USD 3.10 Billion
Carbon Sequestration Services Market Size, Share, Growth Analysis, By Capture Technology(Pre-Combustion, Industrial Process, Oxy-Combustion, Post-Combustion), By Application(Power Generation, Oil & Gas, Metal Production, Cement and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20L2021 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
65
|Figures:
77
Carbon Sequestration Services Market Insights
Carbon Sequestration Services Market size was valued at USD 3.10 Billion in 2021 and is expected to grow from USD 3.30 Billion in 2022 to USD 5.09 Billion by 2030, at a CAGR of 6.4% during the forecast period (2023-2030).
The introduction of Carbon Capture & Storage (CCS) technology is a result of the rise in awareness about the damaging effects of carbon emissions on the environment, thereby serving as a key growth factor. On account of the possibility of carbon capture and storage technology to serve as a large-scale solution for attaining the high CO2 emission reduction objectives and climate management goals, numerous governments are promoting the implementation of technology through pilot projects across diverse industries. The utilisation of gas injection Enhanced Oil Recovery (EOR) techniques is expected to increase as offshore oil and gas exploration and production operations are predicted to increase with technological advancements. Crude oil extraction involves the use of carbon dioxide. The maturing and depleting oil reservoirs will be the driving force behind the deployment of gas injection EOR techniques for both onshore and offshore wells.
The rising demand for CO2 for EOR activities in the oil & gas industry is projected to augment the growth of the forecast period. Due to the presence of numerous high-capacity CCS plants in this area as well as the growing use of CO2 in EOR processes, the U.S. is predicted to dominate the global sector in 2022. However, according to the BP Statistical Review of World Energy 2022, worldwide oil output increased by about 1.21% in 2021 compared to 2020, reaching 4,221.40 million metric tonnes. This trend is also anticipated to continue in 2022 and 2023. In addition, market analysts predict that oil output would increase significantly throughout the forecast period and follow pre-pandemic growth tendencies.
US Carbon Sequestration Services Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Power Generation
Fastest Growth
Power Generation
Growth Rate
6.4% CAGR
Global Carbon Sequestration Services Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Carbon Sequestration Services Market Segmental Analysis
The global carbon sequestration services market is segmented on the basis of capture technology, application, and region. Based on segmentation by capture technology, the market is segmented into pre-combustion, industrial process, oxy-combustion, post-combustion. In terms of application, the market is classified into power generation, oil & gas, metal production, cement, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Carbon Sequestration Services Market Analysis by Capture Technology
The market is divided into pre-combustion, post-combustion, industrial process, and oxy-combustion on the basis of capture technology. With a share of 66.91% of total revenue in 2022, the pre-combustion capture technologies category is expected to increase at a significant rate over the forecast period. Globally, pre-combustion CO2 capture via the AGR (Acid Gas Removal) technique and water gas shift reaction is being implemented commercially.
This Post Combustion based capture technique has the advantage of having a 20% lower energy cost at 90% CO2 capture than existing PCC technology (about 30%). We predict a strong pace of growth for post-combustion capture technology. Throughout the course of the projected period, rising energy production, recently created sophisticated amine systems, and heat integration systems are anticipated to have the most impacts on demand.
Global Carbon Sequestration Services Market Analysis by Application
With a 66.9% revenue share in 2022, the power generating segment was the largest revenue contributor. The biggest sources of carbon dioxide emissions are coal-fired power facilities. Using CCS facilities is now required to reduce carbon emissions to the necessary requirements as a result of constraints placed on power plants. The implementation of these technologies is crucial in order to possibly continue using coal resources for energy production while lowering CO2 emissions. Moreover, the efficiency of the current power plants can be maintained by retrofitting CCS facilities.
In 2021, the fastest growing segment is oil & gas. Oil and gas operations are significant sources of CO2 emissions, both through the extraction and processing of fossil fuels and through the combustion of these fuels in transportation and power generation. Carbon sequestration technologies can help to capture CO2 from these sources and store it underground, reducing emissions and promoting sustainability
Global Carbon Sequestration Services Market Size By Application 2022(%)
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Carbon Sequestration Services Market Regional Insights
On account of the rising demand from the oil and gas industry and strict government requirements to cut carbon emissions, North America accounted for the greatest market share, i.e., 36.69% in 2022. For the forecast term, this tendency is anticipated to hold. The largest regional market share belongs to Canada. The Weyburn and Midale oil fields hosted Cenovus Energy's pioneer CCS project, which went into operation in 2000. The carbon capture technique used in this study was pre-combustion.
The second-largest share in 2022 was attributed to Europe. These European Union funding programmers aim to hasten the construction of large-scale CCS projects in the area and to speed up research and development for carbon capture and storage technology there. Such initiatives are likely to aid in expansion of the Europe market, thereby helping it register the fastest growing rate in the forecast duration.
Global Carbon Sequestration Services Market Size By Geography, 2022-2030
- Largest
- Fastest
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Carbon Sequestration Services Market Dynamics
Global Carbon Sequestration Services Market Drivers
Increasing Focus on Reducing Greenhouse Gas Emissions
- One of the main drivers of the carbon sequestration services market is the increasing focus on reducing greenhouse gas emissions and mitigating climate change impacts. Governments around the world are implementing regulations and policies to promote the use of carbon capture and storage technologies, and this is creating a favorable market environment for companies operating in this space.
Increasing Commitment to Sustainability
- Another key driver is the growing awareness among consumers, businesses, and governments about the need to reduce carbon emissions and promote sustainable practices. This is leading to a greater demand for carbon sequestration services as companies seek to reduce their environmental footprint and demonstrate their commitment to sustainability, thereby creating new growth opportunities for the carbon sequestration services market in the long run.
Global Carbon Sequestration Services Market Restraints
Public Acceptance
- Carbon capture and storage technologies can be controversial, and there may be public resistance to the use of these technologies due to concerns about safety or environmental impacts. This can make it difficult for companies to implement these technologies and may limit their growth potential.
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Carbon Sequestration Services Market Competitive Landscape
A few major firms and a few small- and medium-sized regional players are currently constituting the market scenario. Many businesses have a very high penetration rate in their primary industry to create the world's first storage facility that can take CO2 from multiple industrial sources. A CO2 receiving port, an offshore pipeline, CO2 injection, and CO2 storage are all parts of the project, also known as The Northern Lights project. Such initiatives taken by players will help them establish a brand position in the future market competition.
Top Player’s Company Profiles in Global Carbon Sequestration Services Market
- Aker Solutions ASA (Norway)
- Carbon Clean Solutions Limited (United Kingdom)
- Chevron Corporation (USA)
- Eni S.p.A. (Italy)
- ExxonMobil Corporation (USA)
- General Electric Company (USA)
- Halliburton Company (USA)
- Hitachi, Ltd. (Japan)
- Japan CCS Co., Ltd. (Japan)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- National Carbon Capture Center (USA)
- NRG Energy, Inc. (USA)
- Schlumberger Limited (USA)
- Shell Global (Netherlands)
- Statoil ASA (Norway)
- Total S.A. (France)
- Woodside Petroleum Ltd. (Australia)
- Carbon Engineering Ltd. (Canada)
- Climeworks AG (Switzerland)
- Global Thermostat LLC (USA)
- Solidia Technologies, Inc. (USA)
Global Carbon Sequestration Services Market Recent Developments
- In December 2022, A collaboration agreement was signed in December 2022 between Petros, a state-owned oil and gas company in Malaysia, and Posco Group, a steel producer in South Korea, to collaborate on the development of carbon capture and storage (CCS) in a plant in Sarawak, Malaysia.
- In December 2022, Shell and Oil and Natural Gas Company Ltd. (ONGC) signed a collaboration agreement to conduct research on carbon capture, use, and storage (CCUS).
Carbon Sequestration Services Key Market Trends
Increase in Focus on Carbon Removal
- There is a growing focus on carbon removal technologies, which aim to remove carbon dioxide from the atmosphere rather than simply reducing emissions. This includes technologies such as direct air capture and carbon mineralization, and is creating new opportunities for companies operating in the carbon sequestration services market.
Carbon Sequestration Services Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global carbon sequestration services market is a growing industry that is focused on reducing greenhouse gas emissions through the capture, transport, and storage of carbon dioxide. The market is being driven by a range of factors, including increasing concern about climate change, government regulations aimed at reducing emissions, and the growing awareness among businesses about the need to reduce their carbon footprint. The market is expected to experience significant growth in the coming years, with a number of new projects and technologies in development. Carbon capture and storage technologies are becoming more efficient and cost-effective, and there is a growing emphasis on the development of carbon removal technologies, which have the potential to remove carbon dioxide from the atmosphere altogether. The global carbon sequestration services market is a rapidly evolving industry that is poised for significant growth in the coming years. With increasing investment, ongoing innovation in technology, and a growing focus on reducing greenhouse gas emissions, the market is expected to play an important role in the transition to a low-carbon economy.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.10 Billion |
| Market size value in 2031 | USD 5.09 Billion |
| Growth Rate | 6.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Carbon Sequestration Services Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Carbon Sequestration Services Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Carbon Sequestration Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Carbon Sequestration Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Carbon Sequestration Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Carbon Sequestration Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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