The latest study conducted by Global Market Insights Inc. claims that the global carbon capture and storage market size  could exceed USD 35 billion by 2032. Rapid industrialization in developing nations leading to heavy emissions is making it necessary for the governments to impose strict regulations for minimizing carbon footprint. Industries in various sectors are being compelled to setup pilot CCS plants to witness the effectiveness in reducing the emissions.

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Highlighting some of the major trends streamlining carbon capture and storage industry growth through 2032

Early technology adoption in North America Early realization of carbon emission impact on the environment and public health by government agencies in the US and Canada is a major driver for adaptation of CCS technology in the region. Authorities across the region are putting significant efforts towards decarbonization of industries as well as the supply chain, including building materials, fuels, and chemicals, to create a cleaner economy.

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Swift industrialization in Asia Pacific

Asia Pacific carbon capture and storage marketplace was worth over USD 1 billion in 2022. Large population base in countries like India and China, in consort with swift growth of industrial sectors with high GHG emissions, such as cement, chemical, oil & gas, refineries, and food & beverages among others, is presenting the need to acquire carbon sequestration technologies. Nations in the region are announcing policies to control CO2 pollution and moving toward more sustainable production processes. For instance, in April 2023, Indonesia declared a new legislation to support the consolidation of CCS and CCUS technologies with oil & gas E&P plants in the country to decarbonize the upstream sector. The nascent market in the region is creating ample opportunities for CCS consultants and manufacturers during 2023-2032.

Europe’s legal abidance of climate neutrality by 2050

The assertive approach of the European Union to combat climate change and GHG emission is creating positive outlook for carbon capture and storage techniques. According to the official website of EU, the goal set as per the European Green Deal for Europe’s society and economy to become Carbon Neutral by 2050 is legally abiding, written in Europe Climate Law.

Industry players are responding to the favorable scenario in Europe and jumping at the prospects to expand their operations in the region. For instance, in February 2023, NSTA (North Sea Transition Authority) announced its plan to set up a dedicated carbon transportation & storage team to align with UK’s CCS sector.

Furthermore, increasing potential of CO2-enhance oil recovery (EOR) technology will highlight the importance of CCS systems. Carbon dioxide injected in the reservoir results in superior extractability of oil and improved output. Growing energy demand across the globe will also act as driving factor for CCS industry through 2032.

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