Carbon Capture Utilization Market Report Scope & Overview:

The Carbon Capture Utilization Market size was valued at USD 1432.22 million in 2022 and is expected to grow to USD 5568.73 million by 2030 with a growing CAGR of 18.5% over the forecast period of 2023-2030.

The process of capturing carbon dioxide from fuel combustion or industrial processes, transporting it by ship or pipeline, using it as a resource to produce useful goods or services, or permanently storing it underground in geological formations is known as carbon capture and utilisation. When the CO2 comes from bio-based processes or straight from the atmosphere, CCUS technologies also provide the framework for carbon removal or "negative emissions". The increased emphasis on lowering CO2 emissions, support for government programmes, and rising demand for CO2-EOR methods are the main factors driving the worldwide market for carbon capture, utilisation, and storage. Global industrialisation is progressing quickly, which has increased carbon dioxide emissions.

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The primary objective is to give a market overview for carbon capture utilisation, along with a thorough breakdown of the market by service, end-user, and geography. Throughout the projected period, the market for carbon capture and utilisation is anticipated to expand rapidly.

MARKET DYNAMICS

KEY DRIVERS:  

• Growing demand for carbon capture utilization

• Increasing demand for natural gas due to growing environmental consciousness

• Growing emphasis on lowering CO2 emissions

The process of catching CO2 and utilising or storing it as opposed to releasing it into the environment is known as carbon capture, utilisation, and storage. The primary source of CO2 in the globe is the production of electricity from fossil fuels and natural gas. Using, storing, and capturing carbon can all aid in preventing greenhouse gases from entering the environment.

RESTRAIN:

• Safety issues

• High Cost

OPPORTUNITY: 

• Growing demand for CO2-EOR technologies

• Developing the use of renewable energy sources to produce power

CHALLENGES:

• The research and development of methods to lower carbon dioxide emissions.

The cost of carbon capture and storage is more expensive than the cost of non-carbon capture and storage when using the same fuel and net energy production. This cost includes all upfront expenditures as well as continuing operating and maintenance costs. The cost of carbon capture and storage includes the costs of CO2 collection at the plant, transportation, and storage. Efficiency penalties imposed by energy consumed during capture operations and the addition of equipment designed specifically for the capture process are the main cost drivers of the CO2 capture process. Costs for storage are determined after initial investigation, site evaluation, and site preparation. Plant designers are unable to adopt carbon capture, utilisation, and storage because of additional monitoring expenses.

IMPACT OF RUSSIA-UKRAINE WAR

De Klerk estimates that the carbon footprint of the first year of the conflict was in the neighbourhood of 155 million metric tonnes, or about the Netherlands' yearly emissions. The fact that Ukrainians probably didn't emit as much carbon as they typically do in a year (202 million metric tonnes in 2021) will have partially offset that; energy demand has decreased as a result of the closure of industries and the fact that 18% of the population was compelled to flee to the safety of neighbouring countries. However, according to De Klerk, a large portion of the economic activity and household energy demand will have simply moved to other European nations.

KEY MARKET SEGMENTATION

By Application

• Enhanced Oil Recovery (EOR)

• Industrial

  • Chemicals

  • Cement

  • Others

• Agriculture

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REGIONAL ANALYSIS

North America is anticipated to dominate the worldwide business, owing to significant Investments in R&D and the existence of multiple high-capacity carbon capture and sequestration facilities. Regional growth has also been assisted by financial programmes offered by regional governments, according to the US Department of Energy (DoE) in announced it will devote USD 12 million to six R&D projects advancing direct air capture (DAC) technology to develop new products by June 2021 tools for effectively removing CO from the environment.

The Asia Pacific sector is anticipated to expand as a result of several large-scale projects that are now in the planning phases and feasibility studies conducted in nations like Australia and China. It is anticipated that the existence of high-volume storage facilities, particularly in subsea oil and gas reservoirs with EOR activities, as well as supportive government policies will be beneficial to the local ecology.

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 Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

RECENT DEVELOPMENTS

• ExxonMobil Corporation and Petronas struck an agreement in November 2021 to work together to investigate prospective carbon capture and storage projects in Malaysia.

• The Northern Lights carbon capture and storage (carbon capture, utilization, and storage) project in Norway received a USD 682.3 million investment from Royal Dutch Shell in May 2020, together with Equinor ASA (Norway) and TotalEnergies SE (France). The trio wants to create a joint-venture firm with this financing

• In order to advance carbonate fuel cell technology and extract CO2 from industrial facilities, ExxonMobil Corporation and Fuel Cell Energy (US) inked a new, two-year enlarged joint-development agreement in November 2019 for USD 60 million. The agreement focuses on initiatives for core technology optimization, complete process integration, and extensive carbon capture system implementation.

KEY PLAYERS

The Major Players are Fluor Corporation, ExxonMobil Corporation, Linde plc, Royal Dutch Shell Plc, Mitsubishi Heavy Industries Ltd, JGC Holdings Corporation, Schlumberger Limited, Aker Solutions, Honeywell international Inc., Equinor ASA and other players are listed in a final report.

ExxonMobil Corporation-Company Financial Analysis