06 July 2023
Visiongain has published a new report entitled Carbon Capture & Storage (CCS) Market Report 2023-2033: Forecasts by Type (CCS Technology (Industrial Separation Capture Technology, Inherent Separation Technology, OXY-Fuel Combustion Capture Technology, Post-Combustion Capture Technology, Pre-Combustion Capture Technology, Other), CCS Services (Carbon Capture Services, Carbon Storage Services, Carbon Capture Transportation Services, Others)), by Application (Power Generation, Industrial Sector, Transport Sector, Construction Sector, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The Carbon Capture & Storage (CCS) market was valued at US$11.8 billion in 2023 and is projected to grow at a CAGR of 14.5% during the forecast period 2023-2033.
Notable Opportunities for the CCS Market
There have been notable opportunities for the CCS market. Governments worldwide recognized the importance of CCS in achieving climate goals and included it in their stimulus packages. The European Union's "Fit for 55" package, announced in 2021, allocated funding for CCS projects, which is expected to drive the development of new infrastructure and technologies. Moreover, the pandemic highlighted the need for a resilient and sustainable global economy, leading to increased support for CCS as a crucial tool in decarbonizing industries such as power generation, cement production, and steel manufacturing. The United States unveiled the Carbon SAFE initiative in 2022, providing funding for CCS projects in industrial hubs.
How has COVID-19 had a Significant Negative Impact on the Carbon Capture & Storage (CCS) Market?
The COVID-19 pandemic has had a profound impact on the CCS market, with a mixture of challenges and opportunities. One of the major challenges faced by the CCS industry was the disruption of supply chains and subsequent project delays. Furthermore, the decline in energy demand resulting from global lockdown measures had a direct impact on CCS projects, as they rely on a stable demand for captured carbon dioxide. The Boundary Dam CCS facility in Canada, for example, temporarily reduced its operations in 2021 due to lower energy demand. Collaboration and knowledge exchange also played a significant role during the pandemic. CCS projects became a focal point for international cooperation, with countries sharing best practices and lessons learned.
How will this Report Benefit you?
Visiongain’s 375-page report provides 100 tables and 175 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the carbon capture & storage (CCS) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for carbon capture & storage (CCS). Get financial analysis of the overall market and different segments including type, process, upstream, downstream, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing carbon capture & storage (CCS) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
International Cooperation and Partnerships are Expected to Drive Market Growth
Collaborative efforts between countries and organizations facilitate the sharing of knowledge, expertise, and resources, leading to accelerated development and deployment of CCS technologies. International cooperation and partnerships create opportunities for joint funding and investment in CCS projects. Collaborative funding programs provide financial support, reduce investment risks, and attract private sector involvement. For instance,
• European Clean Hydrogen Alliance: The European Clean Hydrogen Alliance is a public-private partnership that aims to develop a sustainable hydrogen economy in Europe, including the deployment of CCS technologies. The alliance brings together industry stakeholders, governments, and investors to support funding and investment in CCS projects and infrastructure.
• CCS project: In March 2023, the United States and Canada formed a new joint initiative to develop CCS projects in both countries. The initiative, called the "U.S.-Canada Carbon Capture, Utilization, and Storage (CCUS) Partnership," will provide funding and technical support for CCS projects in both countries. The partnership is expected to mobilize up to US$1 billion in public and private investment in CCS projects over the next five years.
Government Regulations and Policies to Fuel CCS Market Growth
The carbon capture and storage (CCS) market is projected to grow significantly in the coming years, driven by government regulations and policies aimed at reducing greenhouse gas emissions. In the United States, the Biden administration has set a goal of achieving net-zero emissions by 2050. This goal will require a significant increase in CCS deployment, as CCS is one of the few technologies that can capture and permanently store carbon dioxide emissions from power plants, industrial facilities, and other sources. The European Union has also set ambitious climate goals, and CCS is seen as an essential part of the EU's strategy to meet these goals.
The EU has already committed to funding CCS projects, and it is expected to continue to support CCS development in the coming years. Other countries around the world are also implementing regulations and policies that support CCS. The growth of the CCS market is also being driven by the increasing cost-competitiveness of CCS technologies. As CCS technologies continue to develop, they are becoming more affordable, which is making them more attractive to businesses and governments. In conclusion, government regulations and policies are playing a key role in driving the growth of the CCS market.
As these regulations and policies continue to evolve, the CCS market is expected to grow even more in the coming years. CEOs of companies that are considering investing in CCS should carefully consider the regulatory landscape in the countries where they operate. They should also be aware of the latest developments in CCS technology, as these developments can have a significant impact on the cost-effectiveness of CCS projects.
Where are the Market Opportunities?
Hydrogen Production and CCS Integration Present a Significant Opportunity
Hydrogen is considered a versatile and clean energy carrier that can be used across various sectors, including transportation, industry, and power generation. However, the most common method of hydrogen production, known as steam methane reforming (SMR), relies on natural gas and emits CO2 as a byproduct. Integrating CCS with hydrogen production facilities can capture and store the CO2 emissions, thereby enabling the production of low-carbon or carbon-free hydrogen. For instance, Humber Zero Project (2023): The Humber Zero project, set to begin operation in 2023, aims to produce low-carbon hydrogen by integrating CCS with hydrogen production. Located in the UK's Humber region, the project will capture CO2 emissions from a new natural gas-fired power station and transport the CO2 via pipelines for permanent storage in offshore geological formations. The captured CO2 will enable the production of low-carbon hydrogen for industrial use and decarbonization efforts in the region.
Carbon Capture Expertise are Essential for Achieving Climate Goals
Carbon capture expertise are essential for achieving climate goals as they provide a viable solution to reduce greenhouse gas emissions from various sectors. This presents a significant opportunity for the global carbon capture and storage (CCS) market. For instance, Decarbonizing Hard-to-Abate Sectors: CCS enables the capture and storage of CO2 emissions from sectors that are challenging to decarbonize, such as heavy industries (cement, steel, and chemicals), natural gas processing, and power generation from fossil fuels. By implementing CCS in these sectors, substantial emissions reductions can be achieved, contributing to overall climate mitigation efforts. For instance, The Northern Lights project in Norway is a notable example. It aims to capture CO2 from industrial sites in Europe, transport it via ships, and store it deep underground in offshore geological formations. The project has received significant funding and support from industry leaders, governments, and the European Union, highlighting the recognition of CCS as a key technology to achieve climate goals.\
The major players operating in the carbon capture & storage (CCS) market are Exxon Mobil Corporation, Aker Solutions, Shell, Mitsubishi Heavy Industries, Ltd., Baker Hughes Company, Occidental Petroleum Corporation, Halliburton Company, General Electric Corporation, Air Liquide, Sulzer Ltd, Siemens Energy, Chevron Corporation, Schlumberger Limited., Linde AG., NRG Energy Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• In June 2023, ExxonMobil signed carbon capture agreement with Nucor Corporation, reaching 5 MTA milestone
• In June 2023, Aker Carbon Capture and Ørsted signed the contract to develop a large-scale carbon capture project for the Ørsted Kalundborg Hub in Denmark. Aker Carbon Capture will deliver five Just Catch units, additional equipment such as liquefaction systems, and temporary CO2 storage and on-/offloading facilities with an expected total contract value above EUR 200 million
• In June 2023, GE Vernova’s Gas Power business and Northern Lights JV DA, (NL), a Norwegian company developing infrastructure for cross-border CO2 transport and storage in Europe announced a memorandum of understanding (MOU) that will enable acceleration and development of end-to-end carbon capture and storage (CCS) solutions, including carbon dioxide (CO2) capture, transportation, and storage applied to power plants powered by GE gas turbines.
Notes for Editors
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