Discover a detailed analysis of the Carbon Capture and Storage Market Size by Kings Market Research, Crucial insights are illuminated through vivid graphs, charts, and figures, empowering astute decision-making. The report summarizes all the information collected and serves the customer’s requirements. However, these market analyses help in understanding market growth at both global and regional levels.

Carbon Capture and Storage (CCS) Market Size was valued at USD 2,383.1 million in 2023 and is expected to grow by USD 6,471.4 million in 2031 at a CAGR of 13.5%.

Global Key Players:

Fluor (U.S.), Exxon Mobil Corporation. (U.S.), Carbon Engineering Ltd. (Canada), Abu Dhabi National Oil Company (UAE), Equinor ASA (Norway), China National Petroleum Corporation (China), Dakota Gasification Company (U.S.), Shell (Netherlands), BP p.l.c. (U.K.), Chevron Corporation. (U.S.), Linde plc (Ireland)

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In recent years, the imperative to address climate change has propelled the carbon capture and storage (CCS) market into the spotlight. As the global community grapples with rising temperatures and the adverse effects of greenhouse gas emissions, CCS has emerged as a crucial technology in the fight against climate change. The principles behind CCS are straightforward: capture carbon dioxide emissions at their source, transport them to a suitable storage site, and store them underground to prevent their release into the atmosphere. This process not only mitigates the immediate effects of carbon emissions but also contributes to long-term climate goals.

The urgency to implement CCS technologies is underscored by international agreements, such as the Paris Accord, which aim to limit global warming to well below 2 degrees Celsius. Countries are recognizing that achieving net-zero emissions will require a multifaceted approach, and CCS represents a key component of this strategy. The increasing pressure from governments, regulatory bodies, and industries to adopt greener technologies is catalyzing investments and innovations within the CCS sector.

The growth of the CCS market is further propelled by advancements in technology. Innovations in capture methods, such as direct air capture (DAC) and bioenergy with carbon capture and storage (BECCS), are expanding the toolkit available for businesses and governments looking to reduce their carbon footprints. The rise of DAC technology, in particular, is noteworthy; it allows for the extraction of CO2 directly from the atmosphere, providing a versatile solution for emissions reduction that can complement traditional CCS approaches.

Investment in CCS projects has seen a significant uptick, driven by both public and private funding. Governments are increasingly offering financial incentives and subsidies to encourage the development of CCS infrastructure. Additionally, multinational corporations are committing to carbon-neutral targets, often relying on CCS as a cornerstone of their strategies. This trend is fostering a collaborative environment, where partnerships between governments, research institutions, and private companies are becoming more commonplace.

The CCS market is also benefiting from a growing awareness of environmental, social, and governance (ESG) criteria among investors. Many investors are now seeking out projects that align with sustainable practices, and CCS fits this mold perfectly. As more stakeholders recognize the importance of reducing carbon emissions, the demand for CCS technologies is expected to rise, creating a robust market landscape.

Segmentation:

By Capture Source

Chemicals

Natural Gas Processing

Power Generation

Fertilizers Production

Others

By End-User:

Enhanced Oil Recovery {EOR}

Dedicated Storage & Treatment

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