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 and grow at a 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.
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 RUSSIAN 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.
By Application
Enhanced Oil Recovery (EOR)
Industrial
Chemicals
Cement
Others
Agriculture
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 DEVELOPMENT
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.
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.
| Report Attributes | Details |
| Market Size in 2022 | US$ 1432.22 Mn |
| Market Size by 2030 | US$ 5568.73 Mn |
| CAGR | CAGR of 18.5 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Application (Enhanced Oil Recovery (EOR), Industrial, Agriculture) |
| 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 | 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 |
| Key Drivers | • Growing demand for carbon capture utilization • Increasing demand for natural gas due to growing environmental consciousness • Growing emphasis on lowering CO2 emissions |
| Market Restraints | • Safety issues • High Cost |
Ans: Carbon Capture Utilization Market is anticipated to expand by 18.5 % from 2023 to 2030.
Ans: USD 5568.73 million is expected to grow by 2030.
Ans: Carbon Capture Utilization Market size was valued at USD 1432.22 million in 2022
Ans: North America is dominating the market.
Ans: Growing demand for CO2-EOR technologies and developing the use of renewable energy sources to produce power
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Carbon Capture Utilization Market Segmentation, By Application
8.1 Enhanced Oil Recovery (EOR)
8.2 Industrial
8.2.1 Chemicals
8.2.2 Cement
8.2.3 Others
8.3 Agriculture
9. Regional Analysis
9.1 Introduction
9.2 North America
9.2.1 North America Carbon Capture Utilization Market by Country
9.2.2 North America Carbon Capture Utilization Market by Application
9.2.3 USA
9.2.3.1 USA Carbon Capture Utilization Market by Application
9.2.4 Canada
9.2.4.1 Canada Carbon Capture Utilization Market by Application
9.2.5 Mexico
9.2.5.1 Mexico Carbon Capture Utilization Market by Application
9.3 Europe
9.3.1 Eastern Europe
9.3.1.1 Eastern Europe Carbon Capture Utilization Market by Country
9.3.1.2 Eastern Europe Carbon Capture Utilization Market by Application
9.3.1.3 Poland
9.3.1.4.1 Poland Carbon Capture Utilization Market by Application
9.3.1.4 Romania
9.3.1.4.1 Romania Carbon Capture Utilization Market by Application
9.3.1.5 Hungary
9.3.1.5.1 Hungary Carbon Capture Utilization Market by Application
9.3.1.6 Turkey
9.3.1.6.1 Turkey Carbon Capture Utilization Market by Application
9.3.1.7 Rest of Eastern Europe
9.3.1.7.1 Rest of Eastern Europe Carbon Capture Utilization Market by Application
9.3.2 Western Europe
9.3.2.1 Western Europe Carbon Capture Utilization Market by Country
9.3.2.2 Western Europe Carbon Capture Utilization Market by Application
9.3.2.3 Germany
9.3.2.3.1 Germany Carbon Capture Utilization Market by Application
9.3.2.4 France
9.3.2.4.1 France Carbon Capture Utilization Market by Application
9.3.2.5 UK
9.3.2.5.1 UK Carbon Capture Utilization Market by Application
9.3.2.6 Italy
9.3.2.6.1 Italy Carbon Capture Utilization Market by Application
9.3.2.7 Spain
9.3.2.7.1 Spain Carbon Capture Utilization Market by Application
9.3.2.8 Netherlands
9.3.2.8.1 Netherlands Carbon Capture Utilization Market by Application
9.3.2.9 Switzerland
9.3.2.9.1 Switzerland Carbon Capture Utilization Market by Application
9.3.2.10 Austria
9.3.2.10.1 Austria Carbon Capture Utilization Market by Application
9.3.2.11 Rest of Western Europe
9.3.2.11.1 Rest of Western Europe Carbon Capture Utilization Market by Application
9.4 Asia-Pacific
9.4.1 Asia Pacific Carbon Capture Utilization Market by Country
9.4.2 Asia Pacific Carbon Capture Utilization Market by Application
9.4.3 China
9.4.3.1 China Carbon Capture Utilization Market by Application
9.4.4 India
9.4.4.1 India Carbon Capture Utilization Market by Application
9.4.5 Japan
9.4.5.1 Japan Carbon Capture Utilization Market by Application
9.4.6 South Korea
9.4.6.1 South Korea Carbon Capture Utilization Market by Application
9.4.7 Vietnam
9.4.7.1 Vietnam Carbon Capture Utilization Market by Application
9.4.8 Singapore
9.4.8.1 Singapore Carbon Capture Utilization Market by Application
9.4.9 Australia
9.4.9.1 Australia Carbon Capture Utilization Market by Application
9.4.10 Rest of Asia-Pacific
9.4.10.1 Rest of Asia-Pacific Carbon Capture Utilization Market by Application
9.5 Middle East & Africa
9.5.1 Middle East
9.5.1.1 Middle East Carbon Capture Utilization Market by Country
9.5.1.2 Middle East Carbon Capture Utilization Market by Application
9.5.1.3 UAE
9.5.1.3.1 UAE Carbon Capture Utilization Market by Application
9.5.1.4 Egypt
9.5.1.4.1 Egypt Carbon Capture Utilization Market by Application
9.5.1.5 Saudi Arabia
9.5.1.5.1 Saudi Arabia Carbon Capture Utilization Market by Application
9.5.1.6 Qatar
9.5.1.6.1 Qatar Carbon Capture Utilization Market by Application
9.5.1.7 Rest of Middle East
9.5.1.7.1 Rest of Middle East Carbon Capture Utilization Market by Application
9.5.2 Africa
9.5.2.1 Africa Carbon Capture Utilization Market by Country
9.5.2.2 Africa Carbon Capture Utilization Market by Application
9.5.2.3 Nigeria
9.5.2.3.1 Nigeria Carbon Capture Utilization Market by Application
9.5.2.4 South Africa
9.5.2.4.1 South Africa Carbon Capture Utilization Market by Application
9.5.2.5 Rest of Africa
9.5.2.5.1 Rest of Africa Carbon Capture Utilization Market by Application
9.6 Latin America
9.6.1 Latin America Carbon Capture Utilization Market by Country
9.6.2 Latin America Carbon Capture Utilization Market by Application
9.6.3 Brazil
9.6.3.1 Brazil Carbon Capture Utilization Market by Application
9.6.4 Argentina
9.6.4.1 Argentina Carbon Capture Utilization Market by Application
9.6.5 Colombia
9.6.5.1 Colombia Carbon Capture Utilization Market by Application
9.6.6 Rest of Latin America
9.6.6.1 Rest of Latin America Carbon Capture Utilization Market by Application
10 Company Profile
10.1 Fluor Corporation
10.1.1 Company Overview
10.1.2 Financials
10.1.3 Product/Services Offered
10.1.4 SWOT Analysis
10.1.5 The SNS View
10.2 ExxonMobil Corporation
10.2.1 Company Overview
10.2.2 Financials
10.2.3 Product/Services Offered
10.2.4 SWOT Analysis
10.2.5 The SNS View
10.3 Linde plc
10.3.1 Company Overview
10.3.2 Financials
10.3.3 Product/Services Offered
10.3.4 SWOT Analysis
10.3.5 The SNS View
10.4 Royal Dutch Shell Plc
10.4 Company Overview
10.4.2 Financials
10.4.3 Product/Services Offered
10.4.4 SWOT Analysis
10.4.5 The SNS View
10.5 Mitsubishi Heavy Industries Ltd
10.5.1 Company Overview
10.5.2 Financials
10.5.3 Product/Services Offered
10.5.4 SWOT Analysis
10.5.5 The SNS View
10.6 JGC Holdings Corporation
10.6.1 Company Overview
10.6.2 Financials
10.6.3 Product/Services Offered
10.6.4 SWOT Analysis
10.6.5 The SNS View
10.7 Schlumberger Limited
10.7.1 Company Overview
10.7.2 Financials
10.7.3 Product/Services Offered
10.7.4 SWOT Analysis
10.7.5 The SNS View
10.8 Aker Solutions
10.8.1 Company Overview
10.8.2 Financials
10.8.3 Product/Services Offered
10.8.4 SWOT Analysis
10.8.5 The SNS View
10.9 Honeywell international Inc.
10.9.1 Company Overview
10.9.2 Financials
10.9.3 Product/Services Offered
10.9.4 SWOT Analysis
10.9.5 The SNS View
10.10 Equinor ASA
10.10.1 Company Overview
10.10.2 Financials
10.10.3 Product/Services Offered
10.10.4 SWOT Analysis
10.10.5 The SNS View
11. Competitive Landscape
11.1 Competitive Bench marking
11.2 Market Share Analysis
11.3 Recent Developments
11.3.1 Industry News
11.3.2 Company News
11.3.3 Mergers & Acquisitions
12. USE Cases and Best Practices
13. Conclusion
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