Post Combustion Carbon Capture
& Storage Market Trends, Statistics & Growth Forecast 2024- 2032

Post
Combustion Carbon Capture & Storage Market size was valued over USD 3.4
billion in 2022 and is set to grow at a 23.5% CAGR through 2032 owing to
factors including climate change mitigation, transition to a low-carbon
economy, carbon neutrality & negative emissions, enhancing energy security,
among others. In addition, CCS plays a crucial role in reducing greenhouse gas
emissions and mitigating climate change. By capturing and storing CO2 that
would otherwise be released into the atmosphere, CCS helps to prevent its
contribution to the greenhouse effect.

CCS enables the continued use of fossil fuels, such as coal
and natural gas, while minimizing their environmental impact. By capturing CO2
emissions from power plants and industrial facilities, CCS allows for the
production of energy with reduced carbon footprints. Post-combustion carbon
capture and storage (CCS) is a technology that aims to capture carbon dioxide
(CO2) emissions from power plants and industrial facilities after the
combustion process. It is one of the methods used to reduce greenhouse gas emissions
and mitigate climate change.

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Post-combustion CCS has the advantage of being applicable to
existing power plants and industrial facilities without major modifications to
the combustion process. However, it is energy-intensive and can reduce the
overall efficiency of the power plant or facility. Therefore, there are ongoing
efforts to improve the efficiency and reduce the cost of post-combustion CCS
technologies.

Implementing post-combustion CCS at a large scale is crucial
for achieving significant reductions in CO2 emissions from power generation and
industrial processes. It is considered an important transitional technology
while renewable energy sources and other low-carbon alternatives continue to be
developed and deployed. Additionally, the development and deployment of CCS
technologies can create new job opportunities and stimulate post combustion
carbon capture & storage market growth. CCS projects require engineering,
construction, operation, and maintenance expertise, contributing to employment
in these sectors.

COVID-19 pandemic has posed challenges to the carbon capture
and storage market, it has also underscored the importance of sustainable
solutions and may pave the way for increased support and investment in the long
run. Delayed projects, economic slowdown, and reduced emissions were the prime
resultant impact of the pandemic. The global economic downturn resulting from
COVID-19 affected the financial viability of CCS projects. With businesses
facing financial constraints, investments in CCS initiatives were scaled back
or postponed, impacting the post combustion carbon capture & storage market
growth.

In addition, the pandemic resulted in reduced industrial
activity, travel, and energy consumption in many parts of the world. This
inadvertently led to lower greenhouse gas emissions during the peak of the
pandemic. While this reduction wasn't directly related to CCS, it highlighted
the importance of addressing emissions and provided a backdrop for discussions
on climate action and sustainable recovery.

The post combustion carbon capture & storage market for
post-combustion CCS has been growing as governments and industries recognize
the need to address climate change and reduce CO2 emissions. This trend is
likely to continue, especially as more countries commit to carbon neutrality
goals. CCS can facilitate the transition to a low-carbon economy by providing a
bridge between high-carbon and low-carbon energy sources. It allows industries
and power plants to gradually reduce their emissions while alternative energy
sources and technologies are developed and scaled up.

Government policies and regulations play a crucial role in
promoting the deployment of post-combustion CCS technologies. Supportive
policies such as carbon pricing, emissions standards, and financial incentives
can encourage industries to invest in these technologies. Furthermore, CCS can
be applied to various industrial processes, such as cement and steel
production, which are significant sources of CO2 emissions. By capturing and
storing these emissions, CCS can help decarbonize industrial sectors that are
challenging to electrify or transition to alternative fuels. CCS can contribute
to energy security by reducing reliance on imported energy sources. It allows
countries with significant fossil fuel reserves to continue utilizing these
resources while mitigating their carbon emissions, thus increasing their energy
self-sufficiency.

Ongoing research and development efforts have been focused
on improving the efficiency and cost-effectiveness of post-combustion CCS
technologies. Advancements in materials, solvents, and capture processes can
contribute to reducing energy requirements and lowering the overall costs of
implementation. Market trends for post-combustion CCS in the oil and gas
industry are influenced by various factors, including regulatory frameworks,
technological advancements, and the evolving energy landscape.

Governments worldwide are implementing stricter emissions
regulations and carbon pricing mechanisms. This creates a favorable environment
for post-combustion CCS adoption, as oil and gas companies seek to reduce their
carbon footprints and comply with emissions targets. In addition, the MoU will
expand the significant liquid natural gas (LNG) agreement between the two
companies along with announcement of their collaboration on the potential
co-development of lower carbon fuel in Australia and the study of liquid
organic hydrogen carriers (LOHC) in the U.S. Governments, industry consortiums,
and private investors are investing significant capital to advance the
technology and bring down costs, thereby augmenting the post combustion carbon
capture & storage market expansion.

Governments, regulatory bodies, and power companies
worldwide are recognizing the importance of CCS technologies to achieve
emission reduction goals. CCS involves capturing CO2 emissions from power
plants, transporting it to storage locations, and injecting it deep underground
for long-term storage. Post-combustion is one of the main techniques used in
CCS systems.

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Research and development efforts are focused on improving
the efficiency and cost-effectiveness of post-combustion capture technologies.
Innovations such as advanced solvent systems, membrane-based separation
processes, and solid sorbents are being explored to enhance the performance of
post-combustion systems and reduce energy penalties associated with capturing
CO2. However, there is a growing recognition of the need to combine
post-combustion technologies with renewable energy sources to achieve a sustainable
and low-carbon power generation mix. Integrating post-combustion capture with
renewable energy systems, such as biomass power plants or solar thermal power
plants, can help offset emissions and enable the generation of low carbon
electricity.

Ongoing research and development efforts are focused on
enhancing the efficiency and cost-effectiveness of post-combustion capture
technologies. Innovations include solvent-based systems, membrane-based
systems, and solid sorbents. These advancements aim to reduce energy
consumption, capture costs, and increase scalability of post combustion carbon
capture & storage market across the North America region. In addition,
post-combustion CCS can be integrated with enhanced oil recovery techniques,
where captured CO2 is injected into oil reservoirs to increase oil production.
This integration provides a revenue stream for CCS projects by utilizing the
captured CO2 while reducing overall emissions.

The oil and gas industry are increasingly collaborating with
technology providers, research institutions, and governments to accelerate the
deployment of post-combustion CCS. Joint ventures, consortiums, and
public-private partnerships are formed to share knowledge, resources, and
funding, fostering the development and deployment of CCS projects.

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The major market players are focusing on project integration
with oil & gas companies along with project deployment in association with
government projects & contracts along with mergers and acquisitions to gain
their competitive edge over the others. Leading market players across the post
combustion carbon capture & storage market include Linde plc, Global
Thermostat, General Electric, Siemens, Aker Solutions, HALLIBURTON, SLB, Exxon
Mobil Corporation, Shell CANSOLV, Mitsubishi Heavy Industries, Ltd., Dakota
Gasification Company, NRG Energy, Inc., Fluor Corporation, Sulzer Ltd, Equinor
ASA.

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