Global Carbon Capture and Sequestration Market Report and Forecast 2024-2032

Global Carbon Capture and Sequestration Market Outlook

The global carbon capture and sequestration market reached a value of about USD 7.75 billion in 2023. The market is further estimated to grow at a CAGR of 10.9% in the forecast period of 2024-2032 to reach a value of around USD 19.66 billion by 2032.

Rising Utilisation of Carbon Capture and Sequestration for Enhanced Oil Recovery (EOR) to Propel the Market Growth of Carbon Capture and Sequestration

Based on end-use, the growing demand for enhanced oil recovery (EOR) segment is driving the market growth of carbon capture and sequestration. The ever-increasing demand for oil worldwide is playing a critical role in the application of carbon capture and sequestration technologies to derive oil from underground reservoirs, thereby propelling the market. The utilisation of carbon dioxide to move crude oil out due to its miscibility with crude oil, which helps in improving the efficiency of the oil displacement, is providing impetus to the market expansion. In addition, the cost-effectiveness of carbon when compared to other miscible solvents is leading to the steady market development of carbon capture and sequestration. The growing number of carbon dioxide EOR projects, based on the availability of low-cost CO2, are invigorating the market for carbon capture and sequestration. The initiatives taken by the key market players in capturing carbon dioxide and offering it to oil producers for use in EOR projects are likely to aid the market for carbon capture and sequestration over the forecast period.

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Market Segmentation

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Carbon capture and sequestration are technologies that capture carbon dioxide from industrial processes before it enters the atmosphere. The method includes transporting the compressed carbon dioxide and storing it in deep geological formations for centuries or millennia. These geological formations are covered with impermeable, non-porous rocks that trap carbon dioxide to prevent its release into the environment.

The market for carbon capture and sequestration, by capture source, is divided into:

• Chemicals
• Natural Gas Processing
• Power Generation
• Fertilizers Production
• Others

Based on service, the market is segmented into:

• Capture
  • Pre-Combustion Capture
  • Post-Combustion Capture
  • Oxy-Fuel Combustion
  • Others
• Transportation 
• Storage

On the basis of end use, the market is bifurcated into:

• Enhanced Oil Recovery (EOR)
• Dedicated Storage and Treatment

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The regional markets for carbon capture and sequestration can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Environmental Consciousness to Drive the Market Growth of Carbon Capture and Sequestration

The growing use of carbon capture and sequestration to reduce emissions from large stationary sources of carbon dioxide and stabilise the atmospheric greenhouse gas concentrations is playing a critical role in the development of the market. The application of the stored carbon dioxide in a wide range of end uses like enhanced oil recovery (EOR), food and beverage manufacturing, pulp and paper manufacturing, and metal fabrication is propelling the market growth of carbon capture and sequestration. The initiatives taken by the governments worldwide in promoting carbon dioxide capture and sequestration are providing impetus to the market expansion. For instance, in July 2018, the Government of India launched a Call on IC3 on CCUS for joint Research & Development with member MI countries to identify breakthrough technologies in the field of carbon capture, separation, and storage. The investments made by leading market players in carbon capture to adopt widespread industrial carbon capture are expected to augment the market for carbon capture and sequestration during the forecast period.

Key Players in the Global Carbon Capture and Sequestration Market

The report gives a detailed analysis of the following key players in the global carbon capture and sequestration market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Exxon Mobil Corporation
• Carbon Engineering Ltd.,
• Fluor Corporation
• Equinor ASA
• Dakota Gasification Company
• Linde plc
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report