Carbon Capture Utilization and Storage Market Report Scope & Overview:

Carbon Capture Utilization and Storage Market was valued at USD 3.62 billion in 2023 and is expected to reach USD 18.52 billion by 2031 and grow at a CAGR of 23.5% over the forecast period 2024-2031.

The growth of the carbon capture utilization and storage (CCUS) market is propelled by increasing global efforts to combat climate change, driving demand for carbon emission reduction technologies. Government incentives and regulations incentivize investment in CCUS infrastructure, fostering market growth. The growing awareness among industries about the benefits of carbon utilization for enhanced sustainability also boosts market expansion.

Carbon-Capture-Utilization-and-Storage-Market Revenue Analysis

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The carbon capture, utilization, and storage (CCUS) market growth is also fueled by the increasing focus on reducing CO2 emissions and supporting government initiatives worldwide. Additionally, the rising demand for CO2-EOR techniques, driven by rapid industrialization, contributes to market expansion. Governments of various developed and developing countries, such as the U.S., the Netherlands, the UK, China, and India, are establishing numerous CO2 capture and storage plants to mitigate carbon footprints. Furthermore, technological advancements in offshore oil & gas exploration are driving the adoption of gas injection enhanced oil recovery (EOR) techniques, utilizing carbon dioxide for crude oil extraction. Despite challenges like inflated costs and declining crude oil prices, upcoming projects in Asia-Pacific and Europe, coupled with continuous investments in innovative capturing technologies, offer growth prospects for the CCUS market.

Market Dynamics


  • Growing demand for CO2-EOR techniques.

  • Rapid industrialization led to a surge in CO2 emissions.

  • Increasing global focus on reducing CO2 emissions

The global emphasis on reducing CO2 emissions is propelling the adoption of carbon capture, utilization, and storage (CCUS) technology. This technology addresses the significant source of carbon emissions stemming from reliance on fossil fuels for energy production. By capturing CO2 from various sources and either utilizing or storing it, CCUS mitigates greenhouse gas emissions from industrial activities. Heightened concerns over climate change worldwide have underscored the importance of CCUS adoption. Initiatives like the US government's executive order targeting 100% carbon-free electricity generation by 2030 highlight a commitment to achieving net-zero emission goals. Governments are actively encouraging companies to implement CCUS technology through tax incentives, further driving its uptake and spurring growth in the CCUS market.


  • High cost associated with carbon capture and storage.

The inflated cost of carbon capture and storage (CCS) technology acts as a significant restraint on the CCUS market. The substantial capital investment required, coupled with the high operational and maintenance costs, creates hesitation among industries regarding technology adoption. Implementation also affects the efficiency of existing plants, as many are not originally designed for such capture technologies. The cost encompasses the entire value chain, including capture at the source, transportation, and storage or utilization. However, revenue generated from these processes often fails to sufficiently recover initial investments. For instance, deploying CO2 scrubbers and air-separation units increases both CapEx and ongoing operational costs. Furthermore, establishing storage sites involves significant CapEx for exploration, site assessment, and preparation, while companies must also bear the cost of monitoring for CO2 leakage. This heavy inertia of investment impedes companies from embracing CCUS technology, thereby restraining market growth.


  • Upcoming projects in Asia-Pacific and Europe.

  • Establishment of CO2 capture and storage plants by governments worldwide.


  • Declining crude oil prices impacting market growth.

Impact of Russia-Ukraine War:

The recent Russia-Ukraine conflict indirectly impacted the CCUS market by creating uncertainty in energy markets, leading to fluctuations in energy prices. This affected the economics of CCUS projects, which often require substantial energy inputs. Additionally, geopolitical tensions may result in policy changes and supply chain disruptions, influencing investment decisions and project timelines. While the direct impact is limited, these indirect effects contributed to hesitancy among investors and companies, potentially slowing down the growth of the CCUS market.

Impact of Economic Downturn:

The economic downturn had mixed effects on the carbon capture utilization and storage (CCUS) market. On one hand, reduced investments and financial uncertainty may have slowed down the pace of CCUS development, leading to delayed projects and implementation. However, government stimulus measures aimed at boosting economic activity may have provided opportunities for the CCUS market, with funding potentially allocated to clean energy and sustainability projects. Additionally, a heightened focus on sustainability during economic downturns may have spurred renewed interest in investing in CCUS technologies as companies seek to demonstrate their commitment to environmental stewardship. Overall, while the downturn may have initially posed challenges for the CCUS market, it also presented opportunities for growth and advancement in the sector.

Market segmentation

By Service

  • Capture

  • Utilization

  • Transportation

  • Storage

By service, the capture segment led the Carbon Capture Utilization and Storage Market with the highest revenue share of more than 35% in 2023 due to its role in carbon capture technology in mitigating emissions from industrial processes and energy production. By capturing CO2 at the source, this segment significantly contributes to reducing greenhouse gas emissions, aligning with global efforts to combat climate change. Furthermore, the increasing implementation of capture initiatives in various industries, exemplified by current operational CCS projects globally utilizing technologies like pre-combustion capture, underscores the significance of capture services in driving revenue growth within the CCUS market.

By Technology

  • Pre-Combustion Capture

  • Post-Combustion Capture

  • Oxy-Fuel Combustion Capture

Pre-combustion capture took the lead in the technology segment of the Carbon Capture Utilization and Storage (CCUS) Market in 2023, capturing over 40% of total revenue. This dominance is attributed to its efficacy in capturing carbon emissions at the source before combustion, thus minimizing environmental impact. Operational CCS projects employing pre-combustion technology include the Val Verde Natural Gas Plants in the US, the Petrobras Lula Oil Field in Brazil, the PetroChina Jilin Oil Field in China, and the Great Plains Synfuel Plant in Canada, demonstrating its widespread adoption and success globally. These projects underscore the significance of pre-combustion capture in driving revenue growth within the CCUS market.

By End-Use Industry

  • Oil & Gas

  • Power Generation

  • Iron & Steel

  • Chemical & Petrochemical

  • Cement

  • Others


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Regional Analysis

North America held the largest revenue share of more than 40% in 2023 in the Carbon Capture Utilization and Storage Market. The region serves as the largest market for CCUS technology, with the United States leading the region through pioneering efforts by companies and institutional organizations. With over 36 years of experience in implementing CCUS technology, the US has developed superior capture and storage capabilities. Furthermore, the country's supportive regulations and policies incentivize industrial players to adopt CCUS technology through technology support and tax benefits. North America boasts numerous oil and gas projects that have either implemented or retrofitted CCUS technology, significantly driving global adoption rates. Additionally, a growing awareness of climate change and a shift towards using green energy sources to reduce carbon footprints have further accelerated the widespread deployment of CCUS technology in the region.



North America

  • US

  • Canada

  • Mexico


  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of the Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

Key Players:

Aker Solutions, Mitsubishi Heavy Industries Limited, Fluror Corporation, Equinor ASA, Royal Dutch Shell Plc, Linde Plc, JGC Holdings Corporation, Exxon Mobil Corporation, Total Energies SE, Schlumberger Limited, Honeywell International Inc.

Aker solutions-Company Financial Analysis

Company Landscape Analysis

Recent Development:

  • In April 2024, Aker Carbon Capture was awarded a pre-FEED for Statkraft’s Heimdal waste-to-energy plant to capture 220,000 tonnes of CO2 annually. In March 2024, Aker Carbon Capture ASA announced an agreement with SLB to merge their carbon capture businesses to support large-scale industrial decarbonization.

  • In January 2024, Linde began supplying captured carbon dioxide and clean hydrogen to Celanese, a global chemical and specialty materials company.

  • In August 2023, Equinor acquired a 25% stake in Bayou Bend CCS LLC which is one of the largest US carbon capture and storage projects in Southeast Texas along the Gulf Coast.

  • In April 2022, INPEX and JGC Holdings partnered with PTTEP to explore the development of a Carbon Capture and Storage (CCS) project in Thailand. This project aims to reduce greenhouse gas emissions and accelerate the decarbonization of Thai industries and the country as a whole.

Carbon Capture Utilization and Storage Market Report Scope:
Report Attributes Details
Market Size in 2023 US$ 3.62 Billion
Market Size by 2031 US$ 18.52 Billion
CAGR CAGR of 23.5% From 2023 to 2030
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Service (Capture, Utilization, Transportation, and Storage)
• By Technology (Pre-Combustion Capture, Post-Combustion Capture, and Oxy-Fuel Combustion Capture)
• By End-Use Industry (Oil & Gas, Power Generation, Iron & Steel, Chemical & Petrochemical, Cement, Others) 
Regional Analysis/Coverage

North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)

Company Profiles Aker solutions, Mitsubishi Heavy Industries Limited, Fluror Corporation, Equinor ASA, Royal Dutch Shell Plc, Linde Plc, JGC Holdings Corporation, Exxon Mobil corpration, Total energies SE, Schlumberger Limited, Honeywell International Inc.
DRIVERS • Growing demand for CO2-EOR techniques.
• Rapid industrialization leading to a surge in CO2 emissions.
• Increasing global focus on reducing CO2 emissions
Restraints • High cost associated with carbon capture and storage.

Frequently Asked Questions

Ans: The Carbon Capture Utilization and Storage Market was valued at USD 3.62 billion in 2023.

Ans: The expected CAGR of the global Carbon Capture Utilization and Storage Market during the forecast period is 23.5%.

Ans: The U.S. dominated the Carbon Capture Utilization and Storage Market in the North America region.

Ans: Increasing global focus on reducing CO2 emissions, supportive government initiatives, technological advancements, rising demand for CO2-EOR techniques, and growing awareness of climate change are the driving factors for the Carbon Capture Utilization and Storage Market.

Ans.: Inflated cost of carbon capture and storage, decreasing crude oil prices, and hesitancy from industries due to significant capital investment and operational challenges hamper the growth of the Carbon Capture Utilization and Storage Market.



1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges

5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India

6. Value Chain Analysis

7. Porter’s 5 Forces Model

8.  Pest Analysis

9. Average Selling Price
9.1 North America
9.2 Europe
9.3 Asia-Pacific
9.4 Middle East & Africa
9.5 Latin America

10. Global Carbon Capture Utilization and Storage Market Segment, By Service
10.1 Introduction
10.2 Trend Analysis
10.3 Capture
10.4 Utilization
10.5 Transportation
10.6 Storage

11. Global Carbon Capture Utilization and Storage Market Segment, By Technology
11.1 Introduction
11.2 Trend Analysis
11.3 Pre-Combustion Capture
11.4 Post-Combustion Capture
11.5 Oxy-Fuel Combustion Capture

12. Global Carbon Capture Utilization and Storage Market Segment, By End-Use Industry
12.1 Introduction
12.2 Trend Analysis
12.3 Oil & Gas
12.4 Power Generation
12.5 Iron & Steel
12.6 Chemical & Petrochemical
12.7 Cement
12.8 Others

13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Eastern Europe Poland Romania Hungary Turkey Rest of Eastern Europe
13.3.2 Western Europe Germany France UK Italy Spain Netherlands Switzerland Austria Rest of Western Europe
13.4 Asia-Pacific
13.4.1 China
13.4.2 India
13.4.3 Japan
13.4.4 South Korea
13.4.5 Vietnam
13.4.6 Singapore
13.4.7 Australia
13.4.8 Rest of Asia Pacific
13.5 The Middle East & Africa
13.5.1 Middle East UAE Egypt Saudi Arabia Qatar Rest of the Middle East
13.5.2 Africa Nigeria South Africa Rest of Africa
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Colombia
13.6.4 Rest of Latin America

14. Company Profiles
14.1 Aker solutions

14.1.1 Company Overview
14.1.2 Financial
14.1.3 Products/ Services Offered
14.1.4 SWOT Analysis
14.1.5 The SNS View
14.2 Mitsubishi Heavy Industries Limited
14.2.1 Company Overview
14.2.2 Financials
14.2.3 Product/Services Offered
14.2.4 SWOT Analysis
14.2.5 The SNS View
14.3 Fluror Corporation
14.3.1 Company Overview
14.3.2 Financials
14.3.3 Product/Services Offered
14.3.4 SWOT Analysis
14.3.5 The SNS View
14.4 Equinor ASA
14.4.1 Company Overview
14.4.2 Financials
14.4.3 Product/Services Offered
14.4.4 SWOT Analysis
14.4.5 The SNS View
14.5 Royal Dutch Shell Plc.
14.5.1 Company Overview
14.5.2 Financials
14.5.3 Product/Services Offered
14.5.4 SWOT Analysis
14.5.5 The SNS View
14.6 Linde Plc.
14.6.1 Company Overview
14.6.2 Financials
14.6.3 Product/Services Offered
14.6.4 SWOT Analysis
14.6.5 The SNS View
14.7 JGC Holdings Corporation
14.7.1 Company Overview
14.7.2 Financials
14.7.3 Product/Services Offered
14.7.4 SWOT Analysis
14.7.5 The SNS View
14.8 Exxon Mobil Corporation
14.8.1 Company Overview
14.8.2 Financials
14.8.3 Product/Services Offered
14.8.4 SWOT Analysis
14.8.5 The SNS View
14.9 Total Energies SE
14.9.1 Company Overview
14.9.2 Financials
14.9.3 Product/Services Offered
14.9.4 SWOT Analysis
14.9.5 The SNS View
14.10 Schlumberger Limited
14.10.1 Company Overview
14.10.2 Financials
14.10.3 Product/Services Offered
14.10.4 SWOT Analysis
14.10.5 The SNS View
14.11 Honeywell International Inc.
14.11.1 Company Overview
14.11.2 Financials
14.11.3 Product/Services Offered
14.11.4 SWOT Analysis
14.11.5 The SNS View

15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
15.3.1 Industry News
15.3.2 Company News
15.3.3 Mergers & Acquisitions

16. Use Case and Best Practices

17. Conclusion

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Secondary Research

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Primary Research

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Data Bank Validation

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