Carbon Capture And Storage Market Growth: Driven by Net-Zero Commitments and Carbon Tax Policies

The global carbon capture and storage (CCS) market size was valued at USD 2.4 billion in 2022 and is anticipated to reach USD 9.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 18.3% from 2023 to 2030. This growth is primarily driven by increasing governmental regulations aimed at reducing carbon emissions, along with growing concerns surrounding climate change and environmental sustainability.

The CCS technology is being increasingly adopted across various industries, including oil and gas, cement production, and power generation, as businesses seek to integrate sustainable practices. Advances in CCS technologies and the establishment of carbon pricing mechanisms are further encouraging investment in these solutions. Furthermore, significant funding and collaborations among governments, private sectors, and research institutions are expected to bolster market expansion.

Key Market Trends & Insights

• Geographical Leadership: North America accounted for the largest market share in 2022, owing to substantial investments in CCS projects and supportive government policies.

• Industry Applications: The oil and gas sector is projected to maintain a leading position in CCS applications, driven by the need for enhanced oil recovery and emissions reduction.

• Technological Advancements: Innovations in capture technologies and methods for carbon utilization are likely to enhance the efficiency and viability of CCS solutions.

• Policy Support: Increasing government support and global policies aimed at carbon neutrality are expected to provide favorable conditions for the growth of the CCS market.

Order a free sample PDF of the Carbon Capture And Storage Market Intelligence Study, published by Grand View Research.

Market Size & Forecast

• 2024 Market Size: USD 3,681.24 Million

• 2033 Projected Market Size: USD 6,719.31 Million

• CAGR (2025-2033): 7.0%

• North America: Largest market in 2024

• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights

Some of the key players operating in the global carbon capture & storage market include Shell PLC; Aker Solutions; Equinor ASA; Dakota Gasification Company; Linde plc; Siemens Energy; Fluor Corporation; Sulzer Ltd.; Mitsubishi Heavy Industries Ltd. (MHI); Japan CCS Co. Ltd; Carbon Engineering Ltd; LanzaTech. These companies focus on the development, deployment, and management of carbon capture, transportation, utilization, and storage solutions. Their activities include industrial-scale CCS projects, enhanced oil recovery applications, direct air capture systems, and integration with hydrogen and bioenergy facilities, driving technological advancement and market growth across all regions.

Key Players

• Shell PLC

• Aker Solutions

• Equinor ASA

• Dakota Gasification Company

• Linde plc

• Siemens Energy

• Fluor Corporation

• Sulzer Ltd.

• Mitsubishi Heavy Industries Ltd. (MHI)

• Japan CCS Co. Ltd

• Carbon Engineering Ltd

• LanzaTech

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion

The carbon capture and storage (CCS) market is poised for substantial growth, driven by regulatory pressures, technological advancements, and increasing investments across various sectors. As companies and governments prioritize carbon footprint reduction, CCS technology will play a crucial role in facilitating the transition towards a more sustainable future, underscoring its significance in global efforts to combat climate change.