The global market for carbon capture and storage (CCS) is projected to be valued at US$ 9.42B in 2026.
Growing from a market value of US$ 4.17B in 2020, the CCS market is projected to exhibit substantial growth at a CAGR of 15.7% over the forecast period.
Key Highlights of Carbon Capture and Storage Market
CCS possesses the ability to capture more than 90% of carbon dioxide (CO2) emissions and ward off carbon dioxide from entering the atmosphere. This can enable pragmatic and judicious use of carbon dioxide for specific industrial cases.
Industrial activities and burning of fossil fuels led to an outrush of above 30 billion metric tons of CO2 in 2019. CCS technology was successfully able to capture almost 35MT of carbon dioxide emissions.
Currently, 0.1-0.2% of carbon dioxide released from industries and power plants across the globe is captured and stored using CSS technology. However, as the technology matures, this share is expected to increase in the times to follow.
Need for Efficient Utilization of CO2 Pulls Oil & Gas Companies Towards Carbon Capture and Storage (CCS)
With a market share of 61% in 2020, enhanced oil recovery (EOR) is anticipated to lead the worldwide carbon capture and storage industry. The majority of CO2 collected is used by oil and gas firms for EOR processes and blue hydrogen synthesis. Much of the CO2 injected into the oil reservoir is only briefly held in most CO2 EOR projects.
Decommissioning an EOR project more precisely entails "blowing down" the reservoir pressure in order to maximize the quantity of recoverable oil. As a result, just a little quantity of CO2 infused into the stationary oil remains dissolved. This is why some people are skeptical of EOR as a long-term storage solution. Thus, prominent use of CO2 in exploration and production makes it a prime end user industry of carbon capture and storage.
Acquisition of Numerous Commercial-CCS Projects Gives Market Supremacy to Europe
With more than 11 commercial CSS projects, Europe has geared up to gain ascendancy over others in the market by 2030. The region garnered 13 commercial facilities that are either up and running or in different phases of development. The EU's US$ 11.32 bn Innovation fund is expected to act as a key bankroller for planning, construction, and CCS operations. Subsequently, the carbon capture and storage (CCS) market in Europe is expected to propel growth for the forthcoming years.
