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

Introduction: A Market on the Rise

• The carbon capture and storage (CCS) technology market has grown rapidly.
• From $2.85 billion in 2023 to $3.26 billion in 2024, with a CAGR of 14.2%.
• Growth driven by government regulations, strengthened climate targets, and high-capacity CCS plants.

Future Growth Prospects

• Expected to grow to $5.58 billion by 2028 at a CAGR of 14.4%.
• Factors include rising demand for CO2 for enhanced oil recovery (EOR), environmental sustainability, and industrial demand.
• Major trends: technological advancements, deep decarbonization, gas injection EOR, shale gas technology, and commercial-scale CCS plants.

Growth of Carbon Capture and Storage in the Era of Cleaner Energy

• Increasing demand for cleaner energy propels CCS market growth.
• Cleaner energy sources and technologies emit fewer greenhouse gases compared to fossil fuels.
• CCS technology traps CO2 from energy generation and industry, reducing emissions.
• Example: In 2021, $649 billion flowed into ESG-focused funds globally.
• IEA predicts clean energy investment to surpass $1.7 trillion in 2023.

Key Players in the Carbon Capture and Storage Market

• Leading companies: Shell plc, Chevron Corporation, Microsoft Corporation, Siemens AG, and others.
• Significance of major players in driving innovation and market expansion.

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Technological Advancements in Carbon Capture and Storage

• Focus on sustainability initiatives, such as direct air capture (DAC) facilities.
• DAC technologies use processes like limestone absorption of CO2, powered by renewable energy.
• Example: In January 2024, Heirloom Carbon Technologies Inc. launched a DAC facility capturing 1,000 tons of CO2 annually.
• Captured CO2 stored in concrete through a partnership with CarbonCure Technologies.

Baker Hughes Acquires Mosaic Materials for MOF Technology

• In August 2022, Baker Hughes acquired Mosaic Materials Inc. to develop metal-organic framework (MOF) technology.
• MOF materials are used for efficient CO2 capture from the atmosphere.
• This acquisition aims to advance atmospheric CO2 capture technology.

Market Segmentation and Regional Dynamics

• Segmented by type: Carbon Capture and Storage (CCS), Carbon Capture and Utilization (CCU).
• Segmented by technology: Pre-Combustion, Post-Combustion, Oxy-Fuel Combustion.
• Segmented by application: Industrial Facilities, Power Plant, Other Applications.
• North America was the largest region in 2023, with Europe expected to be the fastest growing.

Conclusion: Embracing Opportunities in Carbon Capture and Storage

• Growing demand for cleaner energy drives CCS market growth.
• Technological advancements and strategic acquisitions propel innovation.
• Market segmentation and regional dynamics offer strategic insights for businesses.
• Understanding these factors is essential for leveraging opportunities in the CCS technology market.

In conclusion, the carbon capture and storage technology market is experiencing significant growth, driven by environmental concerns, technological advancements, and strategic initiatives. As the world moves towards cleaner energy solutions, CCS technology plays a crucial role in reducing emissions and ensuring a sustainable future.

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The Carbon Capture And Storage Technology Global Market Report 2024  provides an overview of the carbon capture and storage technology market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The carbon capture and storage technology market forecast analyzes carbon capture and storage technology market size, carbon capture and storage technology market share, leading competitor and their market positions.

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