SAN FRANCISCO, Aug. 11, 2022 /PRNewswire/ -- The global carbon capture and storage market size is expected to reach USD 5.35 Billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.8% from 2022 to 2030. Increasing concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of carbon capture and storage (CCS) technology. Various governments are encouraging the implementation of technology through pilot projects across various industries due to the ability of carbon capture & storage technology to serve as a large-scale solution for achieving the high CO2 emission reduction targets and climate control goals.
Key Industry Insights & Findings from the report:
- In terms of revenue, the pre-combustion segment accounted for a prominent share in the market in 2021 and is further expected to witness steady growth over the forecast period.
- As of 2021, North America accounted for about 36.63% revenue share in the overall market. The presence of a well-established manufacturing base for Carbon Capture and Storage in Europe, Asia, and many other developing countries, along with the increasing concern for the environment around the world is expected to increase the regional market growth.
- Various strategic initiatives were recorded over the past few years to boost the growth of the market. For instance, in January 2019, Aker Solutions secured a contract for a carbon capture and storage project, which was initiated by Equinor in partnership with Shell and Total, to develop the world's first storage facility capable of receiving CO2 from various industrial sources. The project, known as The Northern Lights project, consists of a CO2 receiving terminal, an offshore pipeline, injection, and CO2 storage.
Read 220 page full market research report, "Carbon Capture And Storage Market Size, Share & Trends Analysis Report By Application (Power Generation, Oil & Gas, Metal Production, Cement), By Capture Technology (Pre-combustion, Industrial Process), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Carbon Capture And Storage Market Growth & Trends
The pre-combustion segment led the market in 2021. The pre-combustion segment was the dominant segment in 2021. However, the post-combustion segment is anticipated to take over in the forecast period by a small margin. Post-combustion carbon dioxide capture technology removes the diluted CO2 from the flue gases which are produced after the combustion of fossil fuels.
In application, the power generation segment accounted for the largest revenue share of more than 40% in 2021. Coal-fired power plants are the most dominant emitters of carbon dioxide. Due to imposed restrictions on power plants, the utilization of CCS facilities has become mandatory to reduce carbon emissions up to the required standards. Adoption of these technologies is essential, to potentially permit the continued use of coal resources for power generation, whilst reducing CO2 emissions.
Carbon dioxide is increasingly being used for crop growth enhancement inside closed greenhouses; as well as applications in the fields, for growth enhancement. It is commonly used compressed gases for pneumatic systems (pressurized gas) in portable pressure tools that are ubiquitous in the construction industry. Carbon dioxide is also used to create dry ice pellets which can be used to replace sandblasting for removing paint from surfaces.
The market is anticipated to have a steady growth in the medical segment. Carbon dioxide is used in surgeries, such as arthroscopy laparoscopy, and endoscopy, to stabilize body cavities and enlarge the surgical surface area. It is also used to maintain the cryotherapy temperatures of approximately -76-degree Celsius.
Carbon Capture And Storage Market Segmentation
Grand View Research has segmented the carbon capture and storage market based on capture technology, application, and region:
Carbon Capture and Storage Market - Capture Technology Outlook (Revenue, USD Million; Volume, Kilo Tons, 2019 - 2030)
- Industrial Process
Carbon Capture and Storage Market - Application Outlook (Revenue, USD Million; Volume, Kilo Tons, 2019 - 2030)
- Power generation
- Oil & Gas
- Metal production
Carbon Capture and Storage Market - Regional Outlook (Revenue, USD Million; Volume, Kilo Tons, 2019 - 2030)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players of Carbon Capture and Storage Market
- Aker Solutions
- Dakota Gasification Company
- Equinor ASA
- Fluor Corporation
- Linde plc
- Maersk Oil
- Mitsubishi Heavy Industries Ltd.
- Royal Dutch Shell PLC
- Siemens AG
- Sulzer Ltd.
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Browse through Grand View Research's Distribution & Utilities Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.