Carbon Capture And Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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, Chemical, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, and Rest of the World). The report offers market size and forecasts for Carbon Capture And Storage in revenue (USD million) for all the above segments.

Carbon Capture And Storage Market Snapshot

Carbon Capture and Storage Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: North America
Largest Market: North America
CAGR: >9 %

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Market Overview

The global carbon capture and storage market is expected to register a CAGR of more than 9% during the forecast period. The major factor driving the market studied are emerging demand for CO2 injection technique for enhanced oil recovery (EOR), and strict government norms towards GHG emissions.

  • Huge CCS technologies implementation cost, and growth in shale investments are expected to hinder the growth of the market studied.
  • Augmenting prominence for bioenergy carbon capture and storage (BECCS) is likely to act as an opportunity in the future.

Scope of the Report

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. By end-user industry, the market is segmented into Oil and Gas, Coal and Biomass Power Plant, Iron and Steel, Chemical, and Other End-user Industries. 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 on the basis of 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
Other End-user Industries
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
Rest of the World

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Key Market Trends

Oil and Gas Segment to Dominate the Market

  • ​​​Carbon Capture and Storage (CCS),  is aiding the oil and gas industry to mitigate greenhouse gases out of the atmosphere. 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.
  • In other circumstances, the carbon dioxide is not soluble in the oil. Here, injection of carbon dioxide raises the pressure in the reservoir, helping to sweep the oil toward the production well. In Texas (US), for more than three decades 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%.
  • Kyoto Clean Development Mechanism is mostly applied among the OPEC Nations, which support CCS technology. For instance, Abu Dhabi National Oil Company achieved dramatic reductions in gas flaring, from about 1,500 million cubic feet per day in the early 1980s to less than 200 million cubic feet per day today. This decreased air pollution and augmented gas availability for export or internal use.
Carbon Capture and Storage Market - Segmentation

North America to Dominate the Market

  • The North American region dominated the global market. With the growing demand for clean technology, accompanied by the growing use of CO2 in EOR practices, is likely to drive the CCS market in the countries like United States, Canada.
  • The United States uses 75% of the global carbon capture capacity in EOR operations, which accounts for nearly 30 Metric ton per annum.
  • The country introduced the FUTURE Act (Furthering Capital Carbon Capture, Utilization, Technology, Underground storage, and Reduced Emissions) under 45Q section, to provide incentives for capturing carbon dioxide produced from industrial and power sources to be used in EOR.
  • With the development of shale gas techniques and less interest in the carbon capturing by the new government, it is expected that the market for CCS is likely to grow at a moderate rate in the country. Thereby increasing the market share of North America.
Carbon Capture And Storage Market - Regional Trend

Competitive Landscape

A majority of the large-scale projects for Carbon Capture And Storage are either set up or being established in the United States and China. Furthermore, newer technologies and storage techniques are expected to be deployed in European countries. The major players for the Carbon Capture And Storage Market are Occidental Petroleum Corporation, Exxon Mobil Corporation, Dakota Gasification Company, NRG Energy, Inc, and Air Liquide, among others.

Recent Developments

  • In October 2021, Exxon Mobil Corporation has planned to increase carbon capture and storage at its LaBarge, Wyoming facility based in the United States, with an investment of around USD 400 million. Moreover, the expansion project will capture up to 1 million metric tons of CO2, in addition to the 6-7 million metric tons already captured at this facility each year. Additionally, the operation at this facility is expected to start by 2025.
  • In April 2021, Exxon Mobil Corporation has proposed a plan to construct a carbon capture and storage (CCS) facility in Houston Ship Channel of Texas, United States. Additionally, the company was willing to invest around USD 100 billion in this proposed project, which would capture and store 100 million metric tons of CO2 per year. 
  • In November 2020, Baker Hughes has signed an agreement, such that to acquire Compact Carbon Capture (3C), a carbon capture technology development company. Thereby, through the acquisition, the company will enhance its decarbonization solutions portfolio for carbon-intensive industries, including, oil and gas and others.

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 towards GHG Emissions

    2. 4.2 Restraints

      1. 4.2.1 Huge CCS Technologies Implementation Cost

      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


    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

      5. 5.2.5 Other End-user Industries

    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 Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Aker Solutions

      2. 6.4.2 Air Liquide

      3. 6.4.3 Baker Hughes

      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 Company

      11. 6.4.11 Mitsubishi Heavy Industries Ltd

      12. 6.4.12 NRG Energy Inc.

      13. 6.4.13 Schlumberger Limited

      14. 6.4.14 Royal Dutch Shell PLC

      15. 6.4.15 Siemens AG

      16. 6.4.16 Linde plc

      17. 6.4.17 LanzaTech

      18. 6.4.18 Occidental Petroleum Corporation

    5. *List Not Exhaustive

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

    2. 7.2 Other Opportunities

**Subject to Availability

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Frequently Asked Questions

The Carbon Capture And Storage Market market is studied from 2016 - 2026.

The Carbon Capture And Storage Market is growing at a CAGR of >9% over the next 5 years.

North America is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

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

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