Carbon Capture and Storage Market Projected to Reach USD 21.95 Billion by 2035 at 10.93% CAGR
openpr.comThe carbon capture and storage (CCS) market is expected to grow from USD 7.01 billion in 2024 to USD 21.95 billion by 2035, according to Market Research Future. The report covers capture technologies like post-combustion, pre-combustion, oxy-fuel, and direct air capture, along with storage methods such as geological storage and enhanced oil recovery. Key growth drivers include government incentives like the US 45Q tax credit, EU Innovation Fund grants, and net-zero targets from the Paris Agreement. North America leads the market with over 70 CCS projects, driven by the Inflation Reduction Act. Europe is advancing through projects like Norway's Northern Lights and the UK's Cluster Sequencing Process. Asia-Pacific, led by China, has over 40 announced projects. The report notes that over 400 CCS projects are in development globally, a tenfold increase over current operational capacity. The cement, steel, and blue hydrogen sectors are the most active segments for CCS deployment.