As per International Energy Agency data for 2020, globally, roughly 40 million metric tons of CO2 (MtCO2) is being captured and stored each year (mostly as part of enhanced oil recovery [EOR]). However, as per energy outlook analyses, to meet the emission target, it is estimated that CCS would be needed on the scale of upwards of 1,500 MtCO2 being captured per year by 2030 and between 5,000-10,000 MtCO2 being captured per year by 2050. If the Carbon Capture and Sequestration technology is deployed globally to address emissions as part of a broad suite of zero or low carbon technologies, the carbon capture industry would employ between 70,000-100,000 construction workers and between 30,000-40,000 facility operators by 2050, with additional employees to build and maintain CO2 transport and storage network 

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Covid-19 pandemic have impacted all section of the society and industry and Carbon Capture and Sequestration market is no exception. Covid-19 pandemic has resulted in slow growth of the energy and power sector in most of the economies globally, as many countries are resorting to nationwide lockdowns to prevent a spread of the virus. Globally, as of 2020, there were 26 large-scale facilities capture approximately 40 millions of CO2 per year in operation, with US being home of 12 commercial-scale carbon capture facilities, with the capacity to capture approximately 23.5 million tons of CO2 annually.

According to UnivDatos’ research report “Global Carbon Capture and Sequestration Market”, the market is expected to witness a CAGR growth of 22.8% during the forecast period 2023-2030F. Rising number of EOR Projects to reduce Carbon Emissions, rising Government investments on Carbon Capture technology and Growing investments from the private sector companies are the major factors driving the growth of global Carbon Capture and Sequestration market. However, lack of fund (majorly in the developing regions) to act as a major challenge for the growth of the industry. Furthermore, Prevalence of Carbon Capture Plants in the US, to provide growth opportunity for the North America Region.

Based on the Service, the Global Carbon Capture and Sequestration Market is bifurcated into Capture (combustion and industrial separation), Transport, Sequestration. Currently, Carbon Capture segment dominate the market and is expected to maintain its dominance during the forecast period.

Based on capture source, the market is segmented into segmented into Chemicals, Natural Gas Processing, Power Generation, Fertilizers Production, Others. Natural Gas Processing and Power Generation together generated major revenue share in 2020.

Based on source category, the Global Carbon Capture and Sequestration Market is bifurcated into EOR and dedicated geological straoge. Currently, EOR segment dominated the market. However, during the forecast period, dedicated geological storage category is likely to showcase the fastest growth rate.

Europe to witness highest growth

Based on region, the report provide detail analysis for overall adoption of Carbon Capture and Sequestration in major region including North America (US, Canada), Europe (Germany, UK, France, Italy, Spain), Asia-Pacific (China, India, Japan, Australia), Middle East & Africa (South Africa, UAE, Saudi Arabia), and South America (Brazil, Argentina). Europe is likely to showcase the fastest growth rate during the forecast period owing to expected commissioning of large-scale commercial projects in the region.

According to UnivDatos, the key players with a considerable market share in the Global Carbon Capture and Sequestration market are Fluor Corporation, Linde AG, Shell, Petrobras, Chevron, TotalEnergies, Equinor, China National Petroleum Corporation, ExxonMobil, ADNOC Group. These companies are investing heavily on technology to increase their customer base.

Some of the instances are:

§ Total, Equinor, and Shell together invested over US$ 680 million on the Northern Lights CCS project for phase 1. The ongoing project aims at developing robust infrastructures for the transportation and storage facilities for 1.5 metric tons per annum (MTPA) carbon dioxide

§ US Department of Energy (DOE) granted US$11.05 million for projects FLExible Carbon Capture (FLECCS). The project when completed would provide an efficient natural gas power generation system and upgrade the existing technology

§ Exxonmobil, recently announced a US$3 billion investment over the next 5 years in new carbon capture and storage (CCS) projects

§ In 2021, ExxonMobil announced the creation of a new business “ExxonMobil Low Carbon Solutions” to commercialize and deploy emission-reduction technologies. The unit would initially focus on carbon capture and storage (CCS), one of the critical technologies required to achieve net zero emissions and the climate goals outlined in the Paris Agreement

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“Global Carbon Capture and Sequestration Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.  

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