The report “Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), Technology (Chemical Looping, Solvents & Sorbent, Membrane), End-Use Industry, and Region – Global Forecast to 2030″, is estimated at USD 3.0 billion in 2022 and is projected to reach USD 14.2 billion by 2030, at a CAGR of 21.5% from 2023 to 2030. The increasing use of carbon Capture, Utilization, and Storage in oil & gas industry is one of the most significant factors projected to drive the growth of the carbon Capture, Utilization, and Storage market.
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• 275 Market data Tables
• 65 Figures
• 259 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)
Recent Developments:
- In August 2022, Shell PLC took over Sprang Energy group, which is a renewable energy company aiming to lower carbon emissions. This acquisition is aimed at boosting the carbon capture and storage potential of Shell PLC and improving its market share.
- In June 2022, ExxonMobil Corporation, Shell & Guangdong Provincial Development & Reform Commission will work together to evaluate the potential for carbon capture and storage project at Dayawan petrochemical industrial park in Huizhou, China.
- In November 2021, ExxonMobil Corporation and Petronas signed a memorandum of understanding, will jointly explore potential carbon capture and storage project in Malaysia.
Capture service segment comprise a major share of the carbon capture, utilization, and storage market, in terms of value and volume.
Capture is the first stage of the carbon capture, utilization, and storage process. The carbon is separated either precombustion or post-combustion. The separated CO2 is brought to a high purity state and is dehydrated to make it ready for transportation. Usually, the carbon capture, utilization, and storage plant is installed on high emission sources like power plants, natural gas processing facilities, and cement factories. The cost of capturing CO2 is heavily dependent on technical, economic, and financial factors associated with the design and operation of the production process and CO2 capture technology.
Power Generation industry to be the fastest-growing end-use industry segment along with flooring in the global carbon Capture, Utilization, and Storage market in terms of value
Power generation is expected to be the fastest-growing end-use industry for the carbon capture, utilization and storage market. The adoption of carbon capture, utilization, and storage technology in the power generation industry is booming in all regions.
Fossil fuel power plants generate a significant amount of CO2 emissions, which are the main cause of climate change. Among CO2 mitigation options, carbon capture and storage is considered the only technology that can significantly reduce the emissions of CO2 from fossil fuel combustion sources. The existing fleet of fossil fuel combustion power plants currently generates significant amounts of CO2 emissions into the atmosphere (more than 12 billion tons of CO2 per year). According to the International Energy Agency, electricity production from fossil fuels will increase by nearly 30% by 2035, inevitably leading to more CO2 emissions. This is where carbon capture, utilization, and storage will be highly useful to curb these emissions of CO2. There are mainly three technological routes for CO2 capture from power plants: post-combustion, pre-combustion, and oxy-fuel combustion. The prime advantage of post-combustion capture is that it can be integrated into existing power plants without altering the combustion process.
