The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Carbon Capture & Storage Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.

In-Depth Market Overview of Carbon Capture & Storage Industry (2021-2026):

According to the latest report, The Carbon Capture & Storage Market size is valued at USD 4.3 billion in 2024 and is projected to reach USD 12.9 billion in 2030. Along with this, the market is estimated to grow at a CAGR of around 24.0% during the forecast period. The report demonstrates the prominent factors propelling the exponential growth of the Carbon Capture & Storage industry.

Key Takeaways: Beneficial for Stakeholders and Clients:

• Historical Data: 2016-19
• Base Year: 2020
• Forecast Period: 2021-26
• CAGR – 24.0%

What are the major Driver the Carbon Capture & Storage industry?

Increasing Incorporation of CO2 in Enhanced Oil Recovery (EOR) Applications Proliferating Global Carbon Capture & Storage Market – Growing global demand for energy, coupled with declining production from mature oil fields, is driving the adoption of Enhanced Oil Recovery as a means of extending the life of oil reservoirs. The EOR technology efficiently utilizes the captured carbon to increase oil production. The captured CO2 when put in the oil reservoirs, efficiently works as a catalyst to boost the oil production. Owing to this, governments and industries around the world are recognizing the role of EOR in energy security and also fulfilling the climate objectives of emission reduction which is driving investment in the field of carbon capture and storage. For Instance,

In 2023, The U.S. Department of Energy (DOE) awarded up to USD17.2 million of investment to assess the ability to design unconventional oil resources in an integrated system that incorporates the use of captured carbon dioxide (CO2) emission for oil recovery using residual oil, termed as CO2-Enhanced Oil Recovery.

According to the Global CCS Institute, there were around 220 commercial-scale CCS facilities planned across the globe in 2023. Out of these, around 15 facilities are planned to support EOR initiatives. Hence, the demand for carbon capture & storage solutions has grown over the years due to the increasing utilization of captured CO2 in the EOR technique worldwide. Governments as well as the oil industry have been significantly utilizing these systems and technologies to enhance oil production, thereby surging its demand and driving the growth of the Global Carbon Capture & Storage Market.

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Carbon Capture & Storage Market Segmentation

The Carbon Capture & Storage Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

• By Capture Technology
• Post Combustion Capture- Market Size & Forecast 2019-2030, USD Million
• Pre-Combustion Capture- Market Size & Forecast 2019-2030, USD Million
• Oxyfuel Technology- Market Size & Forecast 2019-2030, USD Million
• Chemical Looping Combustion- Market Size & Forecast 2019-2030, USD Million
• By Storage Technology
• Geological Storage- Market Size & Forecast 2019-2030, USD Million
• Depleted Oil and Gas Reservoirs- Market Size & Forecast 2019-2030, USD Million
• Un-mineable Coal Bed Storage- Market Size & Forecast 2019-2030, USD Million
• Saline Aquifers - Market Size & Forecast 2019-2030, USD Million
• Deep Ocean Storage- Market Size & Forecast 2019-2030, USD Million
• By End User
• Biofuels- Market Size & Forecast 2019-2030, USD Million
• Food and Beverage- Market Size & Forecast 2019-2030, USD Million
• Pulp and Paper- Market Size & Forecast 2019-2030, USD Million
• Cement and Concrete- Market Size & Forecast 2019-2030, USD Million
• Iron and Steel- Market Size & Forecast 2019-2030, USD Million
• Textiles- Market Size & Forecast 2019-2030, USD Million
• Oil and Gas- Market Size & Forecast 2019-2030, USD Million
• Power Generation- Market Size & Forecast 2019-2030, USD Million
• Others (Chemicals, Fertilizers, etc.) - Market Size & Forecast 2019-2030, USD Million
• By Region
• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

As per the regional aspect, the Carbon Capture & Storage Market is expected to be dominated by North America by capturing the potential market share.

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Top Companies in the Carbon Capture & Storage Market

Shell Plc, Halliburton Company, Schlumberger Limited, Aker Solutions, Equinor ASA, Chevron Corporation, Carbon Engineering ULC, Fluor Corporation, Exxon Mobil Corporation, Linde Plc, Mitsubishi Heavy Industries Ltd., JGC Holdings Corporation, TotalEnergies SE, Honeywell International Inc., and Climeworks

Global Carbon Capture & Storage Industry Recent Development:

In 2024: Shell Plc announced the Final Investment Decision (FID) for Polaris, a carbon capture project at the Shell Energy and Chemicals Park, Scotford in Alberta, Canada to capture approximately 650,000 tonnes of CO2 annually.

In 2024: Halliburton Company announced a new offering in its carbon capture utilization and storage portfolio called CorrosaLock cement system that provides radial cement sheath to CO2 storage infrastructure.

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