Carbon Capture and Storage Market Growth Accelerated by Increasing Government Support Programs

 
Carbon Capture and Storage Market

Carbon capture and storage (CCS) is a set of technologies that can greatly reduce carbon dioxide (CO2) emissions from fossil fuel power plants and industrial processes. With CCS, the CO2 captured is transported to a storage location where it is then injected underground, avoiding atmospheric release. CCS technologies offer an important bridge between fossil fuels and renewable energy, and will play a key role in reducing carbon emissions to meet reduction targets globally. The global Carbon Capture and storage Market is estimated to be valued at US$ 5.9 billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
The increasing government support programs for scaling up CCS technologies is one of the key trends driving the growth of carbon capture and storage market. Many governments have introduced policies and initiatives to incentivize CCS deployment and commercialization through funding and tax credits. For instance, in the US, the FUTURE Act provides tax credits up to $50 per metric ton of carbon dioxide stored, and California's Low Carbon Fuel Standard program awards credits to projects that demonstrate negative carbon intensity through the use of CCS. Similar programs have been launched in the UK, Canada, Australia, and other countries. These government initiatives are proving instrumental in scaling up CCS demonstration projects and making the technology commercially viable. They aim to bridge the economic gap between high capture costs and low carbon prices, and accelerate widespread CCS adoption globally.

Segment Analysis
The global carbon capture and storage market can be segmented based on capture technology, application, and geography. Based on capture technology, pre-combustion capture technology dominates the market and accounted for around 35% of the total market share in 2020. Pre-combustion capture involves removing carbon dioxide from fuels before combustion in devices like integrated gasification combined cycle (IGCC) power plants. This technology offers higher carbon dioxide removal rates compared to other technologies and is being widely used in coal and natural gas-based plants across regions.

Key Takeaways
The Global Carbon Capture And Storage Market Demand is expected to witness high growth over the forecast period of 2028-2032.

Regional analysis: North America currently dominates the global market and is expected to continue its dominance over the forecast period. This is attributed to presence of largest end-use industries in countries like the US and Canada along with government support through initiatives like 45Q tax credit program.

Key players operating in the carbon capture and storage market are Mitsubishi Heavy Industries, Ltd., Shell plc, Aker Solutions, Fluor Corporation, Linde, BROOKFIELD Renewable Partners, l.p.

For more insights, Read- https://www.insightprobing.com/carbon-capture-and-storage-market-size-and-share/

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