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.
Key Market Players
Royal Dutch Shell (Netherlands), Fluor Corporation (US), Mitsubishi Heavy Industries, Ltd. (Japan), Exxon Mobil Corporation (US), and Linde Plc (UK), JGC Holdings (Japan), Schlumberger Ltd (US), Aker Solutions (Norway), Honeywell International (US), Equinor ASA (Norway) are the leading players in the market.
Capture service segment comprise a major share of the carbon capture, utilization, and storage market, in terms of value and volume.
The first phase in the CCUS process is carbon capture, and it involves separating and extracting carbon from the effluent flue gas stream that originates from a variety of industrial sources, including power plants, petrochemical and chemical companies, iron and steel smelters, and others. Several methods are proposed to remove carbon from the flue gas effluent stream, including Direct Air Capture (DAC), Oxy-Fuel, Pre- and Post-Combustion, and Bio-Energy CCS (BECCS). Several companies use this technology all around the world to reduce their carbon footprint. Adoption of this technique appears to be more expensive since direct air capture significantly deviates from standard practices and removes carbon directly from the atmosphere rather than from industrial sources.
Carbon Capture, Utilization, and Storage Market Dynamics
- Drivers: Growing Focus on Reducing Co2 Emissions
- Restraint: High cost of carbon capture and storage to restrict the market growth
- Opportunity: Continuous investments in developing innovative capturing technologies to create lucrative opportunities for the market
- Challenge: Reducing carbon capturing cost to be a major challenge for market growth
