The report “Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), Technology (Chemical Looping, Solvents & Sorbent, Membranes), End-Use Industry, and Region – Global Forecast to 2030″, for carbon capture, utilization, and storage is expected to grow at an average CAGR of 24.0%, from USD 3.1 billion in 2023 to USD 12.9 billion in 2030. In order to minimize carbon emissions into the atmosphere, carbon capture, utilization, and storage techniques are primarily used in the oil and gas, power generation, and chemical and petrochemical sectors. Many countries all across the world have proposed deploying this technology to reduce carbon emissions and handle climate change. The market for carbon capture, utilization, and storage is being driven by government initiatives aimed at achieving net zero emissions.
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• 312 Market data Tables
• 71 Figures
• 286 Pages and in-depth TOC on “Carbon Capture, Utilization, and Storage Market – Global Forecast to 2030″
• 71 Figures
• 286 Pages and in-depth TOC on “Carbon Capture, Utilization, and Storage Market – Global Forecast to 2030″
Some of the prominent key players are:
- Royal Dutch Shell (Netherlands),
- Fluor Corporation (US),
- Mitsubishi Heavy Industries, Ltd. (Japan),
- Exxon Mobil Corporation (US),
- Linde Plc (UK),
- JGC Holdings (Japan), and many more….
Driver: Growing Focus on Reducing Co2 Emissions
Carbon capture, utilization, and storage technology is deployed to capture CO2 from various sources and transport it to the areas where it can be utilized or stored. Dependence over fossil fuels for the energy needs is the major source for carbon emission into the atmosphere. The CCUS technology can reduce the greenhouse gas emission into the atmosphere from the industrial sources. The growing concern over climate change globally, has factored the adoption of CCUS in a positive way. For an inssstance, US government had issued an executive order to achieve generation of 100% carbon-free electricity by 2030.
Oil & gas industry is the dominating end-use industry in the global carbon Capture, Utilization, and Storage market in terms of value
The carbon capture, utilization, and storage market is dominated by the oil and gas sector. This can be attributed to the industry’s high initial adoption rate, which is expected to continue during the forecast period, due to the fact it is one of the main sources of atmospheric carbon emissions. The CCUS technology is being used in a number of ongoing projects, including the Century Plant in the United States, the Shute Creek Gas Processing Plant in the United States, the Uthmaniyah Gas Plant in Saudi Arabia, and the Petrobras Santos Basin Plant in Brazil, to lower carbon emissions in their respective locations.
Asia Pacific to be the fastest-growing region in the carbon Capture, Utilization, and Storage market during the forecast period
The CCUS market is expected to grow at the fastest pace in Asia Pacific. this is mostly because of the significant improvements in technological development that Australia and China have achieved. Businesses were initially hesitant to implement CCUS as it is a capital-intensive task. However, with recent developments in environmental policies and regulations, as well as the ability to combine CCUS with hydrogen generation, companies are now actively involved in the technology’s development. Governments around the Asia-Pacific region constantly encouraging their industrial sector to actively engage in the joint endeavor to reduce climate change through the establishment of tax credit programs.
