Carbon Capture, Utilization, & Storage Market by Service, Technology, End-Use Industry

Description

List of Tables

[198 Pages Report] The Carbon Capture, Utilization, & Storage Market size was estimated at USD 5.94 billion in 2023 and expected to reach USD 7.03 billion in 2024, at a CAGR 21.48% to reach USD 23.22 billion by 2030.

Carbon Capture, Utilization, and Storage (CCUS) is a set of advanced technologies to reduce greenhouse gas emissions by capturing carbon dioxide (CO2) from industrial processes and fossil fuel-based power generation. The captured CO2 is then utilized for various applications or safely stored in deep geological formations to prevent its release into the atmosphere. CCUS is critical in mitigating climate change, as it addresses one of the primary sources of global CO2 emissions. Growing industrialization, increasing demand for CO2-enhanced oil recovery techniques, and favorable government initiatives to support carbon capture, utilization & storage have significantly increased the demand for these technologies. However, huge capital requirements for carbon capture and specific storage facilities can hinder market growth. Furthermore, the continued investment in research and development is expected to drive technological advancements, leading to more cost-effective and efficient CCUS solutions. Additionally, collaborative efforts between governments, industries, and technology providers can facilitate knowledge sharing, cost sharing and accelerate the deployment of CCUS technologies.

KEY MARKET STATISTICS
Base Year [2023]	USD 5.94 billion
Estimated Year [2024]	USD 7.03 billion
Forecast Year [2030]	USD 23.22 billion
CAGR (%)	21.48%

Service: Significant environmental benefits provided by the control of carbon emissions

Carbon capture involves the process of separating carbon dioxide (CO2) from industrial and energy-related processes, preventing it from being released into the atmosphere. The need for carbon capture arises due to the urgent need to reduce toxic greenhouse gas emissions and combat climate change. Carbon storage refers to the long-term containment of captured CO2 by injecting it into geological formations such as gas reservoirs or deep saline aquifers. This prevents CO2 from contributing to global warming while also providing potential benefits such as enhanced oil recovery (EOR). The transportation of captured CO2, primarily through pipelines or ships, connects carbon capture facilities with storage sites. The need for transportation arises due to the distance between emission sources and suitable storage locations. Carbon utilization refers to the conversion of captured CO2 into valuable products, including chemicals, fuels, or building materials. The process of carbon utilization prevents CO2 emissions and also reduces dependence on fossil resources.

Technology: Expanding advancements in oxy-fuel combustion in carbon capture, utilization, and storage technologies

Oxy-fuel combustion capture is a process that involves burning fossil fuels in a high-purity oxygen environment, producing a concentrated stream of CO2 and water vapor. This technology is ideal for industries with energy-intensive processes, such as cement and steel production. Post-combustion capture refers to the process of separation of CO2 from flue gases emitted by power plants or industrial facilities after fossil fuel combustion. Post-combustion capture has diverse applications across different industries, such as natural gas processing industries and coal power plants, and industrial sectors, such as cement manufacturing and waste-to-energy conversion. Pre-combustion capture involves removing CO2 before the combustion cycle by converting hydrocarbon fuels into a mixture of hydrogen and carbon dioxide. Industries associated with high CO2 emissions, such as natural gas processing and coal gasification plants, can benefit from the utilization of this technology.

End-Use Industry: Ability of carbon capture, utilization, and storage to cater emerging application in power generation and cement industry

The cement industry and chemical & petrochemical industry are major contributors to global CO2 emissions, and carbon capture, utilization, and storage (CCUS) technologies can significantly help reduce these emissions. In addition to mitigating climate change impacts, employing CCUS also enhances resource efficiency by utilizing captured carbon in producing alternative building materials such as synthetic gypsum. Moreover, captured CO2 can be utilized as feedstock for the production of chemicals, including methanol or urea-based fertilizers, which are essential chemical components in various industrial applications. Iron and steel production contributes significantly to global CO2 emissions due to its reliance on coal-based blast furnaces, and the power generation sector is a leading source of global carbon emissions due to its reliance on fossil fuels. With the integration of CCUS technologies into power plants and iron and steel factories, it becomes possible to capture large quantities of CO2, thereby significantly reducing their greenhouse gas emissions. The oil & gas sector faces pressure to reduce its carbon footprint amid growing environmental concerns. Utilizing captured CO2 for enhanced oil recovery (EOR) techniques has proven beneficial in increasing reservoir output, sustaining energy security, and reducing dependence on foreign imports.

Regional Insights

The APAC countries, including South Korea, China, Japan, and Australia, have shown increasing interest in CCUS technologies due to their growing energy demands and commitment to reducing greenhouse gas emissions. China has been a major player in CCUS development, with several pilot projects and demonstration facilities to capture and store CO2 emissions from industrial sources and power plants. Japan and South Korea have also been investing in CCUS initiatives, primarily to reduce emissions from heavy industries and utilize CO2 for enhanced oil recovery and other industrial applications. The United States has pioneered CCUS development, with several large-scale projects focused on capturing CO2 emissions from power plants and ethanol plants, among other industrial sources. The 45Q tax credit policy has incentivized CCUS investments in the region. In Latin America, countries including Brazil and Colombia have explored CCUS as part of their climate change mitigation strategies, with potential applications in industries including cement production.

Furthermore, numerous countries in Europe, the Middle East & Africa (EMEA) have adopted ambitious climate targets that include boosting investment into CCUS technology. The European Union has set a goal to become carbon neutral by 2050 with plans to invest billions of euros toward low-carbon technologies such as CCUS. In the United Kingdom, an emphasis on industrial decarbonization has spurred interest in developing cluster-based approaches for carbon capture infrastructure. Countries, including Norway and the Netherlands, are also actively investing in large-scale CCS projects targeting various industries, including power generation and cement production.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Carbon Capture, Utilization, & Storage Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Carbon Capture, Utilization, & Storage Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Carbon Capture, Utilization, & Storage Market, highlighting leading vendors and their innovative profiles. These include Aker Solutions ASA, Atlas Copco AB, Baker Hughes Company, Bechtel Corporation, Carbon Clean Solutions Limited, Carbon Engineering Ltd., Chevron Corporation, COWI A/S, Eaton Corporation PLC, Exxon Mobil Corporation, Fluor Corporation, General Electric Company, Halliburton Company, Honeywell International Inc., Linde PLC, MAN Energy Solutions SE, McDermott International, Ltd., Mitsubishi Heavy Industries, Ltd., National Grid PLC, NOV Inc., PAO NOVATEK, SABIC Group, Saudi Arabian Oil Company, Schlumberger Limited, Shell PLC, Siemens AG, Svante Inc., and TotalEnergies SE.

Market Segmentation & Coverage

This research report categorizes the Carbon Capture, Utilization, & Storage Market to forecast the revenues and analyze trends in each of the following sub-markets:

Service
- Capture
- Storage
- Transportation
- Utilization

Technology
- Oxy-Fuel Combustion Capture
- Post-Combustion Capture
- Pre-Combustion Capture

End-Use Industry
- Cement
- Chemical & Petrochemical
- Iron & Steel
- Oil & Gas
- Power Generation

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Carbon Capture, Utilization, & Storage Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Carbon Capture, Utilization, & Storage Market?

3. What are the technology trends and regulatory frameworks in the Carbon Capture, Utilization, & Storage Market?

4. What is the market share of the leading vendors in the Carbon Capture, Utilization, & Storage Market?

5. Which modes and strategic moves are suitable for entering the Carbon Capture, Utilization, & Storage Market?

Product Code: MRR-DD6333AE63BC

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing industrialization and focus on reducing CO2 emissions
  - 5.1.1.2. Increasing demand for CO2-enhanced oil recovery techniques
  - 5.1.1.3. Favorable government initiatives to support carbon capture, utilization & storage
- 5.1.2. Restraints
  - 5.1.2.1. Requirements of huge capital for carbon capture and specific storage facilities
- 5.1.3. Opportunities
  - 5.1.3.1. Large number of upcoming projects for carbon capture, utilization, and sequestration
  - 5.1.3.2. Potential growth of advanced carbon capture, utilization and storage technologies
- 5.1.4. Challenges
  - 5.1.4.1. Concern regarding safety issues of active CCS plants
5.2. Market Segmentation Analysis
- 5.2.1. Service: Significant environmental benefits provided by the control of carbon emissions
- 5.2.2. Technology: Expanding advancements in oxy-fuel combustion in carbon capture, utilization, and storage technologies
- 5.2.3. End-Use Industry: Ability of carbon capture, utilization, and storage to cater emerging application in power generation and cement industry
5.3. Market Trend Analysis
- 5.3.1. Ongoing technological innovations expanding the scope of CCUS in the Americas
- 5.3.2. Government initiatives to increase usage of CCUS technologies in Asia-Pacific region
- 5.3.3. Increasing number of CCUS projects and government investments to boost CCUS in the EMEA region
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
5.9. Client Customization
- 5.9.1. Technological Trends

6. Carbon Capture, Utilization, & Storage Market, by Service

6.1. Introduction
6.2. Capture
6.3. Storage
6.4. Transportation
6.5. Utilization

7. Carbon Capture, Utilization, & Storage Market, by Technology

7.1. Introduction
7.2. Oxy-Fuel Combustion Capture
7.3. Post-Combustion Capture
7.4. Pre-Combustion Capture

8. Carbon Capture, Utilization, & Storage Market, by End-Use Industry

8.1. Introduction
8.2. Cement
8.3. Chemical & Petrochemical
8.4. Iron & Steel
8.5. Oil & Gas
8.6. Power Generation

9. Americas Carbon Capture, Utilization, & Storage Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Carbon Capture, Utilization, & Storage Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Carbon Capture, Utilization, & Storage Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. NREL Collaborates on USD 15 million Multilaboratory Efforts To Advance Commercialization of Carbon Dioxide Removal
- 12.3.2. Expro wins contract with Inpex for carbon capture, utilization and storage pilot project
- 12.3.3. CGG, C-Questra form partnership to accelerate CCUS development
- 12.3.4. Worley awarded FEED for QatarEnergy LNG's largest CO2 sequestration project
- 12.3.5. ExxonMobil Announces Acquisition of Denbury
- 12.3.6. Lapis Energy and Denbury Form JV to Develop CO2 Sequestration Project in SE Louisiana
- 12.3.7. India and the U.S. Likely to Join Forces on Green H2, Carbon Capture and Battery Energy Storage
- 12.3.8. Technip Energies Launches Canopy by T.EN, Making Carbon Capture Accessible for Every Emitter
- 12.3.9. Carbon America and Svante Announce Collaboration to Accelerate Carbon Capture Deployment in the U.S.
- 12.3.10. MHI and Saipem to Collaborate on CO2 Capture Technologies
- 12.3.11. GE and Svante Announce Collaboration to Develop Carbon Capture Technology for Power Generation
- 12.3.12. Ecopetrol Selects Honeywell Technology For Advanced Solvent Carbon Capture Study In Colombia
- 12.3.13. US Announces USD 2.5 Billion Funding for Carbon Capture Technologies
- 12.3.14. LanzaTech and AMCI Acquisition Corp. II Announce Closing of Business Combination, Establishing First Public Carbon Capture and Transformation Company
- 12.3.15. Chevron Invests in Carbon Capture and Removal Technology Company, Svante
- 12.3.16. ExxonMobil, Mitsubishi Heavy Industries form Carbon Capture Technology Alliance
- 12.3.17. Atlas Copco Gas and Process Compressor Supports CO2 Storage at Shell Energy and Chemicals Park

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio