Carbon Capture Utilization and Storage Market Estimated to Reach $14.2 billion by 2030 Globally, at a CAGR of 21.5%, says MarketsandMarkets™
Chicago, Aug. 31, 2023 (GLOBE NEWSWIRE) — The Carbon Capture, Utilization, Transportation and Storage Market is projected to grow USD 3.0 billion in 2022 and is projected to reach USD 14.2 billion by 2030, at a CAGR of 21.5% from 2023 to 2030, as per the recent study by MarketsandMarkets™. The global carbon capture, utilization, transportation, and storage market is expected to grow in the coming years, driven by increasing demand from various industries such as oil & gas, chemical & petrochemical, and power generation. The market is also expected to benefit from technological advancements in carbon capture, utilization, transportation, and storage technology, enabling to achieve higher carbon capture efficiency.
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Browse in-depth TOC on “Carbon Capture, Utilization, and Storage Market”
275- Market Data Tables
List of Key Players in Carbon Capture, Utilization, and Storage Market:
- Fluor Corporation (US)
- ExxonMobil Corporation (US)
- Linde PLC (UK)
- Royal Dutch Shell PLC (Netherlands)
- Mitsubishi Heavy Industries Ltd., (Japan)
- JGC Holdings Corporation (Japan)
- Schlumberger Ltd., (US)
- Aker Solutions (Norway)
- Honeywell International (US)
- Equinor ASA (Norway)
Drivers, Restraints, Opportunities and Challenges in Carbon Capture, Utilization, and Storage Market:
- Drivers: Rising environmental awareness to increase natural gas demand
- Restraints: Safety concerns over storage techniques and sites to restrict the market growth
- Opportunity: Increasing project announcements in Asia Pacific region to create lucrative opportunities for the market
- Challenge: Reducing carbon capturing cost to be a major challenge for market growth
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Key Findings of the Study:
- Capture service segment to grow at a significant rate in carbon Capture, Utilization, and Storage market, in terms of value and volume.
- Solvents & Sorbernts technology type to be the dominating segment in the global carbon Capture, Utilization, and Storage market in terms of value and volume
- Power Generation industry to be the fastest-growing end-use industry segment along with flooring in the global carbon Capture, Utilization, and Storage market in terms of value
- North America held the largest market share in the carbon capture, utilization, and storage market
Based on Technology, Carbon capturing is a major part of the entire carbon capture, utilization, and storage project, which is made possible with various technologies. This technology aids in the separation and capturing of carbon from the effluent gas stream sent out of the existing systems in various industrial plants. Chemical looping has a major share in the oil & gas and chemical industries. The solvents & sorbents technology is majorly implemented in the oil & gas, chemical, and power generation industries. Membrane technology for capturing carbon is relatively new to the market. It is majorly in the nascent stages in the market and needs huge improvement for high adoption.
Based on end-use industries, The carbon capture, utilization, and storage market is segmented based on end-use industry into oil & gas, power generation, chemical & petrochemicals, iron & steel, cement, and others. The others segment includes paper & pulp, hydrogen, ethanol, and air capture industries. One of the major applications of the carbon capture, utilization, and storage process is in oil & gas processing. Industrial facilities and power plants use solvents, adsorbents, and membranes to separate, capture, and compress the emitted CO2. Enhanced oil recovery is the major application of captured CO2 to increase oil extraction. Iron & steel and cement industries generally face a higher cost of CO2 capture than the oil & gas sector; as a result, implementation of CCUS in these industries is still at a nascent stage.
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Based on countries, The US led the carbon capture, utilization, and storage market in 2022. The market in the US is driven by the presence of major end-use industries and strong industrialization in the country. The US is expected to remain the dominant market during the forecast period. The growing usage of CCUS in oil & gas, power generation, chemicals & petrochemicals, and other industries is responsible for the high market share of the US. The market in the UK is expected to register a CAGR of 21.8% between 2022 and 2030 to reach a market size of USD 718.4 million by 2030. The market in China is projected to witness a CAGR of 21.8% during the forecast period. The growth in the country is owed to projects that are expected to be completed by 2027.
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