Carbon Capture and Storage Market Size is projected to reach USD 5.26 billion by 2031, growing at a CAGR of 6.5%: Straits Research
Carbon Capture and Storage Market Size is projected to reach USD 5.26 billion by 2031, growing at a CAGR of 6.5%: Straits Research

According to Straits Research, “The global carbon capture and storage market size was worth a revenue share of USD 2.98 billion in 2022. It is predicted to reach USD 5.26 billion by 2031, expanding at a CAGR of 6.5% during the forecast period (2022-2031).”

New York, United States, April 10, 2024 (GLOBE NEWSWIRE) — CCS, or carbon capture & storage, is one method for reducing carbon emissions, which may be a crucial element in minimizing the impacts of global warming. It is a three-step process, including capturing, transmitting, and underground storage of carbon dioxide produced by energy production or industrial activities, such as steel or cement manufacture. CCS is a technology that collects carbon dioxide (CO2) emissions from fossil fuel burning or industrial activities like making steel and cement. After being created, this carbon is transported to the site via ship or pipeline, where it is buried in geological formations. CCS is the only technique that can now aid in reducing emissions from large industrial operations. It could be an essential technological advancement in the fight against climate change.

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The Expanding Preference for the CO2 Injection Method for Enhanced Oil Recovery (EOR) to Drive the Global Carbon Capture and Storage Market

CCS is extracting CO2 from large-point emitters, such as industries and power plants that use fossil fuels or biomass. The oil and gas industry can frequently utilize captured CO2 by selling it to industrial facilities or injecting it underground to improve oil recovery. The injection of CO2 into active oil fields is an established enhanced oil recovery (EOR) method. CO2 increases the reservoir’s total pressure, forcings oil into production wells. Some of the injected CO2 remains underground during CO2-EOR. If the CO2 that rises to the surface is separated and pumped back into the system to establish a closed loop, permanent CO2 storage is conceivable.

It is anticipated that CO2-EOR can recover between 190 and 430 billion barrels of oil globally. After years of mediocre progress and minimal investment, interest in CCS is now beginning to rise. In recent years, over thirty commercial facilities have been announced. In 2021, there are proposals for over 100 new CCS sites due to more ambitious climate targets and substantial investment incentives. As one of the few options for decreasing emissions from heavy industries and removing carbon from the atmosphere, CCS technology will be essential for achieving net-zero goals. Using CO2 injection for enhanced oil recovery (EOR) can significantly boost oil output to satisfy the world’s growing energy demands while safely storing CO2 in established oil fields to reduce atmospheric CO2 emissions. These aspects contribute to the global market for carbon capture & storage.

The Increasing Visibility of Bioenergy Carbon Capture and Storage (BECCS) to Create Global Carbon Capture and Storage Market Opportunities

A geoengineering strategy known as BECCS—bioenergy with carbon capture and storage—replaces fossil fuel energy while also removing carbon dioxide from the atmosphere. BECCS has been proposed to prevent carbon emissions from exceeding the goal level. BECCS is a branch of the technology business CCS. Since the dawn of time, bioenergy has been used to produce heat. Automobiles are fueled with bioethanol, and biomass is burned to generate energy. BECCS entails using biomass as a fuel source and capturing and storing the CO2 produced when biomass is converted to energy.

Globally, there are now five facilities utilizing BECCS technology. These facilities capture approximately 1.5 million tons of CO2 annually. BECCS possesses a significant deal of promise. Bioethanol production with CCS is the most important (in terms of energy generation) and lucrative BECCS application. Already, technology has been developed. One of the most significant applications of BECCS is waste-to-energy (WtE). This presents growth potential for the market for carbon capture and storage.

Regional Insights

The North American carbon capture and storage market is most certainly led by the rising demand for clean technologies and the increasing use of CO2 in EOR techniques. According to the Global CCS Institute, in 2020, there were 24 CO2 capture and injection plants worldwide, including 12 in the United States.

In the United States, CO2 is captured and injected in the chemical, hydrogen, fertilizer, natural gas processing, and electrical industries. These facilities absorb and inject CO2 to either store it underground in geologic formations or use it to boost oil production from depleting oil fields. This method is referred to as enhanced oil recovery (EOR).

Germany is Europe’s leading manufacturer of cement and steel. The nation’s industries increasingly demand government aid for the infrastructure expansion necessary for exporting and storing captured carbon dioxide in the North Sea. Unions are cognizant of the vital role CCS plays in establishing a just transition and the likelihood that it may become a need for competing in a market where low-carbon goods are in great demand.

Key Highlights

  • By technology, the pre-combustion section is projected to have the largest revenue share during the forecast period.
  • By end-user industry, the oil & gas section is estimated to hold the largest revenue share.
  • By region, North America will likely command the carbon capture and storage market.

Competitive Players in the Market

  1. Aker Solutions
  1. Air Liquide
  1. Baker Hughes
  1. Dakota Gasification Company
  1. Exxon Mobil Corporation
  1. Fluor Corporation
  1. General Electric

Market News

  • In 2022, Aker Solutions and Siemens Energy will provide the grid connection infrastructure for the Norfolk Boreas Offshore Wind Farm. This covers the design, development, procurement, construction, and installation (EPCI) of the onshore substation, offshore platform, and National Grid link.
  • In 2022, Aker Solutions, Schlumberger, and Subsea 7 have formed a joint venture to bring about a step change in the economics of subsea production by assisting customers in unlocking reserves, speeding up the time to first oil, and lowering development costs while also achieving their decarbonization goals.

Global Carbon Capture and Storage Market: Segmentation

By technology

  • Pre-combustion Capture
  • Oxy-fuel Combustion Capture
  • Post-combustion Capture

By end-user industry

  • Oil and Gas
  • Coal and Biomass Power Plant
  • Iron and Steel
  • Chemical

By region

  • Asia-Pacific
  • North America
  • Europe
  • Europe
  • The Rest of the World

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About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

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