Carbon Capture, Utilization, and Storage Market to Grow Due to Technological Advancements Through 2030

According to Markets and Data research report, “Carbon Capture, Utilization, and Storage Market Assessment, By Region, Opportunities and Forecast, 2017-2031F”, the global carbon capture, utilization, and storage market was valued at USD 3,231.63 million in 2023 and is expected to register a CAGR of 12.25% during the forecast period.

CCUS is defined as the process of capturing harmful CO2 emissions from a variety of sources, including coal-fired power stations, chemical enterprises, and refineries. Carbon dioxide is gathered and compressed before being transferred to various end consumers via pipelines, trains, ships, or trucks, or it is injected into the deep geological formations such as from depleted oil and gas reserves or salty aquifers. Implementing the CCUS technologies in industrial plants helps to sustain operations while reducing emissions. The technique is useful in tough industries such as steel, cement, and chemicals since it allows for emission reductions.

Some of the key factors propelling the market growth are falling costs of CCUS, rising number of plants going into operation, government's supportive measures for the adoption of CCUS-related technologies, and others. Furthermore, as CO2 emissions are rising quickly, the increase in production activities linked to heavy industries such as electricity generation, oil and gas, iron and steel, and others is extremely concerning for the environment. As a result, the rate of CCUS acceptance is rising, which is further driving the market expansion.

By absorbing and storing CO2 emissions, CCUS technologies assist global decarbonization initiatives by assisting the oil and gas sector in lowering its carbon footprint. Furthermore, while maintaining a stable energy supply, the CCUS technologies are essential in helping the oil and gas sector to make a shift towards a more efficient, low-carbon, and sustainable future.

According to the statistics released by Global CCS Institute, about 17 carbon capture units that were integrated into oil and gas processing plants were operating in 2023. Therefore, a major trend driving the revenue growth of CCUS market globally is the expansion of the operation of carbon capture facilities connected to oil and gas refineries.

Spread through 258 pages, "Carbon Capture, Utilization, and Storage Market" report includes an in-depth TOC, over 46 market data figures, latest market developments, key drivers, and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.

Key Takeaways:

• The sheer climate commitment to maintain a carbon-free environment by government entities is one of the pivotal factors driving the market growth.
• Major multinational corporations are investing heavily in the improvement of their own CCUS technological attributes to preserve their leadership positions and get a competitive advantage.
• A continuous rise in the number of CCUS units is propelling the market growth.

Global carbon capture, utilization, and storage market is segmented into the following categories:

By Stages - Capture, Transport, Storage, Utilization

By Technology - Post-combustion Carbon Capture, Pre-combustion Carbon Capture, Oxy-fuel Combustion Systems

By Capture Routes - Absorption, Membrane, Adsorption, Chemical Looping

By End-user - Power Generation, Oil and Gas, Iron and Steel, Chemicals, Cement, Others

Based on end-user, oil and gas sector held the most lucrative market share in 2023. The oil and gas industry has become a major force in CCUS due to its technological prowess and geographical location. Businesses in the industry have been actively involved in research, developing partnerships, and investing in CCUS technology to lower emissions and support worldwide decarbonization objectives. Due to their financial resources, pre-existing infrastructure, and proficiency in managing CO2 emissions, they have managed to establish themselves as major forces behind the advancement of CCUS programs, significantly enhancing environmental sustainability.

Based on region, North America has emerged as a leader in the CCUS market. The United States Gulf Coast and adjacent places host the bulk of worldwide CCUS projects. The region boasts a substantial number of large-scale CCS installations. Large-scale CCS project development in North America has been greatly aided by federal financing from the US and Canadian governments, which has helped to establish the area as a leader in the advancement of CCUS infrastructure and technology.

Major Companies Operating in Global Carbon Capture, Utilization, and Storage Market Include:

1. Mitsubishi Heavy Industries Ltd
2. Exxon Mobil Corporation
3. Honeywell International Inc
4. Aker Solutions
5. JGC Holdings Corporation
6. Shell PLC
7. Halliburton Energy Services, Inc.
8. Linde PLC
9. Fluor Corporation
10. Schlumberger Limited

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Businesses that specialize in CCUS are dedicated to expanding the number of CCUS facilities operated worldwide. The commitment is fueling the industry's rapid progress, and rising demand will subsequently further accelerate the market expansion.

In February 2024, Celsio awarded Aker Solutions and Aker Carbon Capture a Front-End Engineering Design (FEED) contract for carbon capture at its Klemetsrud waste-to-energy project. Aker Solutions, with its growing experience in the whole Carbon Capture and Storage (CCS) value chain, is dedicated to assisting clients with their decarbonization initiatives.

In October 2023, MHI Group introduced a demo testing of a CO2 liquefaction system as one of the strategic steps toward improving the efficiency of CCUS research. The experimental project collects CO2 from gas engine generating sets at MHIET's Sagamihara Plant, situated  in Japan, which is then liquefied using MHI-AC&R's specialist CO2 liquefaction equipment. The fundamental purpose of this program is to develop competency in managing liquefied CO2 and to provide a complete customer support framework that covers the whole process, from CO2 capture to liquefaction.

“Carbon Capture, Utilization, and Storage Market Assessment, 2017-2031F”, evaluates the future growth potential of global carbon capture, utilization, and storage market and provides statistics and information on market size, structure, and future market growth. The primary purpose of this document is to provide essential market insights to assist business leaders in making strategic investment decisions. Additionally, the report thoroughly investigates emerging trends, significant drivers, challenges, and potential opportunities within the market.

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