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Written by Elena Anderson » Updated on: October 14th, 2024
IMARC Group’s latest report, titled “Carbon Capture and Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the carbon capture and storage market. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry. the global carbon capture and storage market size reached US$ 2.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.8 Billion by 2032, exhibiting a growth rate (CAGR) of 8.5% during 2024-2032.
Carbon Capture and Storage Market Trends:
The global market is primarily driven by the increasing efforts to reduce greenhouse gas emissions, particularly in industries such as energy and manufacturing. In accordance with this, supportive government policies and financial incentives aimed at curbing carbon emissions are accelerating the adoption of the product. Similarly, continual technological advancements in carbon capture methods, such as direct air capture and chemical looping, are improving the efficiency and market appeal.
Furthermore, the growing commitment of corporations to sustainability goals and net-zero targets is further fueling investment and market expansion. Additionally, the rise in public awareness regarding climate change and its impact is driving demand for environmentally responsible practices and expanding the market reach. Moreover. the rapid integration with renewable energy sources, such as hydrogen production, is also creating lucrative opportunities in the market.
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Carbon Capture and Storage Market Scope & Growth Analysis:
The scope of the market is vast, spanning multiple sectors, including power generation, oil and gas, and heavy industries such as cement and steel. The market scope is expected to grow steadily as governments and industries around the world ramp up their efforts to meet climate goals. Furthermore, increased investments in research and development (R&D) for cost-effective CCS technologies are enhancing expansion in the market. The growing potential for carbon utilization, where captured CO2 is repurposed in industries such as agriculture and construction, is providing additional growth avenues in the market.
According to market analysis, the rapid development of integrated CCS hubs, which can serve multiple industrial facilities, is further accelerating market demand. Moreover, advances in carbon transportation and storage infrastructure, including pipelines and underground reservoirs, are also critical to market development. The market scope is poised for long-term growth, supported by ongoing technological innovations and global sustainability efforts.
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Carbon Capture and Storage Market Report Segmentation:
Breakup by Service:
Capture accounts for the majority of the market share.
Breakup by Technology:
Pre-combustion capture holds the largest share of the industry.
Breakup by End Use Industry:
Oil and Gas represents the leading market segment.
Breakup by Region:
North America leads the market, accounting for the largest carbon capture and storage market share.
Key Highlights of the Report:
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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