Carbon capture and storage market makes triple acquisition

As per the report published by The Brainy Insights, the global carbon capture and storage market is expected to grow from USD 5.32 billion in 2022 to USD 24.47 billion by 2032, at a CAGR of 16.49% during the forecast period 2023-2032. Over the forecast period, Europe is anticipated to develop at the highest CAGR of 18.06%. The financial initiatives from the European Union are meant to promote the construction of significant CCS projects in the area and the research and development of carbon capture and storage equipment.

Leading companies in the industry include Aker Solutions, Dakota Gasification Company, Siemens Energy, Sulzer Ltd., Japan CCS Co., Ltd., LanzaTech, Shell PLC, Linde plc, Mitsubishi Heavy Industries, Equinor ASA, Carbon Engineering Ltd., Fluor Corporation, among others, offer more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The global carbon capture and storage market has been segmented based on capture technology, application, and region. The capture technology segment is divided into industrial process, post-combustion, pre-combustion, and oxy-combustion. The pre-combustion segment dominated, with a market share of around 28.56% in 2022. There has been extensive commercial use of pre-combustion CO2 capture using the Acid Gas Removal (AGR) method and water gas shift reaction. The advantage of using this pressure-based capture technique is that it uses 20% less energy than existing PCC technology for 90% CO2 capture. The application segment is divided into oil & gas, cement, power generation, metal production, and others. The power generation segment dominated the market, with a market share of around 24.38% in 2022. Coal-fired power plants are the leading producers of carbon dioxide emissions. Due to restrictions placed on power plants, using CCS facilities has become crucial to lowering carbon emissions to the required limits. Several technologies must be implemented to continue using coal resources for energy generation while reducing CO2 emissions. Additionally, by modernising CCS facilities, the effectiveness of the existing power plants may be preserved. These factors are anticipated throughout the projection period to promote CCS technology adoption in the power-generating industry.

Carbon capture and storage technology has been developed as concerns about the damaging effects of carbon emissions on the environment increased. Because the technology has the potential to be applied on a wide scale in terms of reaching challenging CO2 emission reduction goals and climate management objectives, numerous governments are supporting its adoption through pilot projects in several industries.