Carbon Capture, Utilization, and Storage Market

Carbon Capture, Utilization, and Storage Market Size

             2020                         2024-2032      

Report	Details
Market Size Value	USD 2.9 billion in 2024
Market Size Value	USD 3.3 billion by 2030
CAGR	14.3%
Forecast Period	2024-2032
Base Year	2023
Historic Data	2020
Segments Covered	Service, Technology, End-User Industry
Geographics Covered	North America, Latin America, Europe, Asia-Pacific, Middle East & Africa

Major players in the Carbon Capture, Utilization, and Storage Market include Aker Solutions, Dakota Gasification Company, Equinor ASA, Fluor Corp., Linde plc, Maersk Oil, Mitsubishi Heavy Industries Ltd., Royal Dutch Shell PLC, Siemens AG, Sulzer Ltd., Halliburton, General Electric, Hitachi Ltd, Shell PLC, JGC Holdings, and Others.

Carbon capture, utilization, and storage encompass a series of processes: the capture of carbon dioxide from fuel combustion or industrial operations, its transportation through ships or pipelines, and its utilization for creating valuable products or its secure storage deep within geological formations. Additionally, CCUS technologies serve as the foundation for achieving negative emissions, either through CO2 sourced from bio-based procedures or directly from the atmosphere. The global demand for the carbon capture, utilization, and storage market is principally motivated by an increasing emphasis on curbing CO2 emissions, endorsing governmental endeavors, and a rising need for CO2-enhanced oil recovery (CO2-EOR) techniques. The rapid pace of global industrialization has precipitated a marked increase in carbon dioxide emissions. To mitigate this carbon footprint, various developed and developing countries, including the U.S., the Netherlands, the UK, China, and India, are actively establishing a significant number of facilities for capturing and storing CO2. This trend is anticipated to propel the expansion of the carbon capture, utilization, and storage market over the foreseeable future. Furthermore, propelled by technological advancements, offshore oil and gas exploration and production activities are on the rise. This surge is concurrently driving the adoption of gas injection enhanced oil recovery (EOR) techniques, which involve utilizing carbon dioxide for extracting crude oil. The diminishing reserves of oil, coupled with maturation, are poised to stimulate the adoption of gas injection EOR methods for both onshore and offshore wells. Consequently, the escalating demand for CO2 to facilitate EOR practices in the oil and gas sector is projected to be a driving force for the carbon capture, utilization, and storage market during the forecast period.

Nevertheless, a substantial challenge in the market stems from the high expenses associated with capturing and transporting carbon dioxide. The conveyance of carbon dioxide in its gaseous state via various modes like railways, ships, and pipelines necessitates more energy compared to alternative methods, subsequently augmenting the overall production costs. Notably, the transportation of carbon dioxide via ships and its compression for pipeline transport necessitate a substantial amount of electrical energy. To illustrate, the capital costs per net megawatt of electricity with CO2 capture average around 14% higher than those for bituminous coal plants.

Growing consciousness about environmental concerns is expected to drive an uptick in the demand for natural gas

Stringent environmental regulations are also driving the need for carbon capture, utilization, and storage. Among the prevailing global energy sources—gasoline, diesel, petroleum products, and natural gas—natural gas is emerging as an environmentally conscious alternative for sustainable development. Its adoption aids in reducing carbon emissions, mitigating global warming, and curbing greenhouse gas (GHG) emissions. To mitigate the risks associated with gasoline or diesel usage and promote natural gas adoption, the U.S. government has implemented various regulatory frameworks. Countries possessing significant natural gas reserves are recognizing the benefits of employing carbon capture, utilization, and storage, resulting in lowered carbon emissions. Notably, China and the U.S., both significant contributors to global GHG emissions, initiated a collaborative effort in 2010—the U.S.-China Energy Cooperation Program. This international climate agreement encompasses strategies related to clean energy, energy efficiency, and addressing climate change. Projections by the Energy Information Administration and the Institute of Energy Economics Japan indicate a 50% rise in global energy consumption by 2035, thereby intensifying the demand for carbon capture, utilization, and storage002E

Artificial Intelligence (AI) in Carbon Reduction

Carbon capture, utilization, and storage enterprises should prioritize investments in AI-driven technology to stimulate innovation and reach a broader spectrum of customers. The potential of AI to provide comprehensive insights into various facets of a company's carbon footprint and swiftly implement cost-saving measures offers a promising avenue for expediting sustainable transformation and cutting expenses during critical periods. Companies are harnessing the power of artificial intelligence to develop advanced separation materials for CO2, enhancing efficiency and potentially reducing the current expenses linked to carbon capture. Employing molecular generative AI modeling, IBM successfully identified numerous molecular structures with the potential to yield more effective and economically viable alternatives to existing separation membranes, thus enhancing the capture of CO₂ emitted in industrial processes.

Dominating Region and Country:

In the Global Carbon Capture, Utilization, and Storage Market, in 2022, North America assumed a commanding position within the Carbon Capture, Utilization, and Storage Market, boasting the largest share of revenue and is projected to sustain this leading market presence throughout the forecast period. Within North America, the United States took the forefront in the Carbon Capture, Utilization, and Storage Market in 2022 and is anticipated to exhibit the most notable growth trajectory during the forecast period. The surge in demand for clean technology, coupled with the increasing utilization of CO2 in enhanced oil recovery (EOR) practices, is poised to propel the United States' Carbon Capture, Utilization, and Storage Market. A variety of industries in the country, including chemical production, hydrogen production, fertilizer production, natural gas processing, and power generation, actively capture and inject CO2. Additionally, the United States boasts a significant large-scale carbon capture plant.

As for upcoming regions, the Asia Pacific Carbon Capture, Utilization, and Storage Market is projected to secure the second-largest portion of revenue within the Carbon Capture, Utilization, and Storage Market throughout the forecast period. Within the Asia-Pacific region, China assumed the leading market share in 2022 and is poised for significant expansion in the foreseeable future. China, recognized as the world's foremost emitter of CO2, has made a commitment to attain carbon neutrality by approximately 2060. Realizing this ambitious objective entails an annual reduction of as much as 1.82 billion tonnes of CO2 through Carbon Capture, Utilization, and Storage (CCUS) by that specified time frame. This assessment stems from a study conducted by a research institute affiliated with China's environment ministry..

The Carbon Capture, Utilization, and Storage Market research report provides an in-depth overview of the industry including market segmentation by Service, Technology, End-User Industry, and Region. Analysis of the global market with a special focus on high-growth applications in each vertical and fast-growing market segment. It includes a detailed competitive landscape with identification of the key players concerning each type of market, in-depth market share analysis with individual revenue, market shares, and top players’ rankings. Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long-term landscapes. Competitive intelligence from the company profiles, key player strategies, and game-changing developments such as new product launches, collaborations, expansions, investment analysis, mergers, and acquisitions. The market analysis focuses on revenue and forecast by region/countries and by application in terms of revenue forecast for the period 2023-2030.

The report further studies the market strategies of key players, recent development status, plans, and Carbon Capture, Utilization, and Storage Market trends across the world. Also, it splits the market segmentation further to deep dive into research and reveals company profile and prospects.

Major Classifications are as follows:

• By Service
  • Capture
  • Transportation
  • Utilization
  • Storage
  • Others
• By Technology
  • Pre-Combustion
  • Post Combustion
  • Oxy-Fuel Combustion
• By End-User Industry
  • Oil & Gas
  • Power Generation
  • Chemicals & Petrochemicals
  • Cement
  • Iron & Steel
  • Others
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Rest of the World
    • Middle East
      • UAE
      • Saudi Arabia
      • Israel
      • Rest of the Middle East
    • Africa
      • South Africa
      • Rest of the Middle East & Africa

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