Carbon Capture and Storage market set to surge to $18.1 billion by 2033
![Carbon Capture and Storage market set to surge to $18.1 billion by 2033](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/01/carbon-capture-concept-natural-carbon-sinks-mangrove-trees-capture-co2-from-atmosphere-aerial.jpg)
The Carbon Capture and Storage (CCS) Market is poised for significant growth, projected to reach a substantial value of $18.1 billion by 2033, according to a report from Market.US.
This market, valued at USD 5.5 billion in 2022, is anticipated to exhibit a remarkable compound annual growth rate (CAGR) of 13% from 2023 to 2032.
Also read: Global CO2 removal market: Report identifies key developments & market trends
The report laid out the several factors that are driving the expansion of the CCS market:
- rising environmental concerns
- increased awareness about the adverse effects of carbon emissions
- governments worldwide are adopting environmentally friendly technologies
- advancements in gas injection-enhanced oil recovery (EOR) techniques
While there is immense potential, there are also notable challenges, including safety concerns related to underground carbon storage, such as soil acidification and pollution.
Market segment
The market was segmented based on technology (pre-combustion, post-combustion, oxy-combustion, and industrial process) and end-use industries (power generation, oil & gas, metal production, cement, and others) and studied.
The report notes that North America leads the global CCS market, with a revenue share of 35.8%, followed by Europe. Asia-Pacific, specifically China, and Australia, showed promising growth opportunities driven by increasing technological advancements and governmental support.
Also read: UK government grants Drax approval for carbon capture project
Key players in the CCS market include Siemens AG, Aker Solutions, Dakota Gasification Company, Fluor Corp., Linde plc, Mitsubishi Heavy Industries Ltd., Equinor ASA, Royal Dutch Shell PLC, Sulzer Ltd., and Exxon Mobil Corporation.
As industries and governments worldwide prioritize sustainable practices and carbon reduction strategies, the CCS market is expected to be pivotal in mitigating climate change and promoting environmental sustainability.
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