Carbon capture and storage is a set of technologies that help reduce carbon dioxide (CO2) emissions from large point sources, such as power plants and industrial processes, and injecting it deep underground instead of releasing it into the atmosphere. It involves capturing the carbon dioxide emissions produced from industrial activities before they enter the atmosphere, transporting them to a storage location, and depositing them where they will not enter the atmosphere, normally underground in geological formations or depleted oil and gas fields. The applications of carbon capture and storage technology is wide ranging across industries like power generation, fertilizer production, hydrogen production, cemet manufacturing and others. The global Carbon Capture and storage Market is estimated to be valued at US$8 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key driver for the growth of carbon capture and storage market is the stringent emission norms laid down by various environment regulatory bodies across the globe. For instance, Europe has legally binding targets to cut emissions by at least 40% by 2030 as compared to 1990 levels. Similarly, China has pledged to peak its carbon emissions before 2030 and achieve carbon neutrality before 2060. The other major driver has been growing use of carbon capture and storage technologies at coal-fired power plants and gas processing facilities to meet emission compliance levels. However, high capital cost associated with carbon capture and storage technologies is a major challenge for market. But government incentives and funding are helping bridge the cost gap and drive adoption of these technologies.

SWOT Analysis
Strength: Carbon capture and storage (CCS) technology helps reduce carbon dioxide emissions from large stationary sources like power plants and industrial facilities. It is one of the promising options to mitigate climate change. CCS captures over 90% of CO2 emissions that would otherwise be released into the atmosphere. The captured CO2 is then stored safely and permanently in underground geological formations.

Weakness: CCS technology is still at a nascent stage of development and requires significant investments in research and commercialization. High capital costs associated with retrofitting existing plants or installing new CCS equipment pose major challenges. Storage of large volumes of captured CO2 needs extensive evaluation of geological sites to avoid any risks of leakage or mobilization over very long periods.

Opportunity: Stringent environmental regulations around the world are expected to drive the adoption of CCS. Growing demand for clean energy solutions provides opportunities to deploy CCS with coal and gas-fired power plants. CCS can help decarbonize hard-to-abate sectors like cement, steel and chemical industries. CO2 utilization in enhanced oil recovery projects helps recover more oil and also provides permanent storage.

Threats: Public acceptance remains a concern due to perceived health, safety and environmental risks of underground CO2 storage. Technological breakthroughs in renewable energy like solar and wind pose competition to large-scale deployment of CCS. Uncertainties in long-term carbon policies andpricing may impact commercial viability of projects.

Key Takeaways
The Global Carbon Capture And Storage Market Demand is expected to witness high growth over the forecast period of 2020 to 2027. According to a study by consulting firm BNEF, over $2 trillion worth of new CCS facilities will need to be built globally by 2050 to achieve climate goals.

Regional analysis: North America dominates the current CCS market led by the US. Several large-scale projects utilizing CO2-EOR are operational in the US. Europe is also actively pursuing CCS to meet decarbonization targets. The UK, Norway, Netherlands lead initiatives with pilot projects in power, industrial and hydrogen applications. Asia Pacific is poised to emerge as the fastest-growing regional market for CCS. China has set ambitious targets for deploying CCS in strategic industries.
Key players: Key players operating in the carbon capture and storage market are Shell, Linde, Fluor, Calpine, NRG Energy, Dakota Gasification Company, JGC C&C, and AkerSolutions. Shell is a leader in CCS and has developed the world's largest commercial-scale integrated CCS facility at the Quest project in Canada. Linde Engineering is a technology provider for air separation, hydrogen and CCS plants.

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