Carbon Capture and Storage (CCS) Market Forecasts to 2032 – Global Analysis By Type (Geological Storage, Mineral Carbonation and Ocean Storage), Service (Capture, Transportation and Utilization (CCUS)), Source (Oil & Gas, Chemicals & Petrochemicals, Cemen

According to Stratistics MRC, the Global Carbon Capture and Storage (CCS) Market is accounted for $3.9 billion in 2025 and is expected to reach $7.4 billion by 2032 growing at a CAGR of 9.6% during the forecast period. Carbon Capture and Storage (CCS) is a climate mitigation technology that captures carbon dioxide emissions from industrial sources or power plants before they enter the atmosphere. The CO₂ is compressed, transported often via pipelines and securely stored in deep geological formations such as depleted oil fields or saline aquifers. This process reduces greenhouse gas emissions and supports decarbonization across sectors. CCS is recognized as a critical solution in transitioning toward net-zero targets, especially for hard-to-abate industries like cement and steel.

According to article in Nature Energy, carbon capture and storage (CCS) technologies can remove up to 90–95% of CO₂ emissions from power plants and industrial sources. According to the same study, geological storage sites have the potential to securely store captured CO₂ for thousands of years with minimal leakage risk.

Market Dynamics:

Driver:

Increasing demand for enhanced oil recovery (EOR)

The rising need for maximizing output from mature oil fields is fueling the adoption of CCS technologies, particularly for EOR applications. Injecting captured CO₂ into depleted reservoirs helps improve oil extraction efficiency while simultaneously reducing atmospheric emissions. This dual benefit is attracting significant investment from oil and gas companies. Moreover, government incentives and carbon credit schemes are encouraging industries to integrate CCS into their EOR strategies.

Restraint:

Lack of comprehensive infrastructure

Despite growing interest, the CCS market faces hurdles due to underdeveloped infrastructure for CO₂ capture, transport, and storage. Building pipelines, compression stations, and geological repositories requires substantial capital and long-term planning. Many regions lack proximity to suitable storage sites, complicating logistics and increasing costs. Regulatory fragmentation across jurisdictions further slows project approvals and implementation. These limitations hinder scalability and delay widespread adoption of CCS technologies.

Opportunity:

Decarbonization of hard-to-abate sectors

Industries such as cement, steel, and chemicals are among the largest emitters of CO₂ and face mounting pressure to reduce their carbon footprint. CCS offers a practical solution for these sectors, enabling emission reductions without overhauling core production processes. As global net-zero targets intensify; CCS is gaining traction as a cornerstone of industrial decarbonization. Technological advancements are making capture systems more efficient and adaptable to diverse industrial settings.

Threat:

Competition from alternative decarbonization technologies

Emerging technologies like direct air capture, green hydrogen, and renewable electrification are competing with CCS for funding and policy support. These alternatives often promise lower operational complexity and broader scalability, posing a challenge to CCS adoption. Additionally, some stakeholders view CCS as a transitional solution rather than a long-term fix, which may affect investment confidence. As innovation accelerates, CCS must demonstrate cost-effectiveness and reliability to maintain its relevance.

Covid-19 Impact:

The COVID-19 pandemic disrupted CCS project timelines due to supply chain interruptions, labor shortages, and shifting government priorities. Many planned ventures were delayed as resources were redirected toward public health and economic recovery. However, the crisis also underscored the importance of sustainable infrastructure and climate resilience. Post-pandemic stimulus packages in regions like North America and Europe included funding for CCS initiatives, reflecting renewed commitment to climate goals.

The geological storage segment is expected to be the largest during the forecast period

The geological storage segment is expected to account for the largest market share during the forecast period due to its proven ability to safely sequester large volumes of CO₂. Depleted oil and gas reservoirs, along with deep saline aquifers, offer vast capacity and long-term containment potential. This method is favored for its scalability and compatibility with existing infrastructure. Regulatory frameworks are increasingly supporting geological storage through licensing and monitoring protocols. As CCS projects expand globally, geological formations continue to be the preferred choice for permanent CO₂ disposal.

The post-combustion capture segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the post-combustion capture segment is predicted to witness the highest growth rate driven by its adaptability to existing power plants and industrial facilities. This technology enables CO₂ removal from flue gases without major process modifications, making it ideal for retrofitting. Innovations in solvent chemistry and membrane systems are enhancing capture efficiency and reducing energy penalties. The segment benefits from rising demand in coal and gas-fired power generation, especially in regions with aging infrastructure.

Region with largest share:

During the forecast period, the North America region is expected to hold the largest market share attributed to robust policy frameworks, technological leadership, and mature energy infrastructure. The U.S. and Canada have launched several large-scale CCS projects, including those tied to EOR and industrial decarbonization. Federal incentives like the 45Q tax credit and public-private collaborations are driving adoption. The region’s geological suitability for CO₂ storage and strong regulatory oversight further enhance its market position.

Region with highest CAGR:

Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR fueled by rapid industrialization, rising energy demand, and increasing climate commitments. Countries such as China, India, and Japan are investing heavily in CCS to curb emissions from coal power, cement, and steel production. Government-backed pilot programs and international partnerships are accelerating technology deployment. The region’s vast industrial base and growing awareness of climate risks are creating fertile ground for CCS expansion.

Key players in the market

Some of the key players in Carbon Capture and Storage (CCS) Market include TotalEnergies, Shell (Royal Dutch Shell), Schlumberger Limited, Mitsubishi Heavy Industries, Linde plc, JGC Holdings Corporation, Honeywell International Inc, Fluor Corporation, ExxonMobil, Equinor ASA, Climeworks, Chevron Corporation, Carbon Engineering, Carbon Capture Inc., BP plc, Baker Hughes, Aker Solutions and Air Liquide.

Key Developments:

In June 2025, TotalEnergies announced collaboration with AI startup Mistral AI to create a joint innovation lab focused on deploying advanced AI in low-carbon energy operations. The lab aims to develop tools like researcher assistants and industrial performance optimization systems to reduce emissions and boost efficiency.

In July 2025, TotalEnergies acquired a 50% stake in AES Dominicana’s renewables portfolio, expanding its Caribbean clean energy presence with over 1.5 GW of solar, wind, and battery capacity. The deal complements a previous 30% stake in Puerto Rico and supports TotalEnergies' multi-energy strategy in the region.

In April 2025, Climeworks signed its first carbon removal agreement with shipping giant Mitsui O.S.K. Lines (MOL) to permanently remove 13,400 tons of CO₂ by 2030 using DAC solutions. It sets precedents for hard-to-abate sectors leveraging carbon removal pathways.

Types Covered:
• Geological Storage
• Mineral Carbonation
• Ocean Storage

Services Covered:
• Capture
• Transportation
• Utilization (CCUS)

Sources Covered:
• Oil & Gas
• Chemicals & Petrochemicals
• Cement
• Iron & Steel
• Other Sources

Technologies Covered:
• Post-combustion Capture
• Pre-combustion Capture
• Oxy-fuel Combustion
• Direct Air Capture (DAC)
• Industrial Separation
• Other Technologies

End Users Covered:
• Industrial facilities
• Utilities
• Chemical Processing
• Iron & Steel
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements









Benchmarking of key players based on product portfolio, geographical presence, and strategic alliance


1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Hydrogen Fuel Cell Vehicles Market, By Vehicle Type
5.1 Introduction
5.2 Passenger Vehicles
5.3 Commercial Vehicles
5.3.1 Light Commercial Vehicles (LCVs)
5.3.2 Medium & Heavy Commercial Vehicles (M&HCVs)
6 Global Hydrogen Fuel Cell Vehicles Market, By Component
6.1 Introduction
6.2 Fuel Cell Stacks
6.3 Fuel Processors
6.4 Air Compressors
6.5 Humidifiers
6.6 Power Conditioners/Inverters
6.7 Hydrogen Storage Tanks
6.8 Electric Motors
6.9 Other Components
7 Global Hydrogen Fuel Cell Vehicles Market, By Driving Range
7.1 Introduction
7.2 Less than or equal to 250 Miles
7.3 251 – 500 Miles
7.4 More than 500 Miles
8 Global Hydrogen Fuel Cell Vehicles Market, By Power Output
8.1 Introduction
8.2 Less than 100 kW
8.3 100 – 200 kW
8.4 More than 200 kW
9 Global Hydrogen Fuel Cell Vehicles Market, By Technology
9.1 Introduction
9.2 Proton Exchange Membrane Fuel Cell (PEMFC)
9.3 Phosphoric Acid Fuel Cell (PAFC)
9.4 Solid Oxide Fuel Cell (SOFC)
9.5 Direct Methanol Fuel Cells (DMFC)
9.6 Alkaline Fuel Cell (AFC)
9.7 Other Technologies
10 Global Hydrogen Fuel Cell Vehicles Market, By Application
10.1 Introduction
10.2 Public Transportation
10.3 Freight Transport
10.4 Personal Use
10.5 Corporate Fleets
10.6 Other Applications
11 Global Hydrogen Fuel Cell Vehicles Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Toyota Motor Corporation
13.2 AUDI AG
13.3 Ballard Power Systems
13.4 BMW AG
13.5 BYD Auto Co., Ltd.
13.6 Cummins Inc.
13.7 Daimler Truck AG
13.8 Foton Motor Group
13.9 General Motors
13.10 Honda Motor Co., Ltd.
13.11 Hyundai Motor Group
13.12 Kenworth
13.13 Nikola Corporation
13.14 Plug Power Inc
13.15 Renault Group
13.16 Robert Bosch GmbH
13.17 SAIC Motor Corporation
13.18 Weichai Power Co., Ltd.
13.19 Yutong Bus Co., Ltd.
List of Tables
Table 1 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Region (2024-2032) ($MN)
Table 2 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Vehicle Type (2024-2032) ($MN)
Table 3 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Passenger Vehicles (2024-2032) ($MN)
Table 4 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Commercial Vehicles (2024-2032) ($MN)
Table 5 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Light Commercial Vehicles (LCVs) (2024-2032) ($MN)
Table 6 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Medium & Heavy Commercial Vehicles (M&HCVs) (2024-2032) ($MN)
Table 7 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Component (2024-2032) ($MN)
Table 8 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Fuel Cell Stacks (2024-2032) ($MN)
Table 9 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Fuel Processors (2024-2032) ($MN)
Table 10 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Air Compressors (2024-2032) ($MN)
Table 11 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Humidifiers (2024-2032) ($MN)
Table 12 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Power Conditioners/Inverters (2024-2032) ($MN)
Table 13 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Hydrogen Storage Tanks (2024-2032) ($MN)
Table 14 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Electric Motors (2024-2032) ($MN)
Table 15 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Other Components (2024-2032) ($MN)
Table 16 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Driving Range (2024-2032) ($MN)
Table 17 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Less than or equal to 250 Miles (2024-2032) ($MN)
Table 18 Global Hydrogen Fuel Cell Vehicles Market Outlook, By 251 – 500 Miles (2024-2032) ($MN)
Table 19 Global Hydrogen Fuel Cell Vehicles Market Outlook, By More than 500 Miles (2024-2032) ($MN)
Table 20 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Power Output (2024-2032) ($MN)
Table 21 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Less than 100 kW (2024-2032) ($MN)
Table 22 Global Hydrogen Fuel Cell Vehicles Market Outlook, By 100 – 200 kW (2024-2032) ($MN)
Table 23 Global Hydrogen Fuel Cell Vehicles Market Outlook, By More than 200 kW (2024-2032) ($MN)
Table 24 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Technology (2024-2032) ($MN)
Table 25 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Proton Exchange Membrane Fuel Cell (PEMFC) (2024-2032) ($MN)
Table 26 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Phosphoric Acid Fuel Cell (PAFC) (2024-2032) ($MN)
Table 27 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Solid Oxide Fuel Cell (SOFC) (2024-2032) ($MN)
Table 28 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Direct Methanol Fuel Cells (DMFC) (2024-2032) ($MN)
Table 29 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Alkaline Fuel Cell (AFC) (2024-2032) ($MN)
Table 30 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Other Technologies (2024-2032) ($MN)
Table 31 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Application (2024-2032) ($MN)
Table 32 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Public Transportation (2024-2032) ($MN)
Table 33 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Freight Transport (2024-2032) ($MN)
Table 34 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Personal Use (2024-2032) ($MN)
Table 35 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Corporate Fleets (2024-2032) ($MN)
Table 36 Global Hydrogen Fuel Cell Vehicles Market Outlook, By Other Applications (2024-2032) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

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