CCUS Absorption Market worth $1.7 billion in 2030, at a CAGR of 26.5%, says MarketsandMarkets™

Chicago, July 09, 2024 (GLOBE NEWSWIRE) — The Global CCUS Absorption Market size is projected to grow from USD 0.4 Billion in 2024 to USD 1.7 Billion by 2030, at a CAGR of 26.5% during the forecast period, as per the recent study by MarketsandMarkets™. The concept of carbon capture and storage dates to 1975. In the early 1970s, captured CO2 was used for commercial enhanced oil recovery (EOR) in the US. The United States and Europe have made significant progress in CCUS project development in recent years. In the US, the 45Q tax credit and California LCFS have boosted investment in CCUS, with projects in the Gulf Coast, Texas, and Rocky Mountain regions. The US Department of Energy has supported front-end engineering design studies for carbon capture projects that could serve as anchor projects for regional hubs. In Europe, the European Union has issued around USD 1.5 billion to CCUS projects under the Innovation Fund and over USD 500 million to CO2 transport and storage projects under the Connecting Europe Facility. Notable projects include the Porthos transport and storage project in the Netherlands, the Ravenna CCS hub in Italy, and capture facilities in ammonia, hydrogen, and bioenergy in the Netherlands and Denmark. The CCUS Projects Network aims to speed up the delivery of CCUS technologies in Europe, which are crucial for achieving 2050 climate targets.

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List of Key Players in CCUS Absorption Market:

  1. ExxonMobil Corporation (US)
  2. Equinor ASA (Norway)
  3. Honeywell International Inc. (US)
  4. Fluor Corporation (US)
  5. Mitsubishi Heavy Industries Ltd. (Japan)
  6. Royal Dutch Shell Plc (Britain)
  7. TotalEnergies SE (France)
  8. BASF SE (Germany)
  9. JGC Holdings Corporation (Japan)
  10. Schlumberger Ltd. (US)
  11. Aker Solutions (Norway)
  12. Siemens AG (Germany)
  13. Hitachi Ltd. (Japan)
  14. General Electric (US)
  15. Chevron Ion Clean Energy (US)

Drivers, Opportunities and Challenges in CCUS Absorption:

  1. Drivers: Growing Focus on Reducing CO2 Emissions
  2. Restraint: High cost of carbon capture and storage to restrict the market growth
  3. Opportunity: Continuous investments in developing innovative capturing technologies to create lucrative opportunities for the market
  4. Challenge: Reducing carbon capturing cost to be a major challenge for market growth

Key Findings of the Study:

  1. The chemical Absorption segment comprise a major share of the CCUS Absorption market, in terms of value and volume.
  2. Oil & gas industry is the dominating end-use industry in the global CCUS Absorption market in terms of value
  3. Asia Pacific to be the fastest-growing region in the CCUS Absorption market during the forecast period

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CCUS is especially important for sectors that produce a lot of CO2 emissions, like power generation, oil and gas, cement, petrochemicals, and iron and steel. It is believed that this technology is necessary to meet climate targets, particularly in areas where fossil fuels still account for a sizable portion of the energy mix.

Carbon Capture, Utilisation, and Storage (CCUS) absorption faces several challenges. The most significant hurdle is the high cost of capturing and storing post-combustion emissions, which requires significant government support to tip the economics in favor of CCUS. Additionally, there is an investment challenge, as new infrastructure needs to be developed to support the nascent CCUS industry, including pipelines to transport captured carbon from industrial sites to storage facilities. Furthermore, the presence of impurities in flue gas, such as nitrogen and oxygen, can decrease the critical temperature, resulting in overpressure during injection. The handling of fluid at low temperatures, often as low as -80°C, is also a challenge due to Joule-Thomson cooling. Moreover, the degradation of adsorbents due to contaminants and the need for pre-treatment of flue gas to remove impurities are significant obstacles. Finally, the design of new absorbents or adsorbents that can effectively handle these challenges is crucial for large-scale CCS applications.

The scalability of Carbon Capture, Utilisation, and Storage (CCUS) projects is heavily influenced by economic factors. To achieve economies of scale, CCUS projects require coordination across multiple components, including capture, transportation, and storage. Government support, including direct incentives, indirect incentives like carbon prices, and regulatory enablement, is crucial for the economic viability of CCUS projects. Additionally, revenue streams from carbon prices, carbon sequestration subsidies, and the sale of captured CO2 for utilization in various industries are essential. The development of a carbon market can drive higher carbon prices, positively impacting the economic viability of CCUS projects. However, uncertainties in operating costs make it essential to demonstrate the economic viability of each project. Industrial hubs with shared CO2 transport and storage infrastructure can improve economics by reducing unit costs and increasing efficiencies, making it feasible to capture CO2 at smaller industrial facilities. By addressing these economic factors, CCUS projects can become more scalable and viable, contributing to a lower-carbon future.

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Flour Corporation is a multinational engineering, procurement, construction, and maintenance company headquartered in Irving, Texas. Established in 1912, Flour Corporation operates as a holding company, delivering services through its subsidiaries across three primary sectors: oil and gas; industrial and infrastructure; and government and power. One of Fluor’s key areas of expertise is carbon capture technology. The company is one of the global leaders in CO2 capture technology providing comprehensive tailored to carbon capture projects, encompassing CO2 compression and transportation solutions. Fluor Corporation operates in three major business segments: energy solutions, urban solutions, mission solutions, and others. It operates the carbon capture, utilization, and storage business in the energy solutions segment. The company has over 30 years of experience in carbon capture technologies.

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