Market Research Report
Carbon Capture, Utilization, and Storage Market by Service, Technology, and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2030
|Carbon Capture, Utilization, and Storage Market by Service, Technology, and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2030|
Published: August 31, 2021
Allied Market Research
Content info: 371 Pages
Delivery time: 2-3 business days
The global carbon capture, utilization, and storage market was valued at $1.9 billion in 2020, and is projected to reach $7.0 billion by 2030, growing at a CAGR of 13.8% from 2021 to 2030.
Carbon capture, utilization, and storage refers to the capturing of carbon dioxide from different sources of emission, separating it from other gases and transporting to a suitable location for storage. The method of capturing is dependent upon the emission source. The gases have to be separated in their molecular forms after capturing for being implemented in various uses. After separation the transportation of the gases is done through pipelines and tankers and for storage depleted oil and gas reservoirs, un-mineable coal beds, Saline aquifers, basalts are the geological formations, which are primarily considered.
The global demand for carbon capture, utilization, and storage market is primarily driven by growing focus on reducing CO2 emissions, supporting government initiatives and increasing demand for CO2-EOR techniques. Ongoing investment toward upstream oil industry to cater to the growing energy demands will stimulate the application of CCUS projects substantially. The enactment of stringent emission norms to diminish emissions from the O&G sector has further led to the deployment of CCUS projects. In addition, rising investments by the policy makers to deploy innovative & sustainable systems for minimizing the industrial emissions will drive the carbon capture, utilization, and storage market demand significantly. These government measures help industry players to de-risk, develop, and accelerate the innovations under accurate operating conditions. The continuous deployment of government funded CO2 EOR projects is anticipated to drive the growth of global CCUS market during the forecast period.
However, high cost of carbon capture and storage and decrease in crude oil prices are expected to hamper the growth of the carbon capture, utilization, and storage (CCUS) market during the forecast period. Furthermore, large number of upcoming projects in Asia-Pacific and Europe region and continuous investments in developing innovative capturing technologies enabling economic operations are expected to provide growth opportunities for the carbon capture, utilization, and storage (CCUS) market during the forecast period.
The global carbon capture, utilization, and storage (CCUS) market size is segmented on the basis of service, technology, end-use industry, and region. By service, it is analyzed across capture, transportation, utilization, and storage. By technology, it is segmented into pre-combustion capture, oxy-fuel combustion capture, and post-combustion capture. By end-use industry, it is divided into oil & gas, power generation, iron & steel, chemical & petrochemical, cement, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major key players operating in the global carbon capture, utilization, and storage (CCUS) market include Royal Dutch Shell PLC, Fluor Corporation, Mitsubishi Heavy Industries, Ltd., Linde Plc, Exxon Mobil Corporation, JGC Holdings Corporation, Schlumberger Limited, Aker Solutions, Honeywell International Inc., and Halliburton. Other players operating in this market include C-Capture Ltd., Tandem Technical, Carbicrete, Hitachi, Ltd., Siemens AG, General Electric, Total S.A., and Equinor ASA.