The global carbon capture utilization and storage (CCUS) market is a highly profitable industry with a forecast of 15.86% CAGR over the forecast period to 2030. Driven by the net-zero emission focus of countries, technological advancements, and rapid adoption across power generation applications are encouraging the market outlook. The comprehensive study on carbon capture utilization and storage provides insights and forecasts of services including capture, storage, and transportation, utilization of CO2. Further, key applications of CCUS including power generation, oil and gas, cement, metal, and others are also provided. In addition, key technologies of carbon capture utilization and storage including Pre-Combustion Carbon Capture, Post-Combustion Carbon Capture, and Oxy-Fuel Combustion Carbon Capture are forecasted till 2030.
Carbon Capture Utilization and Storage Market Study Highlights, 2023
Carbon Capture Utilization and Storage Market Outlook to 2030
Carbon Capture Utilization and Storage Market Overview
The decarbonization trend across industries is encouraging carbon capture utilization and storage applications across coal-fired power plants, the cement industry, metals, fertilizers, and chemicals industries. Government funding for several small and medium-scale projects across the US, Europe, and other markets is encouraging several start-up companies to foray into the industry.
Stringent regulations related to environmental protection and technological advances in CCUS technology support the commercial prospects for the industry. The market is still in the nascent phase of development and is characterized by rapid growth in negative emission technologies such as Bioenergy CCS (BECCS) and Direct Air CCS (DACCS).
Further, the increased use of stored CO2 in enhanced oil recovery applications for the extraction of crude oil is supporting the vast market potential.
Carbon Capture Utilization and Storage Market Trend - Growing venture capitalists
Increasing government support and commercialization of the carbon capture and storage application, several small and medium-scale companies are venturing into the industry, predominantly in areas of direct use, Fuels and chemicals, Building materials, Algae-based protein, chemicals, fuels, and Polymers.
Currently, fuels and chemicals are the dominant market segments but an increasing interest in other applications is widely observed. According to the IEA, around 230 Mt of CO2 is currently used across applications. A wide range of sources including natural, fossil, biogenic, or air-captured is used for carbon capture, utilization, and storage purposes. The emergence of new business models over the forecast period coupled with technological advancements and cost-reduction supports the market for new projects worldwide.
Carbon Capture Utilization and Storage Market Opportunities- pre-combustion phase presents robust growth prospects
The global carbon capture, utilization, and storage (CCUS) market are analyzed across four capture technologies- Pre-combustion, Post-combustion, Oxy-fuel combustion, and industrial processes.
Of these, pre-combustion accounts for over 62% market share in 2022. In the pre-combustion process, carbon is captured before burning or processing. It enables the highest output for power plants, supporting its robust market share.
In the Post-combustion carbon capture process, CO2 is captured from the exhaust stream of the plant but deploys expensive separation methods. The drawback is overcome in the Oxy-fuel combustion technology.
Carbon Capture Utilization and Storage Market Share Analysis- Power Generation generated the largest revenue for companies
The report identifies the major applications for carbon capture utilization and storage, which include- Power Generation, Oil and Gas, Cement, Metallurgy, and Others. Of these, power generation held the dominant market share worldwide. Leading electric utility companies are investing in CCUS projects to reduce coal-based power generation.
The power generation segment is largely driven by Asia Pacific markets. In addition to North America, Asia Pacific countries are also announcing a large number of CCUS projects, in particular, in power generation applications. In particular, China and Australia are among the dominant markets in the region. Further, India, South Korea, and others are also rapidly investing in Carbon Capture Utilization and Storage projects.
The chart below presents the revenue share across applications-
Carbon Capture Utilization and Storage Market Segmentation
The market research presents an in-depth analysis of the global Carbon Capture, utilization and storage market from 2021 to 2030. In-depth insights, revenue forecasts, geographical splits, market trends, competitive landscape, and growth opportunities are included.
Applications
Technology
Service
Companies
Regions
1. Executive Summary
1.1 Introduction to Carbon Capture Utilization and Storage Markets
1.2 Carbon Capture Utilization and Storage Market Size Outlook, 2021- 2030
1.3 Growth Opportunities in Carbon Capture Utilization and Storage Industry
1.4 Winning Strategies for the post-pandemic future
2. Report Guide
2.1 Market Definition and Scope
2.2 Market Segmentation
2.3 Research Methodology
2.4 Forecast Methodology
2.5 List of Abbreviations
3. Growth Opportunity Analysis
3.1 Key Carbon Capture Utilization and Storage Market Trends
3.1.1 Growing venture capitalists in areas of direct use, Fuels, and chemicals, Building materials, Algae-based protein, chemicals, fuels, Polymers, and others
3.1.2 Rapid growth in large-scale CO2 capture projects
3.1.3 Technological advancements in DAC and BECCS processes
3.2 Key Carbon Capture Utilization and Storage Market Growth Drivers
3.2.1 Net-Zero 2050 target focus across countries
3.2.2 Supportive policies for Carbon Capture, Utilization, and Storage
3.2.3 Enhanced Oil Recovery applications
3.3 Key Carbon Capture Utilization and Storage Market Growth Restraints
3.3.1 High initial costs of CO2 capturing process
3.3.2 Leakage and other safety, operational challenges
4 Carbon Capture Utilization and Storage Market Outlook – Scenario Analysis
4.1 Low Growth Case Scenario Forecasts: Carbon Capture Utilization and Storage Market Size Outlook to 2030
4.2 Reference Growth Case Scenario Forecasts: Carbon Capture Utilization and Storage Market Size Outlook to 2030
4.3 High Growth Case Scenario Forecasts: Carbon Capture Utilization and Storage Market Size Outlook to 2030
5. Carbon Capture Utilization and Storage Market Segmentation- Outlook by Service
5.1 Carbon Capture Utilization and Storage Market Share Analysis by Service, 2023
5.2 Carbon Capture Market Outlook to 2030
5.3 Carbon Transportation Market Outlook to 2030
5.4 Carbon Storage Market Outlook to 2030
5.5 Carbon Utilization Market Outlook to 2030
6. Carbon Capture Utilization and Storage Market Segmentation- Outlook by Technology
6.1 Carbon Capture Utilization and Storage Market Share Analysis by Technology, 2023
6.2 Pre-Combustion Carbon Capture Market Outlook to 2030
6.3 Post-Combustion Carbon Capture Market Outlook to 2030
6.4 Oxy-Fuel Combustion Carbon Capture Market Outlook to 2030
7. Carbon Capture Utilization and Storage Market Segmentation- Outlook by Application
7.1 Carbon Capture Utilization and Storage Market Share Analysis by Application, 2023
7.2: Power Generation Market Outlook to 2030
7.3: Oil and Gas Market Outlook to 2030
7.4 Cement Market Outlook to 2030
7.5 Metallurgy Market Outlook to 2030
7.6 Others
8. North America Carbon Capture Utilization and Storage Market Outlook and Opportunities to 2030
8.1 Market Snapshot, 2023
8.2 North America Carbon Capture Utilization and Storage Market Growth Opportunities
8.2.1 North America Carbon Capture Utilization and Storage Market Outlook by Type, 2021 to 2030
8.2.2 North America Carbon Capture Utilization and Storage Market Outlook by Application, 2021 to 2030
8.2.3 North America Carbon Capture Utilization and Storage Market Outlook by Country, 2021 to 2030
8.3 United States Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
8.4 Canada Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
8.5 Mexico Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
9. Europe Carbon Capture Utilization and Storage Market Outlook and Opportunities to 2030
9.1 Market Snapshot, 2023
9.2 Europe Carbon Capture Utilization and Storage Market Growth Opportunities
9.2.1 Europe Carbon Capture Utilization and Storage Market Outlook by Type, 2021 to 2030
9.2.2 Europe Carbon Capture Utilization and Storage Market Outlook by Application, 2021 to 2030
9.2.3 Europe Carbon Capture Utilization and Storage Market Outlook by Country, 2021 to 2030
9.3 Germany Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
9.4 France Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
9.5 United Kingdom Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
9.6 Spain Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
9.7 Italy Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
9.8 Other Europe Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
10. Asia Pacific Carbon Capture Utilization and Storage Market Outlook and Opportunities to 2030
10.1 Market Snapshot, 2023
10.2 Asia Pacific Carbon Capture Utilization and Storage Market Growth Opportunities
10.2.1 Asia Pacific Carbon Capture Utilization and Storage Market Outlook by Type, 2021 to 2030
10.2.2 Asia Pacific Carbon Capture Utilization and Storage Market Outlook by Application, 2021 to 2030
10.2.3 Asia Pacific Carbon Capture Utilization and Storage Market Outlook by Country, 2021 to 2030
10.3 China Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
10.4 Japan Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
10.5 India Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
10.6 South Korea Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
10.7 Indonesia Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
10.8 Other Asia Pacific Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
11. South and Central America Carbon Capture Utilization and Storage Market Outlook and Opportunities to 2030
11.1 Market Snapshot, 2023
11.2 South and Central America Carbon Capture Utilization and Storage Market Growth Opportunities
11.2.1 South and Central America Carbon Capture Utilization and Storage Market Outlook by Type, 2021 to 2030
11.2.2 South and Central America Carbon Capture Utilization and Storage Market Outlook by Application, 2021 to 2030
11.2.3 South and Central America Carbon Capture Utilization and Storage Market Outlook by Country, 2021 to 2030
11.3 Brazil Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
11.4 Argentina Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
11.5 Other Latin America Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
12. Middle East and Africa Carbon Capture Utilization and Storage Market Outlook and Opportunities to 2030
12.1 Market Snapshot, 2023
12.2 Middle East and Africa Carbon Capture Utilization and Storage Market Growth Opportunities
12.2.1 Middle East and Africa Carbon Capture Utilization and Storage Market Outlook by Type, 2021 to 2030
12.2.2 Middle East and Africa Carbon Capture Utilization and Storage Market Outlook by Application, 2021 to 2030
12.2.3 Middle East and Africa Carbon Capture Utilization and Storage Market Outlook by Country, 2021 to 2030
12.3 Saudi Arabia Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
12.4 United Arab Emirates (the UAE) Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
12.5 Other Middle East Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
12.6 Egypt Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
12.7 South Africa Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
12.8 Other Africa Carbon Capture Utilization and Storage Market Outlook, 2021 to 2030
13. Profiles of major world Carbon Capture Utilization and Storage Companies
13.1 Fluor Corporation
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.2 ExxonMobil Corporation
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.3 Linde plc
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.4 Shell plc
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.5 Mitsubishi Heavy Industries, Ltd
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.6 JGC Holdings Corporation
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.7 Equinor ASA
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.8 Schlumberger Limited
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
- Financial Profile
13.9 Aker Carbon Capture
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
- Financial Profile
13.10 Carbon Clean Solutions Limited
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
- Financial Profile
14. Appendix
14.1 Publisher’s Expertise
14.2 List of Tables and Charts
14.3 List of Exhibits
14.4 Legal Disclaimer
Applications
Technology
Service
Growing venture capitalists, Rapid growth in large-scale CO2 capture projects, Technological advancements in DAC and BECCS processes, Net-Zero 2050 target focus across countries, Supportive policies for Carbon Capture, Utilization, and Storage, and Enhanced Oil Recovery application
The global Carbon Capture Utilization and Storage Market Size stood at US$2.5 billion in 2022
The global Carbon Capture Utilization and Storage Market Size is poised to register 15.86% growth over the forecast period from 2023 to 2030
Fluor Corporation, ExxonMobil Corporation, Linde plc, Shell plc, Mitsubishi Heavy Industries, Ltd, JGC Holdings Corporation, Equinor ASA, Schlumberger Limited, Aker Carbon Capture, and Carbon Clean Solutions Limited
Power Generation continues to be the most promising end-user application. In addition, Building materials, Algae-based protein and fuels, and Polymers present potential growth prospects