The demand for carbon capture and storage (CCS) technology is driven by the need to reduce greenhouse gas emissions from industrial processes, power generation, and other sectors. CCS technology enables the capture of carbon dioxide (CO2) emissions from sources such as coal-fired power plants, cement manufacturing, and other industrial processes, and the storage of the CO2 underground or in other geological formations.

Governments around the world are implementing policies and regulations to reduce carbon emissions, which is driving the demand for CCS technology. Additionally, companies in various industries are adopting CCS technology as part of their sustainability strategies to reduce their carbon footprint.

The demand for CCS technology is also driven by the increasing investments in renewable energy sources such as wind and solar power, which require backup power generation from sources such as natural gas. CCS technology can be used to capture and store the CO2 emissions from natural gas power plants, enabling the production of cleaner energy.

Carbon Capture and Storage Market Analysis

Carbon Capture and Storage Market share is set to grow healthily and register a valuation of USD 14.08 Billion CAGR 12.30% by the end of 2030.

Carbon Capture and Storage Market Segmentation

The worldwide carbon capture and storage industry has been segmented into technology, applications, and end-use.

By technology, the carbon capture and storage market has been segmented into Pre-combustion, Post-combustion, and Oxy-fuel Combustion.

By applications, the carbon capture and storage indutsry has been segmented into EOR, Agriculture, and Industrial.

By end-use, the carbon capture and storage market has been segmented into Iron Steel, Oil and Gas, Chemical, and Others.

The Global Market to Recover Post COVID-19 Pandemic

The COVID-19 pandemic brought down every market on the planet. The COVID-19 pandemic benefited just a few markets. However, there was an initial lag in this rise. When it comes to the market, the market took a setback as the pandemic became a major concern around the world. As funds were directed toward healing the world of this sickness, the adoption of CCS technology received less funding.

On the other hand, the world's industries and manufacturers experienced supply chain disruption and many lockdowns. As the industrial industry suffered its worst setback in recent history, the adoption of CCS technology also encountered significant challenges. As a result, the Market's growth pace has significantly slowed. This is due to a lack of funding in big enterprises and even small factories to adopt new technologies and give their work processes and emissions an ecological makeover.

Nevertheless, with the stabilization of the pandemic crisis and government stimulus packages to revive the sinking economy, the market has gradually rebounded and is poised for recovery ending in 2021. Many major stakeholders and national governments are enthusiastically pursuing industrial decarbonization, which will promote market growth over the projection period.

Key Players Insight

Fluor Corporation (U.S.), Aker Solutions (U.S.), Cansolv Technologies Inc (Canada), The Linde Group (Germany), Dakota Gasification Company (U.S.), Japan CCS (Japan), NRG Energy (U.S.), Chevron Corporation (U.S.), Climeworks AG (Switzerland), and Shell (U.S.).