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. 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 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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• 300 Market data Tables
• 71 Figures
• 269 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)
- Schlumberger Ltd (US)
- Aker Solutions (Norway)
- Honeywell International (US)
- Equinor ASA (Norway)
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 instance, US government had issued an executive order to achieve generation of 100% carbon-free electricity by 2030.
In order to achieve net zero emission targets, the government across the globe is actively encouraging hit companies to reduce the carbon footprints and implement CCUS technology by providing them tax benefits.
Majority of CO2 extracted from natural gas plants in Oil & gas end-use industry segment of carbon capture, utilization, and storage market, in terms of value and volume
Carbon capture and storage is an innovative technology capable of achieving considerable reductions in CO2 emissions to minimize the environmental impact of industrial processes worldwide. The use of carbon capture, utilization, and storage in oil & gas processing is one of the major drivers of the market. In 2023, the majority of CO2 was extracted from natural gas processing plants. As per the EIA, natural gas generation will grow at approximately 2.7% per year between 2012 and 2040, accounting for nearly 30% of worldwide energy generation by 2040. The deployment of carbon capture, utilization, and storage in this sector will help create a viable pathway for a sustainable environment.
North America to continue dominating the carbon capture, utilization, and storage market
North America is the largest market for CCUS technology. The technology is pioneered by the companies and institutional organizations present in the US. The companies have long experience in implementing the CCUS technology for more than 35 years. This has led to development a superior capture and storage technology in the country. The country’s regulations and policies are also framed in a way to encourage the industrial players to adopt the technology by providing them with technology support and tax benefits. The region has several oil & gas projects that is implemented with or retrofitted with the CCUS technology, leading the global CCUS technology adoption by several folds. Growing awareness among the people regarding climate change and change in mindset to use green energy sources to reduce carbon footprints also has lead to the deployment of the CCUS in a large scale.
