The global Carbon Capture And Storage Market is estimated to be valued at US$ 1.95 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Carbon capture and storage refers to technologies that can greatly reduce carbon dioxide emissions from industrial facilities like coal and natural gas-fired power plants. It involves capturing carbon dioxide emissions from large point sources like power plants, and then transporting the captured carbon to an identified geological location for safe and secure long-term storage. This helps in mitigating the risks of global warming by preventing carbon dioxide from being released into the atmosphere.
Market key trends:
One of the key trends in the Global Carbon Capture And Storage Market is the increasing focus on leveraging public-private partnerships and joint ventures between technology developers, government organizations, and industrial stakeholders. This helps in facilitating large-scale commercial deployment of CCS technologies by overcoming financial and technological barriers. Governments across various countries are increasingly offering incentives and subsidies for deployment of CCS projects to reduce their carbon footprint. For example, the UK government has set aside £1 billion for deployment of two CCS clusters by 2030.
Market Key Trends:
One of the key trends in the carbon capture and storage market is the increasing deployment of CCS technologies across power plants and industrial facilities. To reduce their carbon footprint and meet emission targets, many companies are investing in carbon capture projects. For instance, the UK has announced plans to capture 10 million tons of carbon by 2030 via CCS projects. Similarly, countries like Norway and Canada are also supporting large-scale CCS deployment through policy incentives.
SWOT Analysis:
Strength: Carbon capture and storage technologies help reduce greenhouse gas emissions at scale from large point sources like fossil fuel power plants and industrial facilities.
Weakness: High capital cost of building carbon capture facilities and transport and storage infrastructure. Public acceptance is also a challenge.
Opportunity: Growing focus on lowering carbon intensity across power and industrial sectors. Increased government funding and incentives for commercial CCS projects.
Threats: Uncertain or unclear carbon pricing policies across regions. Technical and commercial challenges in CO2 transportation and storage.
Key Takeaways:
The global carbon capture and storage market is expected to witness growth at a CAGR of 10% over the forecast period due to increasing investment in commercial CCS projects. The market size is projected to reach US$ 1.95 Bn by 2023.
The Asia Pacific region is expected to dominate the market during the forecast period. This is attributed to the presence of countries like China and India that are investing heavily in building new coal-fired power plants integrated with CCS.
Key players operating in the carbon capture and storage market are Honeywell International Inc., Aker Solutions, Dakota Gasification Company, Exxon Mobil Corporation, Baker Hughes, Air Liquide, Fluor Corporation, General Electric and Halliburton. These players are focusing on developing advanced carbon capture technologies and partnering with governments for commercial projects.
