The global carbon capture and storage market size is expected to reach USD 23,299.8 million by 2032, according to a new study by Polaris Market Research. The report “Carbon Capture and Storage Market Share, Size, Trends, Industry Analysis Report, By Capture Type (Pre-combustion, Industrial separation, Oxyfuel-combustion, Post-combustion); By Application; By Region, And Segment Forecasts, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market is expected to experience growth over the forecast period, driven by increasing government regulations on greenhouse gas (GHG) emissions and a growing awareness of climate change issues among industries emitting CO2. This regulatory environment encourages companies to adopt measures that mitigate their carbon footprint and reduce emissions. Furthermore, there is a rising emphasis on using sustainable resources such as wind and water to generate energy. This shift towards renewable energy sources helps reduce reliance on fossil fuels and contributes to a more sustainable and environmentally friendly energy sector.
North America is anticipated to dominate the market share in the forecast period, driven by growing energy demand and government efforts to reduce CO2 emissions. The region's focus on technology storage development and the presence of major industry players will further contribute to this trend. Additionally, developed economies in North America are expected to drive the demand for storage products in the coming years.
These companies are actively investing in research and development and implementing strategies to strengthen their presence in the industry. For example, in November 2020, Baker Hughes announced its acquisition of Compact Carbon Capture, a prominent technology design company specializing in CO2 capture technologies. Baker Hughes aims to contribute to global decarbonization efforts by providing innovative solutions for reducing CO2 emissions in CO2-intensive sectors like oil and gas.
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Carbon capture and storage (CCS) technology is crucial in mitigating global climate change by reducing carbon emissions. This technology captures CO2 emissions from electricity generation or industrial processes such as iron or concrete production. The captured CO2 is then transported and stored, preventing its release into the atmosphere.
The COVID-19 pandemic had a limited impact on the market's growth. It caused global lockdowns and trade restrictions due to temporary halts and delays in industrial activities and carbon capture and storage projects. However, as regulations and trade restrictions are gradually eased, the carbon capture and storage market is expected to experience significant growth over the forecast period.
Carbon Capture and Storage Market Report Highlights
Polaris Market Research has segmented carbon capture and storage market report based on capture type, application, and region:
Carbon Capture and Storage, Capture Type Outlook (Revenue - USD Million, 2019-2032)
Carbon Capture and Storage, Application Outlook (Revenue - USD Million, 2019-2032)
Carbon Capture and Storage, Regional Outlook (Revenue - USD Million, 2019-2032)
Report Attributes |
Details |
Market size value in 2024 |
USD 8260.74 million |
Revenue forecast in 2032 |
USD 23,299.8 million |
CAGR |
11.5% from 2024 - 2032 |
Base year |
2023 |
Historical data |
2019 - 2022 |
Forecast period |
2024 - 2032 |
Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
Segments covered |
By capture type, application, By Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Key companies |
Cansolv Technologies Inc, AkerSolutions, Chevron Corporation, Exxon Mobil, Fluor, Dakota Gasification Company, General Electric, HTC CO2 Systems Corp, Halliburton, Japan CCS Co., Ltd., Sulzer, Maersk Oil, Linde, Mitsubishi Heavy Industries, Schlumberger Limited, NRG Energy, Shell CANSOLV, Statoil, and Siemens AG |
For Specific Research Requirements |