PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1499745
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1499745
US Carbon Capture, Utilization, and Storage Market is valued approximately USD 810.71 million in 2023 and is anticipated to grow with a healthy growth rate of more than 15.65% over the forecast period 2024-2032. Carbon capture, utilization, and storage (CCUS) is the process of capturing carbon dioxide emissions from fuel burning or industrial activity, transporting the CO2 by ship or pipeline, and then reusing it to make valuable products or permanently placing it in deep geological formations. When CO2 is gathered from bio-based processes or straight from the atmosphere, CCUS technology can produce negative emissions by removing carbon from the environment. Furthermore, rising corporate emphasis on ESG Goals are gaining attention towards US Carbon Capture, Utilization, and Storage Market. Companies in United States are increasingly recognizing the importance of sustainability and responsible business practices, they are integrating carbon reduction strategies into their ESG agendas. CCUS technologies offer a tangible way for corporations to address their carbon footprint by capturing and storing emissions from their operations.
The US Carbon Capture, Utilization, and Storage Market is driven by factors such as stringent environmental regulations and expansion of chemical production facilities across the region. CCUS technologies offer a way to capture carbon dioxide emissions from industrial processes and power plants before they are released into the atmosphere, thereby reducing overall carbon emissions. In addition, chemical facilities typically emit substantial amounts of carbon dioxide during manufacturing processes. The volume of CO2 emissions rises along with results, which stimulates environmental concerns. In order to achieve legal requirements and sustainability objectives, CCUS becomes essential for capturing and reducing these pollutants. However, high spending associated to carbon capture, utilization, and storage and safety concerns at storage sites is going to impede the overall demand for the market during the forecast period 2024-2032.