CARBON CAPTURE AND STORAGE MARKET ANALYSIS

Regional Analysis

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The North America region currently dominates the global carbon capture and storage market with 45.3% in 2024. This region has a strong presence of leading CCS technology providers and early movers in the domain. Countries like the U.S. and Canada have implemented supportive policies and regulations to promote CCS projects. Various pilot projects capturing emissions from natural gas processing and power plants have allowed operators to gain valuable operational experience in the region.

The U.S. in particular has emerged as the global leader with around 15 large-scale CCS facilities capable of capturing over 25 million tons of CO2 annually. Several oilfields located near emission sources help facilitate CO2 injection and storage. Recognizing CCS as a key element in its decarbonization strategy, the U.S. government has allocated attractive tax credits for new CCS projects. Leading energy companies are investing heavily to reduce the cost of emission separation and compression technologies.

Another growing region is the Asia Pacific. Countries like China, Japan, and South Korea are aggressively pursuing CCS to meet stringent long-term climate goals. This region accounts for over 50% of global CO2 emissions, presenting an opportunity for growth in carbon capture and storage market. China especially has shown determination with pilot projects capturing CO2 from coal and gas facilities. A positive regulatory framework and strong state funding augur well for wide commercial deployment in the coming decade. Energy companies from the region are now jointly developing advanced technologies suitable for their large emitting industries. The availability of suitable geological storage options further boosts the region’s attractiveness for CCS infrastructure development.