Power Generation Carbon Capture and Storage Market Size, Share, By Technology (Pre Combustion, Post Combustion, and Oxy-Fuel Combustion), Application (Coal Power Generation, Natural Gas Power Generation, Biomass Power Generation, Industrial Power Generation, and Others), and Region - Trends, Analysis, and Forecast till 2035

• Till 2035, the market is expected to reach USD 17.6 Billion.
• Across 2024, power generation carbon capture and storage market size was valued at USD 2.6 Billion.
• Target market is developing at a CAGR of 21.4%.

Power generation carbon capture and Storage “CCS” involves the capture of CO2 emissions from industrial processes, such as steel and cement production, or from the burning of fossil fuels in power generation. This CO2 is then transported to where it was produced via ship or in a pipeline, and stored deep underground in geological formations. The carbon capture and storage (CCS) market for power generation is growing due to a number of factors including consumers are becoming more aware of the need to reduce greenhouse gas emissions and the impact of climate change, strong government regulations, rising demand for sustainable energy, and others.

Importance of AI in Power Generation Power Capture and Storage:

• AI can be used to optimize the design and operation of carbon capture systems, such as chemical absorption or membrane separation processes. By analyzing large amounts of data and identifying patterns, AI can help improve the efficiency of these systems, reduce energy consumption, and lower costs.
• AI can be used to analyze geological and geophysical data to identify suitable storage sites for CO2 and assess their capacity and long-term stability. AI can also help monitor the behavior of CO2 in the storage reservoir, detect potential leaks, and develop strategies to mitigate risks.

Key Drivers of Target Market:

Role of Carbon Capture in Power Generation can Boost Market Elaboration

As the global energy landscape evolves toward renewable sources, electric utilities and power plant operators are increasingly focused on effective carbon management to mitigate their environmental impact. Carbon capture utilization and storage (CCUS) has become essential in this context, particularly in monitoring carbon dioxide (CO₂) emissions from power generation processes.

• For instance, the media are invited to a demonstration of a significant carbon capture and utilization technology at the Kelvin Power Station in Kempton Park on 20 March 2024. The pilot demonstration is part of the CoalCO2-X technology project under the Department of Science and Innovation (DSI) Hydrogen Society Roadmap for South Africa. The carbon capture technology supports South Africa's just energy transition endeavours. As a signatory to the Paris Agreement, South Africa is committed to climate change mitigation and the substantial reduction of carbon emissions.

Restraints:

Environmental Risks of Power Generation CCS may Affect Market Growth

Carbon capture and storage involves the injection of carbon dioxide into geological formations. While this can be an effective method for storing carbon dioxide, it also poses environmental risks, such as leakage or seepage into groundwater or the atmosphere.

• Counterbalance Statements: For this reason, technologies such as enhanced Rock Weathering (ERW) can be applied to reduce the risks, as they are safer and comes with less damage likelihood.

Opportunities:

Investments in CCS Technologies can Unlock Market Diversification in Upcoming Years

The future of carbon capture and storage (CCS) looks promising as the need to mitigate climate change and attempt to decline greenhouse gas emissions becomes considerably urgent. Governments and industries worldwide are investing in CCS technologies to help achieve their climate goals and transition to a low-carbon economy and are planning for a bright and insightful future.

• For instance, in April 2024, Chevron New Energies (CNE), a division of Chevron U.S.A. Inc., announced a lead investment in ION Clean Energy (ION), a Boulder-based technology company that provides post-combustion point-source capture technology through its third-generation ICE-31 liquid amine system. ION raised USD 45 million in Series A financing led by CNE. The capital raised continued to fund ION’s organizational growth and commercial deployment of its ICE-31 liquid amine carbon capture technology for hard-to-abate emissions.

The power generation carbon capture and storage market is segmented into technology, application, and region.

Technology

Under technology, the market is classified into pre combustion, post combustion, and oxy-fuel combustion. Post-combustion capture has the biggest power generation carbon capture and storage market share as it is a proven technology that can be applied to many sources of emissions.

• For instance, in September 2024, Mitsubishi Heavy Industries, Ltd. (MHI)'s proprietary carbon capture technology, the KM CDR Process, has been deployed to remove approximately 25,000 tonnes of CO2 annually at Europe's first fully operational post-combustion carbon capture plant, which is part of the Ravenna Carbon Capture and Storage project launched by Eni and Snam near Ravenna, Italy.

Application

By application, the market is segregated into coal power generation, natural gas power generation, biomass power generation, industrial power generation, and others. Coal power generation is superior as compared to others as coal is a major source of energy in many countries, and CCS can make coal-fired power plants more sustainable.

• For instance, in September 2022, India’s largest coal-fired power plant, NTPC’s 4.8-GW Vindhyachal Super Thermal Power Station, has begun capturing carbon dioxide (CO2) from plant flue gas as part of a foundational project to explore the conversion of CO2 to methanol. The carbon capture plant, built by an U.K.-based carbon capture solutions provider Carbon Clean and Green Power International, an engineering, procurement, and construction (EPC) firm, is designed to capture 20 tonnes per day (TPD) of CO2 from a 500-MW unit’s flue gas using a modified tertiary amine.

Regional

Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America: North America holds the largest market share owing to the established technological development, supportive government policies, and a significant presence of large industrial emitters in the region, particularly in the U.S., which has the highest carbon capture capacity globally.

• For instance, in February 2022, GE Gas Power announced that the company’s front-end engineering design (FEED) study “Retrofittable Advanced Combined Cycle Integration for Flexible Decarbonized Generation” received USD 5,771,670 in federal funding from the U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management following successful completion of the award negotiation phase. This funding is focused on carbon capture, utilization, and storage (CCUS) for power generation applications with a goal of commercial deployment by 2030.

Asia Pacific: This region is considered to be the fastest growing market, primarily driven by the large energy needs of countries, such as China and India, coupled with their significant untapped shale reserves and increasing investments in exploration and technology development to reduce energy import dependence.

• For instance, in July 2024, China planned to test run decarbonization technologies at coal-fired power plants, including co-firing with ammonia and biomass, and carbon capture and storage, to reduce their carbon intensity. The NDRC has asked provincial governments and state-owned enterprises to voluntarily nominate coal projects that can be pilots for this program. It is the first-time these technologies are being deployed in a centralized national scheme targeting coal-fired power plants.

Power Generation Carbon Capture and Storage Market Report Scope:

Segmentation:

By Technology:

• Pre Combustion
• Post Combustion
• Oxy-Fuel Combustion

By Application:

• Coal Power Generation
• Natural Gas Power Generation
• Biomass Power Generation
• Industrial Power Generation
• Others

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Indonesia
  • Malaysia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The companies operating in the power generation carbon capture and storage market include Aker Solutions, Equinor ASA, Fluor Corporation, GE Vernova, Linde PLC, and others, which are integrating plan of action including new product launches, rising focus on oil shale project, partnership & collaborations, integration with advance technologies, and others for contributing to market expansion.  

List of Key Players in the Market:

• Aker Solutions
• Equinor ASA
• Fluor Corporation
• GE Vernova
• Linde PLC
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• Shell International B.V.
• Sulzer Ltd
• Exxon Mobil Corporation
• Fluor Corporation
• Honeywell International Inc.
• SLB
• Climeworks

• In March 2023, GE Gas Power, part of GE Vernova and Svante announced a joint development agreement (JDA) to develop and evaluate solid sorbent-based carbon capture technology for natural gas power generation applications. In addition, GE has made an equity investment in Svante as a part of Svante’s USD 318-million Series E fundraising round in December 2022.
• In October 2020, Toshiba Energy Systems & Solutions Corporation announced that it has started the operation of a large-scale carbon capture facility at Mikawa Power Plant (capacity: 50,000 kW) operated by Toshiba ESS's subsidiary, SIGMA POWER Ariake Corporation, in Omuta, Fukuoka prefecture. This project is carried out by 18 entities, including Toshiba ESS, as part of the “Demonstration of Sustainable CCS Technology Project”, sponsored by Japan’s Ministry of the Environment (MOE).

Analyst View:      

Power generation carbon capture and storage market growth is depending on the soaring industrial growth, rising utilization of CCS technologies in oil and gas industry, rising consumer awareness regarding environment, increasing demand for sustainable energy, strong government regulations, and others.

More Related Reports

Automotive Power Management IC (PMIC) Market
SCR Power Controller Market
Power Rental Market
Carbon Credits Market
Carbon Fiber Bike Market