Overview and Scope
Carbon capture, utilization, and storage refer to technologies that are engaged in providing clean and efficient energy solutions. Carbon capture, utilization, and storage (CCUS) is a set of methods and technologies for removing CO2 from flue gas and the atmosphere, recycling it for use, and establishing safe and long-term storage choices.
Sizing and Forecast
The carbon capture, utilization, and storage market size has grown rapidly in recent years. It will grow from $2.57 billion in 2023 to $2.93 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in focus on reducing carbon dioxide (co2) emissions, increased demand from the medical industry and increase in demand for energy consumption.
The carbon capture, utilization, and storage market size is expected to see rapid growth in the next few years. It will grow to $5.05 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to carbon capture providing financially lucrative opportunities, supportive government initiatives, increase in investments, growing demand from the oil and gas industry and implementation of cop26 to limit global warming. Major trends in the forecast period include focusing on supplying to greenhouses, focusing on investing in ai based technology that will drive innovation, focusing on strategic investing in order to stay competitive in the market, acquiring and partnering with other manufacturers and businesses and focusing on direct air capture technologies to improve capturing efficiencies.
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Segmentation & Regional Insights
The carbon capture, utilization, and storage market covered in this report is segmented –
1) By Technology: Pre Combustion, Post Combustion, Oxy Fuel Combustion
2) By Services: Capture, Transportation, Utilization, Storage.
3) By End-Use Industry: Oil & Gas, Power Generation, Iron and Steel, Chemical and Petrochemical, Cement, Other End-Use Industries.
North America was the largest region in the carbon capture, utilization, and storage market in 2023. The regions covered in the carbon capture, utilization, and storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Carbon capture provides financially lucrative opportunities and is expected to drive the market going forward. CO2 production through carbon capture costs more than conventional production, making it difficult for companies using this method to compete in the market. However, the increasing carbon price plays a major role in opening up new lucrative opportunities for carbon capture and utilization (CCU). Companies with sustainable practices and products have increased access to various financing options. As carbon pricing increasingly impacts the profitability of these companies and plants, companies that are using CCU technology as leverage have the additional funds to invest in innovation and R&D. For example, in 2022, Stripe, Alphabet, Meta, Shopify, and McKinsey are trying to spur the market for carbon capture. They are launching the Frontier initiative, which plans to purchase $925 million worth of permanent carbon removal from companies that are developing the technology over the next nine years to boost the carbon capture market.
Key Industry Players
Major companies operating in the carbon capture, utilization, and storage market report are Shell plc, Aker Solutions, Linde PLC, Fluor Corporation, Mitsubishi Heavy Industries Ltd, Carbon Engineering Ltd, Schlumberger Limited, Exxon Mobil Corporation, GC Holdings Corporation, Praxair Inc, NGK Spark Plug Co Ltd, Taiyo Nippon Sanso, Oxair, Air Products and Chemicals Inc, Yingde Gas Group Co. Ltd, Messer Group, Core Industrial Gases, Supagas, AMCS Corporation, Sinopec Qilu-Shengli Oilfield CCUS, Royal Dutch Shell, Equinor Total Energies, Lukoil, Polish Energy Group, Zeroco2, Terrasigna, NRG Energy, General Electric, Honeywell, Dakota Gasification Company, Chevron, Lanzatech, WIKA Alexander Wiegand SE & Co. KG, Gulf Cryo, Buzwair, Sasol, Air Liquide, Gas Africa Limited, Carbacid Investments Limited, Afrox.
The carbon capture, utilization, and storage market report table of contents includes:
1. Executive Summary
2. Carbon Capture, Utilization, And Storage Market Characteristics
3. Carbon Capture, Utilization, And Storage Market Trends And Strategies
4. Carbon Capture, Utilization, And Storage Market – Macro Economic Scenario
5. Global Carbon Capture, Utilization, And Storage Market Size and Growth
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32. Global Carbon Capture, Utilization, And Storage Market Competitive Benchmarking
33. Global Carbon Capture, Utilization, And Storage Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Carbon Capture, Utilization, And Storage Market
35. Carbon Capture, Utilization, And Storage Market Future Outlook and Potential Analysis
36. Appendix
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