Investment in R&D can ensure that cutting-edge CCUS applications are economically adopted in important industries such as heavy industry (cement, steel, and chemicals), CO2 usage for the creation of synthetic fuels, and carbon removal. Long-Term Growth Opportunities (2029-2033): CO2 management business model and deployment approaches are evolving, facilitating rapid scaling of CCS.CCS is a prominent solution for long-term atmospheric carbon reduction in scenarios where zero carbon alternatives are unclear. Factors for Medium-Term Growth (2026-2029): The solution for the rapidly evolving landscape of decarbonization potentially involves a large investment.Growth Factors for Short Term (2023-2026): CCS provides near term pathway to rapidly reduce the impact of the existing emission-intensive processes while zero-carbon alternative solutions mature.Since government policies supported by climatic targets have increased the overall market of companies offering carbon capture & storage services. Additionally, the captured carbon can be further utilized for producing hydrogen fuel & low carbon electricity.Ĭarbon capture has gained significant momentum in recent years owing to the increasing concerns over changing climatic conditions. It plays a vital role in carbon reduction from the “hard-to-abate” industrial sector. CCS is a very efficient & cost-effective way of atmospheric decarbonization. Forecast Outlook (2023-2033)Īs a result of increasing carbon in the atmosphere, hazardous impacts can be seen on the environment. Global Carbon Capture and Storage (CCS) Historical Outlook (2018-2022) vs. Report AttributesĬarbon Capture and Storage (CCS) Size (2022A) Oil & Gas is the most prominent industry using CCS as it would benefit the current and future energy requirements of the planet. The process is a very supportive strategy for the mitigation and stabilization of atmospheric greenhouse gas concentrations. The market for carbon capture and storage was estimated to be worth roughly US$ 2.9 billion in 2023 and is projected to grow at a CAGR of 13.4% to reach US$ 10.2 billion by 2033.Ĭarbon dioxide (CO2) capture and storage (CCS) is a procedure that involves removing CO2 from energy- and industrial-related sources and transporting it to a storage facility and prolonged isolation from the outside world. Carbon Capture and Storage Growth Outlook (2023 to 2033)
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