2 emissions. Upgrading CCS facilities can also maintain existing power plant efficiency. These factors are expected to drive CCS technology adoption in the power generation sector during the forecast period.
Ask for Customization: https://www.thebrainyinsights.com/enquiry/request-customization/13503
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: www.thebrainyinsights.com
