Global Carbon Capture, Utilization, and Storage Market 2030 | Infographics

Global carbon capture, utilization, and storage market size was valued at USD 3.23 billion in 2023, which is expected to reach USD 8.14 billion in 2031, with a CAGR of 12.25% for the forecasted period between 2024 and 2031.

Carbon capture, utilization, and storage offer vital environmental benefits by reducing greenhouse gas emissions. It helps decarbonize various energy system components, including industry, trucks, and ships. The CCUS market's growth is driven by increasing global awareness of environmental issues, stringent emission reduction targets, and government incentives. Moreover, rapid technological advancements, favorable policies, and corporate commitments contribute to the expanding market, thereby fostering a cleaner and more sustainable future.

CCUS plays a crucial role in decarbonization efforts by capturing emissions from hard-to-abate sectors like cement and steel. It enables cost-effective low-carbon hydrogen production, thereby supporting the transition to cleaner energy. This technology mitigates GHG emissions in industrial processes and provides a versatile solution for reducing carbon footprints in various sectors, thus helping to meet the sustainability goals and combat climate change on a broader scale.