New York, United States, March 01, 2024 (GLOBE NEWSWIRE) -- The Global Carbon Capture, Utilization, and Storage Market Size is to Grow from USD 2.98 Billion in 2023 to USD 25.3 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 23.8% during the projected period.
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The process of collecting and storing carbon dioxide (CO2), which is emitted during the burning of fossil fuels to generate energy and power industrial operations, is known as carbon capture, utilization, and storage (CCUS). With this method, CO2 emissions can be prevented from entering the atmosphere by about 90%. Following its capture, the CO2 is either utilized to create valuable products or is permanently buried deep within geological formations. It is typically transported by pipelines or ships from carbon capture and storage facilities to its ultimate site. The global carbon capture, utilization, and storage market is dynamic and driven by environmental concerns, government laws that support it, and efforts to lessen the effects of climate change. Strict environmental regulations and the urgent need to stop climate change have drawn increased attention to carbon collection, utilization, and storage technology. Governments everywhere are enacting laws and setting ambitious goals to cut greenhouse gas emissions, which is driving investments in CCUS projects as a crucial component of these programs. Many companies are making sustainability a core corporate goal and committing to reaching net-zero emissions of carbon neutrality. Because CCUS provides a workable alternative for companies wishing to lower their carbon footprint and adopt sustainable practices, its use has skyrocketed. However, the CCUS technology comes with increased operating and maintenance costs as well as significant building expenditures. The industries are hesitant to invest in technology as a result. The majority of plants are not designed with these types of capture technologies installed, so the deployment also harms the processes of the plants.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Carbon Capture, Utilization, and Storage Market Size, Share, and COVID-19 Impact Analysis, By Service (Capture, Transportation, Utilization, and Storage), By Technology (Pre-Combustion Capture, Oxy-Fuel Combustion Capture, Post-Combustion Capture, and Others), By End-user (Oil & Gas, Power Generation, Iron & Steel, Chemical & Petrochemical, Cement, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The capture segment is anticipated to hold the greatest share of the global carbon capture, utilization, and storage market during the projected timeframe.
Based on the service, the global carbon capture, utilization, and storage market is divided into capture, transportation, utilization, and storage. Among these, the capture segment is anticipated to hold the greatest share of the global carbon capture, utilization, and storage market during the projected timeframe. The capture segment has the bulk of shares in the global carbon capture, utilization, and storage market because carbon dioxide (CO2) emissions from several sources are captured by capture systems and subsequently released into the environment.
The pre-combustion capture segment is anticipated to grow at the fastest pace in the global carbon capture, utilization, and storage market during the projected timeframe.
Based on the technology, the global carbon capture, utilization, and storage market is divided into pre-combustion capture, oxy-fuel combustion capture, post-combustion capture, and others. Among these, the pre-combustion capture segment is anticipated to grow at the fastest pace in the global carbon capture, utilization, and storage market during the projected timeframe. This is because carbon dioxide is extracted from fossil fuels before combustion through pre-combustion processes like gasification. Trends indicate that more research is being done on integrated gasification combined cycle facilities and how they might be used to produce hydrogen.
The oil & gas segment is predicted to grow at the highest pace in the carbon capture, utilization, and storage market during the estimated period.
Based on the end-user, the global carbon capture, utilization, and storage market is divided into oil & gas, power generation, iron & steel, chemical & petrochemical, cement, and others. Among these, the oil & gas segment is predicted to grow at the highest pace in the carbon capture, utilization, and storage market during the estimated period. This is because the extraction and processing of hydrocarbons harms the environment, hence the oil and gas chapter talks about how carbon dioxide emissions from production activities are captured to promote sustainability.
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North America is expected to hold the largest share of the global carbon capture, utilization, and storage market over the forecast period.
North America is expected to hold the largest share of the global carbon capture, utilization, and storage market over the forecast period. This is because the technology was created by institutions and firms with US headquarters. The companies have been using CCUS technology for more than 35 years. Consequently, the country has advanced its technologies for both capture and storage. By providing tax benefits and technological support, the nation's laws and regulations aim to encourage industrial actors to adopt technology. With the integration or retrofit of CCUS technology into significant oil and gas operations, the area is leading the way in the global deployment of this technology.
Asia Pacific is predicted to grow at the fastest pace in the global carbon capture, utilization, and storage market during the projected timeframe. This is because of the government's favorable policies, rising air pollution, and fast industrialization. Most of the Asia-Pacific region still relies on fossil fuels to generate its electricity. As a result, there is an alarming rise in air pollution in these locations, which is forcing other businesses including power plants to install carbon capture and storage systems. Developed countries like China and India are constantly initiating new carbon capture and storage projects to halt the flow of greenhouse gases.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Carbon Capture, Utilization, and Storage Market include Exxon Mobil Corporation, Mitsubishi Hitachi, Fluor, Schlumberger, Huaneng, Linde AG, NRG, AkerSolutions, Shell, Sulzer, Equinor, Skyonic Corp., Sinopec and Others.
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Recent Developments
- In July 2023, Fluor Corporation said that it had inked a memorandum of understanding (MOU) with Carbfix, the market leader in carbon dioxide (CO2) mineral storage, to explore comprehensive carbon capture and storage (CCS) solutions.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Carbon Capture, Utilization, and Storage Market based on the below-mentioned segments:
Global Carbon Capture, Utilization, and Storage Market, By Service
- Capture
- Transportation
- Utilization
- Storage
Global Carbon Capture, Utilization, and Storage Market, By Technology
- Pre-combustion capture
- Oxy-fuel combustion capture
- Post-combustion capture
- Others
Global Carbon Capture, Utilization, and Storage Market, By End-user
- Oil & Gas
- Power Generation
- Iron & Steel
- Chemical & Petrochemical
- Cement
- Others
Global Carbon Capture, Utilization, and Storage Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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