BANGALORE, India, June 11, 2024 /PRNewswire/ -- Carbon Capture Market is Segmented by Technology (Industrial-Point-Source Carbon Capture, Direct Air Capture (DAC), Bioenergy With Carbon Capture), by Application (Oil and Gas Industry, Power Industry, Cement Industry, Chemical Industry, Steel Industry, Other): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The global market for Carbon Capture was estimated to be worth USD 4.41 Billion in 2023 and is forecast to a readjusted size of USD 6.89 Billion by 2030 with a CAGR of 6.6% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Carbon Capture Market:
The market for carbon capture is expanding as a result of a confluence of factors including growing environmental consciousness, technological breakthroughs, and regulatory pressures. Globally, governments are enacting more stringent laws on emissions and providing financial incentives for carbon capture and storage (CCS) initiatives in order to achieve climate goals, as delineated in the Paris Agreement. Additionally, as a result of technology advancements, carbon capture technologies are becoming more economically viable for enterprises by decreasing prices and increasing efficiency. Investments in CCS technologies are being driven by the increasing corporate emphasis on sustainability and ESG (Environmental, Social, and Governance) standards as businesses look to lower their carbon footprints and improve their environmental credentials.
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TRENDS INFLUENCING THE GROWTH OF THE CARBON CAPTURE MARKET
Point-source industrial Because it tackles one of the biggest sources of CO2 emissions, carbon capture in the power sector is a major driver of the carbon capture market. Power plants contribute significantly to atmospheric CO2, especially those that use fossil fuels like coal and natural gas. By installing carbon capture technology at these locations, power firms can directly absorb CO2 emissions before they reach the atmosphere and meet ever-tougher emission reduction targets and environmental requirements. In addition to reducing global warming, this compliance offers financial gains from carbon credits and the possible use of CO2 collection for a variety of uses, including better oil recovery.
Regardless of the source of emissions, Direct Air Capture (DAC) provides a flexible and scalable method for extracting CO2 directly from the environment, which is propelling the expansion of the carbon capture market. Because DAC technology is adaptable and can be used in different settings, it is a good choice for areas with high ambient CO2 levels but little industrial emissions. DAC is gaining popularity due to its ability to create zero emissions, which is essential for achieving international climate objectives, as awareness of climate change grows on a worldwide scale. Additionally, DAC can provide concentrated CO2 streams that can be used in industrial processes or stored underground, opening up new revenue streams and business potential. Innovation is being encouraged and substantial investment is being drawn to DAC due to its scalability and wide range of applications.
By making significant investments in carbon capture, utilization, and storage (CCUS) technologies to lessen the environmental impact of fossil fuel extraction and processing, the oil and gas sector is propelling the expansion of the carbon capture market. Businesses in this industry are incorporating carbon capture to improve oil recovery (EOR) procedures. EOR involves injecting captured CO2 into oil fields to boost extraction efficiency, which has positive effects on the environment and the economy. In addition, industry use of CCUS to lower carbon footprints is being driven by stakeholder and regulatory demands for more sustainable practices. The carbon capture market is being driven by the enormous financial resources and technical knowledge of oil and gas firms, which are driving improvements in carbon capture technology and expediting their deployment and scalability.
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CARBON CAPTURE MARKET SHARE ANALYSIS
Due to its strong industrial base, large expenditures, and government regulations that encourage it, North America is a market leader in carbon capture. Incentives like the 45Q tax credit, which offers substantial financial benefits for carbon capture facilities, have been adopted, mostly in the United States. The fact that significant oil and gas firms are investing in carbon capture and storage (CCS) technology for enhanced oil recovery (EOR) also supports the expansion of the market. Because of the region's dedication to cutting greenhouse gas emissions and the development of carbon capture technology, North America is positioned to play a significant role in the global carbon capture industry.
Key Players:
- Mitsubishi Heavy Industries
- ExxonMobil
- Fluor Corporation
- ARAMCO
- Linde
- Shell
- JGC Holdings
- Equinor
- Schlumberger Limited
- Aker Carbon Capture
- Carbon Clean Solutions
- C-Capture
- Halliburton
- Siemens AG
- Honeywell
- Mirreco
- SeeO2 Energy
- neustark
- CarbonFree
- Cemvita Factory
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