Oil & Gas Carbon Capture & Storage Market By Technology (Post-Combustion Capture, Pre-Combustion Capture, Oxy-Fuel Combustion Capture), By Application (Enhanced Oil Recovery, Industrial Emissions Management, Power Generation), By End-User Industry (Oil & Gas, Power Generation, Cement & Concrete Manufacturing, Chemical Industry), and By Region; Global Insights & Forecast (2023– 2030)

As per Intent Market Research, the Oil & Gas Carbon Capture & Storage Market was valued at USD 3.1 Billion in 2024-e and will surpass USD 5.6 Billion by 2030; growing at a CAGR of 10.5% during 2025-2030.

The global Oil & Gas Carbon Capture and Storage (CCS) market is experiencing significant growth as industries and governments aim to reduce carbon emissions and mitigate climate change. The adoption of CCS technologies is accelerating as part of the broader transition to a low-carbon economy. With the increasing pressure to meet sustainability goals and regulatory requirements, the oil and gas industry is investing heavily in CCS as a solution to reduce greenhouse gas emissions from industrial operations. As global energy demand rises, the ability to capture and store CO2 becomes crucial in maintaining the viability of fossil fuel use while minimizing environmental impact.

Post-Combustion Capture Segment Is Largest Owing To Widespread Adoption

Post-combustion capture technology dominates the CCS market due to its broad applicability across existing power plants and industrial facilities. This technology captures CO2 from flue gases after the combustion process, making it ideal for retrofitting in existing infrastructure. The ability to integrate post-combustion systems into coal and gas-fired power plants or other industrial facilities without requiring significant alterations to existing processes has made it the preferred choice for many operators. The technology is especially beneficial for industries aiming to meet stringent emissions regulations and those facing mounting pressure to reduce their carbon footprints.

The widespread adoption of post-combustion capture technology is driven by its proven track record and high efficiency in capturing CO2. Major players in the oil and gas sector, as well as power generation industries, are increasingly turning to this technology to address environmental concerns while maintaining operational efficiency. As governments tighten regulations on carbon emissions, the demand for post-combustion capture systems will continue to rise, further cementing its position as the largest segment in the market.

Enhanced Oil Recovery (EOR) Segment Is Fastest Growing Owing To Increased Demand for CO2 Injection

Enhanced Oil Recovery (EOR) is the fastest-growing application of CCS technologies, driven by the increasing demand for CO2 injection to enhance oil extraction in mature fields. EOR involves injecting CO2 into oil reservoirs to displace trapped oil and increase extraction rates. As oil fields mature, traditional oil recovery methods become less efficient, and operators are turning to CCS techniques for more effective recovery. EOR not only boosts oil production but also provides a method for storing CO2 underground, making it a win-win solution for both the oil and gas industry and environmental sustainability.

The growing need for oil production optimization in aging fields, particularly in regions like North America and the Middle East, is a key factor fueling the rapid adoption of EOR. Additionally, government incentives and regulatory support for CO2 storage are further encouraging the use of CCS technologies for EOR. This trend is expected to continue, making EOR the fastest-growing segment in the CCS market.

Oil & Gas Segment Is Largest End-User Industry Owing To High Carbon Emissions

The oil and gas industry is the largest end-user of carbon capture and storage technologies, as it is among the highest emitters of CO2. With extensive operations in exploration, extraction, refining, and petrochemical production, oil and gas companies contribute significantly to global carbon emissions. As a result, the sector has a crucial role to play in reducing its environmental impact through the implementation of CCS technologies. Many oil and gas giants are investing in CCS projects to capture CO2 emissions from their operations, helping them comply with increasingly stringent environmental regulations.

The oil and gas industry not only benefits from CCS in reducing its carbon emissions but also uses CCS as part of enhanced oil recovery (EOR) practices, where CO2 is injected into oil reservoirs to boost extraction rates. This dual benefit of CO2 storage and enhanced production is making the oil and gas sector a major driver of the CCS market, with significant investments being made by industry leaders to implement large-scale CCS projects.

North America Is Largest Region Owing To Strong Regulatory Support and Investment

North America is the largest region in the global carbon capture and storage market, driven by robust regulatory frameworks and significant investments in CCS technologies. The United States, in particular, has been a pioneer in deploying CCS, with several large-scale projects already in operation. The U.S. government has introduced various incentives, such as the 45Q tax credit, which provides financial incentives for capturing and storing CO2. Additionally, the country’s extensive oil and gas infrastructure, particularly in regions like Texas, is well-suited for the implementation of CCS for enhanced oil recovery (EOR).

Canada is also a key player in the North American CCS market, with several government-backed initiatives supporting the development of CCS projects, particularly in the oil sands industry. The combination of regulatory incentives, favorable policies, and a strong focus on environmental sustainability positions North America as the largest market for CCS technologies in the oil and gas industry.

Leading Companies and Competitive Landscape

The Oil & Gas Carbon Capture and Storage market is highly competitive, with several industry leaders driving innovation and project implementation. Key players include ExxonMobil, Shell, Chevron, Occidental Petroleum, TotalEnergies, and BP. These companies are at the forefront of CCS technology development and deployment, investing heavily in large-scale projects and forming partnerships to expand their CCS capabilities.

Recent Developments:

• ExxonMobil has announced a partnership with Global CCS Institute to enhance its carbon capture and storage technologies and expand its global footprint in CCS applications.
• Chevron and Occidental Petroleum have entered into a joint venture focused on advancing CCS projects for enhanced oil recovery in the Permian Basin.
• Shell has launched a new CCS project in Canada, marking a significant investment in reducing its operational carbon footprint in the region.
• BP has expanded its commitment to the Net Zero by 2050 initiative, launching a carbon capture project in the North Sea to capture up to 1 million tonnes of CO2 annually.
• TotalEnergies has received regulatory approval for its CCS project in Norway, which will capture over 2 million tons of CO2 annually from offshore facilities.

List of Leading Companies:

• Shell
• ExxonMobil
• Chevron
• TotalEnergies
• BP
• SABIC
• Equinor
• Occidental Petroleum
• Royal Dutch Shell
• Halliburton
• Schlumberger
• Linde
• Fluor Corporation
• Aker Solutions
• Petrobras

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