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.
Get More Information on Carbon Capture Utilization and Storage Market - Request Sample Report
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
Drivers
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.
Restraint
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.
Opportunities
Upcoming projects in Asia-Pacific and Europe.
Establishment of CO2 capture and storage plants by governments worldwide.
Challenges
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
Get Customized Report as per Your Business Requirement - Request For Customized Report
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.
REGIONAL 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 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
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.
| 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. |
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.
TABLE OF CONTENTS
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
13.3.1.1 Poland
13.3.1.2 Romania
13.3.1.3 Hungary
13.3.1.4 Turkey
13.3.1.5 Rest of Eastern Europe
13.3.2 Western Europe
13.3.2.1 Germany
13.3.2.2 France
13.3.2.3 UK
13.3.2.4 Italy
13.3.2.5 Spain
13.3.2.6 Netherlands
13.3.2.7 Switzerland
13.3.2.8 Austria
13.3.2.9 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
13.5.1.1 UAE
13.5.1.2 Egypt
13.5.1.3 Saudi Arabia
13.5.1.4 Qatar
13.5.1.5 Rest of the Middle East
13.5.2 Africa
13.5.2.1 Nigeria
13.5.2.2 South Africa
13.5.2.3 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
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Basalt Fiber Market Size was esteemed at USD 280.02 million out of 2022 and is supposed to arrive at USD 693.2 million by 2030 and develop at a CAGR of 12% over the forecast period 2023-2030.
The Lubricating Oil Additives Market Size was valued at USD 19.09 billion in 2022, and expected to reach USD 24.19 billion by 2030, and grow at a CAGR of 3.0% over the forecast period 2023-2030.
The Antifreeze Market size was valued at USD 5120 million in 2022. It is estimated to hit USD 8731.56 million by 2030 and grow at a CAGR of 6.9% over the forecast period of 2023-2030.
The Liquid Ring Vacuum Pumps Market Size was valued at USD 1.15 billion in 2022, and is expected to reach USD 1.73 billion by 2030, and grow at a CAGR of 5.2% over the forecast period 2023-2030.
The Biosurfactants Market size was USD 1.25 billion in 2022 and is expected to Reach USD 3.16 billion by 2030 and grow at a CAGR of 12.3% over the forecast period of 2023-2030.
The Defoamers Market size was valued at USD 3.6 billion in 2022. It is expected to grow to USD 5.35 billion by 2030 and grow at a CAGR of 5.1% over the forecast period of 2023-2030.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
