Global Carbon Capture and Sequestration Market is expected to foresee significant growth. North America and Europe to be the largest gainer!

• Vikas Kumar
• November 14, 2023
• ENERGY & POWER, NEWS
• Carbon Capture and Sequestration Market Analysis, Carbon Capture and Sequestration Market Forecast, Carbon Capture and Sequestration Market Growth, Carbon Capture and Sequestration Market Outlook, Carbon Capture and Sequestration Market Share, Carbon Capture and Sequestration Market Size, Carbon Capture and Sequestration Market Trends
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Global Carbon Capture and Sequestration Market is expected to reach the market valuation of US$10,368.7 million by 2030 expanding at a reasonable CAGR of 22.8% during the forecast period (2023-2030) from US$1,750.9 million in 2022. Owing to the increased government spending and digitalization of energy sector, and rising demand for capturing CO2 emitted for future use, is expected to drive the market for Carbon Capture and Sequestration technique during the forecast period.

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Promotion carbon capture deployment at different levels would be required to meet climate goals. Doing so would create ample employment opportunity in the carbon capture industry, including both project jobs (primarily construction) and operational jobs featuring a mix of skill levels. If the technology is deployed globally to address emissions as part of a broad suite of zero or low carbon technologies, the carbon capture industry would employ between 70,000-100,000 construction workers and between 30,000-40,000 facility operators by 2050, with additional employees to build and maintain CO2 transport and storage network. Globally, in 2020, there were 26 large-scale facilities with capture capacity of approximately 40 million of CO2 per year in operation, with US being home of 12 commercial-scale carbon capture facilities, with the capacity to capture approximately 23.5 million tons of CO2 annually.

Covid-19 pandemic have impacted all section of the society and industry and Carbon Capture and Sequestration market is no exception. Covid-19 pandemic has resulted in slow growth of the energy and power sector in most of the economies globally, as many countries are resorting to nationwide lockdowns to prevent a spread of the virus. As per IEA estimates the global carbon capture industry will require to scale-up to over 2,000 facilities capturing 2.8 gigatons of CO2 per year to reach temperature target to 2°C.

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• Based on service the Global Carbon Capture and Sequestration Market is bifurcated into Capture (combustion and industrial separation), Transport, Sequestration. Among these, capture category held the largest revenue share in 2020
• Based on capture source, the Global Carbon Capture and Sequestration Market is bifurcated into Chemicals, Natural Gas Processing, Power Generation, Fertilizers Production, Others. In 2020, natural gas processing and power generation held the major share in the pie
• Based on storage, the Global Carbon Capture and Sequestration Market is bifurcated into EOR and dedicated geological storage. Dedicated geological storage category is likely to showcase the faster growth owing to reducing reliance on oil & gas industry.

For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of APAC), Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of MEA), and South America (Brazil, Argentina, and Rest of South America). North America dominated the market in 2022, however, Europe is likely to showcase fastest growth rate owing to increasing number of carbon capture projects in Europe due to increasing concern regarding greenhouse emission. Some of the major players operating in the market include Fluor Corporation, Linde AG, Shell, BP, Chevron, Total SA, China National Petroleum Corporation, ExxonMobil, ADNOC Group.

Global Carbon Capture and Sequestration MarketSegmentation

Market Insight, by Service

• Capture
  • Industrial Separation
  • Combustion
• Transport
• Sequestration

Market Insight, by Capture Source

• Natural Gas Processing
• Power Generation
• Fertilizer Production
• Chemical Production
• Others

Market Insight, by Storage

• EOR
• Dedicated Geological Storage

Market Insight, by regions

• North America Carbon Capture and Sequestration Market
  • United States
  • Canada
  • Rest of North America
• Europe Carbon Capture and Sequestration Market
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia-Pacific Carbon Capture and Sequestration Market
  • China
  • India
  • Japan
  • Australia
  • Rest of APAC
• Middle East and Africa Carbon Capture and Sequestration Market
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of Africa
• Middle East and Africa Carbon Capture and Sequestration Market
  • Brazil
  • Argentina
  • Rest of MEA

Top Company Profiles

• Fluor Corporation
• Linde AG
• Shell
• Petrobras
• Chevron
• TotalEnergies
• Equinor
• China National Petroleum Corporation
• ExxonMobil
• ADNOC Group