Carbon Capture and Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Carbon Capture and Storage Market is segmented by Technology (Pre-combustion Capture, Oxy-fuel Combustion Capture, and Post-combustion Capture), End-user Industry (Oil and Gas, Coal and Biomass Power Plant, Iron and Steel, and Chemical) and Geography (Asia-Pacific, North America, Europe, and Rest of the World). The report offers the market size and forecasts in revenue (USD million) for all the above segments.

Carbon Capture & Storage Market Size

Carbon Capture and Storage Market Summary
Study Period: 2017-2027
Fastest Growing Market: Europe
Largest Market: North America
CAGR: > 10 %

Major Players

Carbon Capture and Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Carbon Capture & Storage Market Analysis

The carbon capture and storage market is expected to reach more than USD 1,920 million by the end of this year and is projected to register a CAGR of over 10% during the forecast period.

The effect of the Covid-19 pandemic on the market was moderate as the market is in the emerging/developing stage and was not affected severely due to the effect of the pandemic.

  • The major factors driving the market studied are the emerging demand for CO2 injection techniques for enhanced oil recovery (EOR) and strict government norms towards GHG emissions.
  • On the flip side, huge CCS technology implementation costs and increases in shale investments are expected to hinder the market's growth.
  • Augmenting prominence for bioenergy carbon capture and storage (BECCS) is likely to be an opportunity in the future.
  • The North American region is likely to dominate the market and is expected to remain at dominating position over the forecast period owing to increasing implementation of the technology majorly in the United States and Canada.

Carbon Capture & Storage Industry Segmentation

Carbon capture and storage (CCS) is a technology that can capture up to 90% of the carbon dioxide emissions pro­duced from various sources that use fossil fuels in electricity generation and industrial processes, preventing carbon dioxide from entering the atmosphere. The first stage in the CCS process is capturing carbon dioxide released while burning fossil fuels or as a result of industrial processes, such as making cement and steel or in the chemical industry. The carbon capture and storage market is segmented by technology, end-user industry, and geography. By technology, the market is segmented into pre-combustion capture, oxy-fuel combustion capture, and post-combustion capture. The market is segmented by end-user industry: Oil and Gas, Coal and Biomass Power Plant, Iron and Steel, and Chemical. The report also covers the market size and forecasts for the carbon capture and storage market in 12 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).

Pre-combustion Capture
Oxy-fuel Combustion Capture
Post-combustion Capture
End-user Industry
Oil and Gas
Coal and Biomass Power Plant
Iron and Steel
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
Rest of the World

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Carbon Capture & Storage Market Trends

This section covers the major market trends shaping the Carbon Capture & Storage Market according to our research experts:

Oil and Gas Segment to Dominate the Market

  • Carbon dioxide stored in deep, onshore, or offshore geological formations uses CCS technologies for enhanced oil recovery that have been developed in the oil and gas industry.
  • Carbon dioxide is extensively used in the oil industry for enhanced oil recovery (EOR) from mature oilfields. When carbon dioxide is inserted into an oilfield, it can mix with the crude oil, triggering it to swell and drop its viscosity, helping to maintain or raise the pressure in the reservoir. The combination of these processes permits more crude oil to flow to the production wells.
  • In other circumstances, the carbon dioxide is not soluble in the oil. Here, the injection of carbon dioxide raises the pressure in the reservoir, helping to sweep the oil toward the production well.
  • For more than three decades in Texas (United States), carbon dioxide has been used in enhanced oil recovery projects. EOR constitutes over 20% of total oil production, and some fields achieve recoveries of nearly 70%.
  • Moreover as part of sustainable development, the oil and gas industry is moving toward carbon capturing and storage technologies.
  • The Covid-19 pandemic servely affected oil and gas production. Moreover, The International Energy Agency estimates that the oil and gas demand is still reeling from the effects of the pandemic, and is unlikely to catch up with its pre-Covid trajectory. In 2020, oil demand was nearly 9 million barrels per day below the level seen in 2019, and it is not expected to return to that level before 2023. Thus, slow growth in oil & gas application can be witnessed.
  • However as per the BP Statistical Review of World Energy 2022, the global oil production in the year 2021 observed an increase of around 1.21% as compared to the year 2020 and amounted 4,221.40 million metric tons which is further expected to increase in 2022 and 2023. Further, as per market experts the oil production is expected to see a significant boost over the forecast period and to grow as per pre-pandemic growth trends.
Carbon Capture and Storage Market : Oil Production, In million metric tons, Global, 2017 -2021

North America is Likely to Dominate the Market

  • The North American region dominates the global market. The growing demand for clean technology, accompanied by the growing use of CO2 in EOR practices, is likely to drive the CCS market in countries like the United States and Canada.
  • Chemical production, hydrogen production, fertilizer production, natural gas processing, and power generation are among the industries in the United States where CO2 is captured and injected. These facilities capture and inject CO2 to store it underground in geologic formations or to use it to boost oil production from aging oil fields, a process known as enhanced oil recovery (EOR).
  • Since at least 1997, the US Department of Energy's Fossil Energy and Carbon Management Research, Development, Demonstration, and Deployment program (FECM) has financed research and development (R&D) in components of CCS.
  • The government has funded USD 7.3 billion for DOE CCS-related programs since FY2010, including annual increases in recent years. The country allocated USD 750 million to FECM in FY2021, with USD 228.3 million going to CCUS.
  • Under the Infrastructure Investments and Jobs Act (IIJA), the United State's government allocated USD 12.1 billion for carbon management technologies of which USD 2.54 billion is appropriated for carbon capture and storage (CCS) demonstration projects from 2022 to 2025.
  • Moreover, In December 2020, the Canadian government proposed regulations for the Clean Fuel Standard. Projects that employ CCS to minimize the lifecycle carbon intensity of fossil fuels are one of the approaches to earn compliance credits for the Clean Fuel Standard. In addition, Canada's Budget 2021 suggested an investment tax credit for capital spent in CCUS projects, with a target of lowering CO2 emissions by at least 15 Mtpa, which would take effect in 2022.
Carbon Capture And Storage Market- Growth Rate by Region, 2022-2027

Carbon Capture & Storage Industry Overview

The carbon capture and storage market is consolidated in nature. The major players in the market (not in a particular order) include Occidental Petroleum Corporation, Exxon Mobil Corporation, Dakota Gasification Company, NRG Energy Inc., and Air Liquide, among others.

Carbon Capture & Storage Market Leaders

  1. Occidental Petroleum Corporation

  2. Exxon Mobil Corporation

  3. Dakota Gasification Company

  4. NRG Energy Inc.

  5. Air Liquide

*Disclaimer: Major Players sorted in no particular order

Carbon Capture and Storage Market Concentration

Carbon Capture & Storage Market News

  • In December 2022, Malaysia state-owned oil and gas company Petroleum Sarawak Bhd (Petros) signed an agreement with South Korean steel-making company Posco Group to collaborate on the carbon capture and storage (CCS) development business in a plant situated at Sarawak, Malaysia.
  • In December 2022, Oil and Natural Gas Corporation Limited (ONGC) signed an agreement with Shell for cooperation in Carbon Capture, Utilization, and Storage (CCUS) studies. The collaboration will focus on a joint CO2 storage study and EOR screening assessment for key basins in India, including depleted oil and gas fields and saline aquifers.

Carbon Capture & Storage Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Emerging Demand for CO2 Injection Technique for Enhanced Oil Recovery (EOR)

      2. 4.1.2 Strict Government Norms Toward GHG Emissions

    2. 4.2 Restraints

      1. 4.2.1 Huge CCS Technology Implementation Costs

      2. 4.2.2 Growth in Shale Investments

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Technology

      1. 5.1.1 Pre-combustion Capture

      2. 5.1.2 Oxy-fuel Combustion Capture

      3. 5.1.3 Post-combustion Capture

    2. 5.2 End-user Industry

      1. 5.2.1 Oil and Gas

      2. 5.2.2 Coal and Biomass Power Plant

      3. 5.2.3 Iron and Steel

      4. 5.2.4 Chemical

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. Australia

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Norway

        5. Netherlands

        6. Rest of Europe

      4. 5.3.4 Rest of the World


    1. 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Air Liquide

      2. 6.4.2 Aker Solutions

      3. 6.4.3 Baker Hughes Company

      4. 6.4.4 Dakota Gasification Company

      5. 6.4.5 Exxon Mobil Corporation

      6. 6.4.6 Fluor Corporation

      7. 6.4.7 General Electric

      8. 6.4.8 Halliburton

      9. 6.4.9 Honeywell International Inc.

      10. 6.4.10 Japan CCS Co., Ltd.

      11. 6.4.11 LanzaTech

      12. 6.4.12 Linde plc

      13. 6.4.13 Mitsubishi Heavy Industries Ltd

      14. 6.4.14 NRG Energy Inc.

      15. 6.4.15 Occidental Petroleum Corporation

      16. 6.4.16 Shell plc.

      17. 6.4.17 Siemens Energy

      18. 6.4.18 SLB

    5. *List Not Exhaustive

    1. 7.1 Augmenting Prominence for Bioenergy Carbon Capture and Storage (BECCS)

**Subject to Availability
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Carbon Capture & Storage Market Research FAQs

The Carbon Capture and Storage Market market is studied from 2017 - 2027.

The Carbon Capture and Storage Market is growing at a CAGR of >10% over the next 5 years.

Europe is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Occidental Petroleum Corporation, Exxon Mobil Corporation, Dakota Gasification Company, NRG Energy Inc., Air Liquide are the major companies operating in Carbon Capture and Storage Market.

Carbon Capture and Storage Industry Report

Statistics for the 2023 Carbon Capture and Storage market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Carbon Capture and Storage analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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