Straitsresearchtrendingreports: Carbon Capture and Storage (CCS) Market to Hit USD 5.96 Billion by 2033 Amid Growing Adoption of CO₂ Utilization Technologies

Pune, India, July 2025 — The global carbon capture and storage (CCS) market is set for notable growth, rising from USD 3.60 billion in 2025 to a projected USD 5.96 billion by 2033, according to recent market intelligence. This represents a compound annual growth rate (CAGR) of 6.5%, largely driven by increased deployment of carbon capture technology, rising demand for carbon capture and utilization (CCU), and a surge in carbon capture and storage projects worldwide.

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What is Carbon Capture and Storage?

Carbon capture and storage (CCS) known in German as carbon capture and storage Deutsch refers to a process that reduces greenhouse gas emissions by capturing carbon dioxide (CO₂) from industrial sources, transporting it, and storing it underground in stable geological formations. In simple terms, carbon capture and storage adalah a crucial mitigation technology aimed at combating global warming by keeping CO₂ out of the atmosphere.

It is a vital element of carbon sequestration, a broader concept that refers to the long-term removal or storage of carbon dioxide. CCS is considered the only available technology today that can significantly reduce emissions from hard-to-decarbonize industries such as steel, cement, and fossil fuel-based power generation.

Market Drivers

Increased Use of CO₂ in Enhanced Oil Recovery (EOR)

A key application of CCS is the injection of CO₂ for enhanced oil recovery (EOR). This proven method increases pressure in depleted oil wells, helping extract additional oil while permanently storing carbon dioxide underground. By enabling carbon capture utilization and storage (CCUS), this method simultaneously addresses energy demand and climate goals.

Estimates suggest CO₂-EOR could recover up to 430 billion barrels of oil, making it a valuable tool for both energy companies and environmental policymakers.

Rise of Bioenergy Carbon Capture and Storage (BECCS)

The bioenergy with carbon capture and storage (BECCS) model integrates biomass energy production with carbon capture, offering net-negative emissions. BECCS is gaining ground globally with five operational plants capturing about 1.5 million tons of CO₂ annually. It's a promising pathway for large-scale carbon dioxide capture and storage while supporting clean energy initiatives.

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Market Segmentation

By Technology

Pre-combustion Capture – Dominates the market with advanced membrane and sorbent R&D.
Post-combustion Capture – Ideal for retrofitting coal-fired and biomass plants.
Oxy-fuel Combustion Capture – Emerging with high-purity CO₂ output for EOR.

By End User

Oil & Gas – The largest adopter of CCS, especially for enhanced oil recovery.
Coal & Biomass Power Plants – Second-largest share; includes waste-to-energy (WtE) and BECCS.
Iron & Steel and Chemical – Important contributors to industrial CO₂ capture.

Key Market Players

Aker Solutions
Air Liquide
Baker Hughes
Dakota Gasification Company
Exxon Mobil Corporation
Fluor Corporation
General Electric

Regional Insights

North America – Leading the Charge

North America remains the dominant player with a forecasted CAGR of 6.6%, backed by aggressive deployment of carbon capture and storage projects and CO₂-EOR technologies. According to the Global CCS Institute, 12 out of 24 global CCS plants in operation in 2020 were based in the U.S.

Europe – Policy-Driven Expansion

Europe follows closely with a CAGR of 6.1% by 2031, supported by strong climate targets like a 55% reduction in GHG emissions by 2030 and net-zero targets by 2045. Countries like Germany are pushing large-scale carbon sequestration projects, particularly in the cement and steel industries.

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