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Carbon Capture and Sequestration Market to Surge at 19.29% CAGR over 2024 to 2032; Growing Demand for CO2 Enhanced Oil Recovery Projects to Fuel Market Expansion

March 26, 2024 | Energy & Power

The global carbon capture and sequestration market size was valued at USD 2.69 billion in 2023. The market is anticipated to expand from USD 3.54 billion in 2024 to USD 14.51 billion by 2032, exhibiting a CAGR of 19.29% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Carbon Capture and Sequestration (CCS) Market Size, Share & Industry Analysis, By Capture Source (Chemicals, Natural Gas Processing, Power Generation, Fertilizers Production, and Others), By End-Use (Enhanced Oil Recovery {EOR} and Dedicated Storage & Treatment), and Regional Forecast, 2024-2032”.

The carbon capture and sequestration technology employs various procedures, including oxy-fuel and industrial separation, to capture harmful carbon dioxide emissions from different sources. The captured CO2 is transported via pipelines and tankers for storage in subsurface aquifers or reservoirs. Licensing agreements, such as Fluor Corporation's with Federated Co-Operatives Limited, showcase vital technology integration. Aligning with comprehensive energy strategies, the integration of advanced carbon capture technology, as observed in FCL's Co-op Renewable Diesel Complex, supports the commercialization and growth of the market.

The COVID-19 pandemic-induced economic slowdown led to delays in carbon capture projects and diverted funding away from Carbon Capture and Sequestration (CCS) initiatives, hindering the market's growth.

ExxonMobil and Mitsubishi Heavy Industries collaborate to Advance Next-Gen Carbon Capture Capabilities

In November 2022, ExxonMobil and Mitsubishi Heavy Industries (MHI) partnered to integrate MHI's CO2 capture tech into ExxonMobil's tailored CCS solution for industry, advancing next-gen carbon capture. This collaboration strengthens ExxonMobil's ability to provide an innovative and holistic approach to carbon capture and storage for industrial clients

Growing Demand for CO2 Enhanced Oil Recovery (EOR) Projects to Propel Market Growth

The inclusion of CO2 pipelines in the CCUS framework by the Province of Saskatchewan aligns with enhanced oil recovery (EOR) under the Provincial Oil Infrastructure Investment Program. Such initiatives align with global efforts to cut maximum carbon levels and contribute to enhanced oil recovery (EOR). Moreover, Canada's unveiling of the 2030 Emissions Reduction Plan underscores a commitment to eco-friendliness and competitiveness. The plan's emphasis on a comprehensive CCUS strategy positions government-led initiatives as key drivers, fostering technology advancement and widespread adoption, contributing to the carbon capture and sequestration market growth.

However, achieving high-capacity plants capturing multi-million metric tons of CO2 is challenging, limiting global adoption and scalability of carbon capture and sequestration technology.

Key Players are Focusing on Product Innovation to Strengthen their Market Position

In the carbon capture sector, numerous companies collaborate to enhance services, and Chevron's proactive approach involves establishing CCS stations and key partnerships. Chevron's significant investment of USD 318 million in Svante's Series E funding demonstrates its dedication to accelerating the development and commercial-scale production of innovative carbon capture technology.

To get a detailed report summary and research scope of this market, click here:


List of Key Players Mentioned in the Report:

  • Fluor Corporation (U.S.)

  • Carbon Engineering Ltd (Canada)

  • ADNOC Group (UAE)

  • Equinor (Norway)

  • Dakota Gasification Company (U.S.)

  • Aker Solutions (Norway)

  • Exxonmobil (U.S.)

  • Shell (Netherlands)

  • BP (U.K.)

  • Linde Plc (Ireland)

  • Chevron (U.S.)

  • Total Energies (France)

  • NRG Energy (U.S.)

  • China National Petroleum Corporation (China)

Key Industry Development:

  • January 2023: ADNOC Group launched the world's first fully Sequestered CO2 Injection Project, capturing and storing all injected CO2 in Abu Dhabi's carbonate saline aquifer. This initiative is a pivotal part of ADNOC's USD 15 billion long-term strategy to systematically reduce its carbon footprint, aiming for a 25% reduction in carbon intensity by 2030 on the path to achieving Net Zero status by 2050.

Further Report Findings:

  • North America is likely to dominate the market. Strategic government funding initiatives, such as the U.S. commitment to a net-zero economy, provide crucial financial backing, fostering innovation and expansion in the North American region.

  • The presence of high-volume storage locations, supported by favorable government initiatives, particularly in Australia and China, creates a conducive environment for the growth of the market in Asia Pacific.

  • By end-user, the market is divided into dedicated storage & treatment and enhanced oil recovery (EOR). The dedicated storage & treatment segment is projected to dominate the carbon capture and sequestration market share. The segment is positioned for growth as it directly captures CO2 emissions, transports and injects them into geological formations for permanent storage. This approach aligns with the goal of emission reduction by preventing CO2 from entering the atmosphere, emphasizing its pivotal role in sustainable environmental practices.

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 19.29% from 2024 to 2032


 Value (USD Billion) and Volume (MTPA)


By Capture Source, End-Use, and Region


By Capture Source

  • Chemicals

  • Natural Gas Processing

  • Power Generation

  • Fertilizers Production

  • Others

By End-Use

  • Enhanced Oil Recovery (EOR)

  • Dedicated Storage & Treatment

By Country

  • North America (By Capture Source, End-Use, and Country)

    • U.S. (By End-Use)

    • Canada (By End-Use)

  • Europe (By Capture Source, End-Use, and Country)

    • Germany (By End-Use)

    • France (By End-Use)

    • U.K. (By End-Use)

    • Spain (By End-Use)

    • Norway (By End-Use)

    • Rest of Europe (By End-Use)

  • Asia Pacific (By Capture Source, End-Use, and Country)

    • China (By End-Use)

    • India (By End-Use)

    • Japan (By End-Use)

    • Australia (By End-Use)

    • Rest of Asia Pacific (By End-Use)

  • Latin America (By Capture Source, End-Use, and Country)

    • Brazil (By End-Use)

    • Rest of Latin America (By End-Use)

  • Middle East & Africa (By Capture Source, End-Use, and Country)

    • GCC (By End-Use)

    • Rest of the Middle East & Africa (By End-Use)

Carbon Capture and Sequestration Market
  • PDF
  • 2023
  • 2019-2022
  • 296


  • 4850

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