Carbon Capture & Storage Market to 2035 - Scope and Research Methodology

 

The global carbon capture and storage market size was estimated at USD 3.68 billion in 2024 and is projected to reach USD 5.61 billion by 2030, growing at a CAGR of 7.4% from 2025 to 2030. Increasing carbon emissions across the world and surging concerns regarding the detrimental effects of carbon emissions on the environment have prompted the global adoption of carbon capture and storage technology, thereby leading to the growth of the industry.

Increasing concerns regarding the detrimental effects of carbon emissions on the environment have prompted the adoption of carbon capture and storage technology. Various governments are encouraging the implementation of the CCS technology through pilot projects across various industries. This is attributed to the ability of the carbon capture and storage technology to serve as a large-scale solution for achieving high CO2 emission reduction targets and climate control goals.

Recent Developments

•            Oct’22 - Carbon Capture, a climate science corporation headquartered in the United States that manufactures DAC (direct air capture) devices, selected Flour Corporation to provide project integration and technical services for Project Bison. This project will include the construction of a multi-megaton environmental carbon removal plant in Wyoming, which is expected to be operational by the end of 2023.

•            June’22 - ExxonMobil Corporation, Shell, and the Guangdong Provincial Development and Reform Commission will collaborate to assess the feasibility of a capture and storage of carbon project at Huizhou's Dayawan petrochemical industrial park.

•            Nov’21 - ExxonMobil Corporation & Petronas signed an agreement to jointly investigate possible carbon capture & storage initiatives in Malaysia.

•            July’21 - Shell announced intentions to build a massive CCS facility in Alberta, Canada. The plant will be capable of capturing over 300 million metric tonnes of CO2 from the company's chemicals and refinery units over its lifetime.