The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Rapid Expansion and Future Projections

• Market Growth: The carbon capture and storage market has witnessed rapid expansion, reaching $5.43 billion in 2023 and projected to hit $6.23 billion in 2024, with a CAGR of 14.8%.
• Future Projections: Anticipated growth to $10.79 billion by 2028, showcasing a CAGR of 14.7%.
• Driving Factors: Various factors contribute to this growth, including environmental regulations, policy support, climate change concerns, clean energy investments, industry transition, and corporate sustainability initiatives.

Surge in Global Carbon Dioxide Emissions

• Market Driver: Increasing global carbon dioxide emissions fuel the demand for carbon capture and storage solutions.
• CO2 Emissions Overview: These emissions stem from fossil fuel combustion, cement production, gas flaring, and fuel usage.
• Record High Emissions: In 2021, CO2 emissions reached 36.3 billion tons, with coal contributing over 40% to the increase, hitting 15.3 billion metric tons.
• Market Implication: Growing emissions drive the need for carbon capture and storage technologies to mitigate environmental impact.

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Enhanced Efficiency in Carbon Capture and Storage Technology

• Innovative Trends: Product innovation stands out as a significant trend in the market.
• Key Players’ Initiatives: Major companies focus on developing innovative products to solidify market presence.
• Exxon Mobil’s Breakthrough: Collaboration with research institutions led to the discovery of tetraamine-functionalized metal organic frameworks, enabling more efficient carbon capture.
• Potential Impact: These advancements promise up to six times more efficient carbon dioxide capture compared to traditional methods, potentially lowering costs and facilitating wider commercial adoption.

Baker Hughes Acquisition: Advancing Carbon Dioxide Removal Capabilities

• Company Move: In April 2022, Baker Hughes Company acquired Mosaic Materials Inc., aiming to enhance carbon dioxide removal capabilities.
• Strategic Partnership: The acquisition strengthens Baker Hughes’ carbon capture and energy technology portfolio.
• Technological Focus: Mosaic Materials specializes in carbon dioxide-capturing materials based on metal-organic frameworks (MOFs).
• Market Implication: Such acquisitions contribute to technological advancements and market expansion.

Market Segmentation and Regional Dynamics

• Segmentation Overview: The carbon capture and storage market is segmented by product, service, and end-use industry.
• Product Segmentation: Includes pre-combustion, industrial process, post combustion, and oxy-combustion methods.
• Service Segmentation: Encompasses capture, transportation, utilization, and storage services.
• End-Use Industries: Oil and gas, coal and biomass power plants, iron and steel, chemicals, and other sectors drive market demand.
• Regional Insights: North America led the market in 2023, while Asia-Pacific emerges as the fastest-growing region in the forecast period.

Conclusion

• Bright Future: The carbon capture and storage market exhibits robust growth, fueled by environmental concerns, regulatory support, and technological innovations.
• Industry Collaboration: Partnerships and acquisitions drive technological advancements, enhancing efficiency and affordability.
• Global Impact: As emissions continue to rise, the imperative for effective carbon capture and storage solutions becomes increasingly urgent, positioning the market for sustained growth.

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The Carbon Capture And Storage Global Market Report 2024  provides comprehensive insights on the carbon capture and storage market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the carbon capture and storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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