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Carbon Capture Market Size to Grow USD 6.89 Billion by 2030 at a CAGR of 6.6% | Valuates Reports

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Valuates Reports

11 Jun, 2024, 15:59 GMT

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BANGALORE, India, June 11, 2024 /PRNewswire/ -- Carbon Capture Market is Segmented by Technology (Industrial-Point-Source Carbon Capture, Direct Air Capture (DAC), Bioenergy With Carbon Capture), by Application (Oil and Gas Industry, Power Industry, Cement Industry, Chemical Industry, Steel Industry, Other): Global Opportunity Analysis and Industry Forecast, 2024-2030.


The global market for Carbon Capture was estimated to be worth USD 4.41 Billion in 2023 and is forecast to a readjusted size of USD 6.89 Billion by 2030 with a CAGR of 6.6% during the forecast period 2024-2030.

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Major Factors Driving the Growth of Carbon Capture Market:

The market for carbon capture is expanding as a result of a confluence of factors including growing environmental consciousness, technological breakthroughs, and regulatory pressures. Globally, governments are enacting more stringent laws on emissions and providing financial incentives for carbon capture and storage (CCS) initiatives in order to achieve climate goals, as delineated in the Paris Agreement. Additionally, as a result of technology advancements, carbon capture technologies are becoming more economically viable for enterprises by decreasing prices and increasing efficiency. Investments in CCS technologies are being driven by the increasing corporate emphasis on sustainability and ESG (Environmental, Social, and Governance) standards as businesses look to lower their carbon footprints and improve their environmental credentials.

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TRENDS INFLUENCING THE GROWTH OF THE CARBON CAPTURE MARKET

Point-source industrial Because it tackles one of the biggest sources of CO2 emissions, carbon capture in the power sector is a major driver of the carbon capture market. Power plants contribute significantly to atmospheric CO2, especially those that use fossil fuels like coal and natural gas. By installing carbon capture technology at these locations, power firms can directly absorb CO2 emissions before they reach the atmosphere and meet ever-tougher emission reduction targets and environmental requirements. In addition to reducing global warming, this compliance offers financial gains from carbon credits and the possible use of CO2 collection for a variety of uses, including better oil recovery.

Regardless of the source of emissions, Direct Air Capture (DAC) provides a flexible and scalable method for extracting CO2 directly from the environment, which is propelling the expansion of the carbon capture market. Because DAC technology is adaptable and can be used in different settings, it is a good choice for areas with high ambient CO2 levels but little industrial emissions. DAC is gaining popularity due to its ability to create zero emissions, which is essential for achieving international climate objectives, as awareness of climate change grows on a worldwide scale. Additionally, DAC can provide concentrated CO2 streams that can be used in industrial processes or stored underground, opening up new revenue streams and business potential. Innovation is being encouraged and substantial investment is being drawn to DAC due to its scalability and wide range of applications.

By making significant investments in carbon capture, utilization, and storage (CCUS) technologies to lessen the environmental impact of fossil fuel extraction and processing, the oil and gas sector is propelling the expansion of the carbon capture market. Businesses in this industry are incorporating carbon capture to improve oil recovery (EOR) procedures. EOR involves injecting captured CO2 into oil fields to boost extraction efficiency, which has positive effects on the environment and the economy. In addition, industry use of CCUS to lower carbon footprints is being driven by stakeholder and regulatory demands for more sustainable practices. The carbon capture market is being driven by the enormous financial resources and technical knowledge of oil and gas firms, which are driving improvements in carbon capture technology and expediting their deployment and scalability.

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CARBON CAPTURE MARKET SHARE ANALYSIS

Due to its strong industrial base, large expenditures, and government regulations that encourage it, North America is a market leader in carbon capture. Incentives like the 45Q tax credit, which offers substantial financial benefits for carbon capture facilities, have been adopted, mostly in the United States. The fact that significant oil and gas firms are investing in carbon capture and storage (CCS) technology for enhanced oil recovery (EOR) also supports the expansion of the market. Because of the region's dedication to cutting greenhouse gas emissions and the development of carbon capture technology, North America is positioned to play a significant role in the global carbon capture industry.

Key Players:

  • Mitsubishi Heavy Industries
  • ExxonMobil
  • Fluor Corporation
  • ARAMCO
  • Linde
  • Shell
  • JGC Holdings
  • Equinor
  • Schlumberger Limited
  • Aker Carbon Capture
  • Carbon Clean Solutions
  • C-Capture
  • Halliburton
  • Siemens AG
  • Honeywell
  • Mirreco
  • SeeO2 Energy
  • neustark
  • CarbonFree
  • Cemvita Factory

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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

-  Carbon and Energy Software Market

-  The global Carbon Block market is projected to reach USD 2042.4 Million by 2030 from an estimated USD 1671.2 Million in 2024, at a CAGR of 3.4% during 2024 and 2030.

-  The global market for Voluntary Carbon Offsets was estimated to be worth USD 607.1 Million in 2023 and is forecast to a readjusted size of USD 4276.9 Million by 2030 with a CAGR of 31.2% during the forecast period 2024-2030

-  The global Recycled Carbon Black market was valued at USD 317 Million in 2023 and is anticipated to reach USD 485.5 Million by 2030, witnessing a CAGR of 6.7% during the forecast period 2024-2030.

-  The global Porous Carbon market was valued at USD 4588.4 Million in 2023 and is anticipated to reach USD 6343.7 Million by 2030, witnessing a CAGR of 4.9% during the forecast period 2024-2030.

-  The global Carbon Fiber Recycling market was valued at USD 92 Million in 2023 and is anticipated to reach USD 220.4 Million by 2030, witnessing a CAGR of 13.7% during the forecast period 2024-2030.

-  Carbon Offset/Carbon Credit Trading Service Market

-  High Purity Carbon Powder Market

-  The global Carbon Fiber Composite market was valued at USD 24640 Million in 2023 and is anticipated to reach USD 36800 Million by 2030, witnessing a CAGR of 5.4% during the forecast period 2024-2030.

-  Carbon Emission Certification Market

-  The global Ordered Mesoporous Carbon market was valued at USD 256 Million in 2023 and is anticipated to reach USD 451.9 Million by 2030, witnessing a CAGR of 8.5% during the forecast period 2024-2030.

-  Low-carbon Building Materials Market

-  Corporate Carbon Footprint (CCF) Services Market

-  Carbon Capture Stationary Unit Market

-  The global Carbon Monoxide market is projected to reach USD 4789.2 Million by 2030 from an estimated USD 3943.8 Million in 2024, at a CAGR of 3.3% during 2024 and 2030.

-  The global market for Voluntary Carbon Credit was estimated to be worth USD 1443.5 Million in 2023 and is forecast to a readjusted size of USD 5357.2 Million by 2030 with a CAGR of 20.9% during the forecast period 2024-2030

-  Carbon Dioxide Capturer Market

-  The global Carbon Footprint Analysis Software market was valued at USD 764 Million in 2023 and is anticipated to reach USD 1130.3 Million by 2030, witnessing a CAGR of 6.4% during the forecast period 2024-2030.

-  The global Carbon Verification market was valued at USD 533.3 Million in 2023 and is anticipated to reach USD 692.3 Million by 2030, witnessing a CAGR of 3.8% during the forecast period 2024-2030.

-  The global Carbon Emission Monitoring and Management System market is projected to reach USD 1756.2 Million in 2029, increasing from USD 1296.1 Million in 2022, with the CAGR of 4.5% during the period of 2023 to 2029.

-  Carbon Management Platform Market

-  The carbon molecular sieves market was valued at USD 0.9 Billion in 2021, and is estimated to reach USD 1.4 Billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.

-  Voluntary Carbon Offsets and Carbon Neutrality Market

-  Short Carbon Fiber Market

-  Carbon Sliding Strip Market

-  The carbon fiber market was valued at USD 5.5 Billion in 2022, and is estimated to reach USD 16 Billion by 2032, growing at a CAGR of 11.4% from 2023 to 2032.

-  The global Super Activated Carbon market was valued at USD 101.6 Million in 2023 and is anticipated to reach USD 243.9 Million by 2030, witnessing a CAGR of 13.3% during the forecast period 2024-2030.

-  The global Carbon Capture, Utilisation and Storage (CCUS) market was valued at USD 3800 Million in 2023 and is anticipated to reach USD 5963.1 Million by 2030, witnessing a CAGR of 6.1% during the forecast period 2024-2030.

-  The global Carbon Nanotube CNT market is projected to reach USD 4935.1 Million by 2030 from an estimated USD 571.6 Million in 2024, at a CAGR of 43.2% during 2024 and 2030.

-  The global market for Voluntary Carbon Credit was estimated to be worth USD 1443.5 Million in 2023 and is forecast to a readjusted size of USD 5357.2 Million by 2030 with a CAGR of 20.9% during the forecast period 2024-2030

-  The global Hard Carbon Anode Precursor market is projected to reach USD 7935.3 Million in 2029, increasing from USD 4700 Million in 2022, with the CAGR of 6.3% during the period of 2023 to 2029.

DISCOVER OUR VISION: VISIT ABOUT US!

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

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