Carbon Capture, Utilization, And Storage Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Carbon Capture, Utilization, And Storage by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Carbon Capture, Utilization, And Storage, 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.

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.

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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.

The carbon capture, utilization, and storage market is expected to be supported by government initiatives in the forecast period. For instance, in February 2022, the US Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) announced up to $96 million in federal funding for projects that will develop point-source carbon capture technologies for natural gas power plant and industrial applications capable of capturing at least 95% of carbon dioxide (CO2) emissions generated. Similarly, in November 2021, the Morrison government in Australia invested $500 million into a new $1 billion fund to help commercialize low-emissions technology, including carbon capture and soil carbon. At the United Nations Climate Change Conference in Glasgow (COP26), a group of 50 countries pledged to create climate-resilient and low-carbon health systems in response to mounting evidence of climate change’s impact on people’s health.

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

Top Major Players:

• Shell PLC
• Aker Solutions
• Fluor Corporation
• Mitsubishi Heavy Industries Ltd
• Carbon Engineering Ltd

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