USD 2.16 billion
Carbon Capture, Utilization and Storage Market Size, Share, Growth Analysis, By Technology(Pre-Combustion Capture, Oxy-Fuel Combustion Capture, and Post-Combustion Capture), By Service(Capture, Transportation, and Utilization, and Storage), By Application(Oil & Gas, Power Generation, Iron & Steel, Chemical & Petrochemical), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15B2116 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
94
|Figures:
76
Carbon Capture, Utilization and Storage Market Insights
Global Carbon Capture, Utilization and Storage Market size was valued at USD 2.26 Billion in 2022 poised to grow from USD 2.52 Billion in 2023 to USD 6.16 Billion by 2031, growing at a CAGR of 11.8% in the forecast period (2024-2031).
The expanding market for carbon capture, utilization, and storage is driven by government initiatives, rising demand for CO2-EOR techniques as well as global efforts to curtail CO2 emissions. Moreover, technological advancements are driving offshore oil and gas exploration and experimentation that adopt gas injection enhanced oil recovery (EOR) methods of extracting crude oil using carbon dioxide. The rising market for carbon capture, usage and storage is supported by government programs, increasing need for CO2-EOR processes and international missions to limit the carbon dioxide emissions. In addition, the offshore oil and gas exploration and trials which utilize gas injection enhanced oil recovery (EOR) strategies for extraction from crude oil using carbon dioxide are propelled by technological developments.
Conversely, it is possible to capture/recycle carbon dioxide (CO₂) emissions generated during industrial processes through Carbon Capture Utilization (CCU), which can lead to synthesis of new products or generation of electric power. The aims of CCU are to lessen the emission of CO₂ in atmosphere and employ it meaningfully as a greenhouse gas. CCU technology continues to go through experiments, it has so many challenges like expensive cost, lack of technical expertise and necessitating laws that would support its development. But despite these challenges, CCU has potential in combating climate change and promoting a carbon-free economy at large.
US Carbon Capture, Utilization and Storage Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Post-combustion
Fastest Growth
Pre-combustion
Growth Rate
12.9% CAGR
Global Carbon Capture, Utilization and Storage Market ($ Bn)
Country Share by North America (%)
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Carbon Capture, Utilization and Storage Market Segmental Analysis
The global carbon capture, utilization and storage market is segmented based on Technology, Service and Application. In terms of Technology, the market is trifurcated into Pre-Combustion Capture, Oxy-Fuel Combustion Capture and Post-Combustion Capture. Based on the Service, the market is grouped into Capture, Transportation, Utilization and Storage. In terms of End User, the market is segmented into Oil & Gas, power generation, Iron & Steel, Chemical & Petrochemical, Cement and Others. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Technology
As per categorization by technology, the market is classified as pre-combustion capture, oxy-fuel combustion capture and post-combustion capture. Among these, post-combustion capture earned the largest share and continues to dominate the market. As technology can be easily adapted to existing power plants, especially those that rely on fossil fuels, post-combustion capture is the market leader in the global carbon capture, utilization, and storage market. Through this approach, it becomes feasible to effectively withdraw CO2 from the exhaust gases hence making it a universally applicable and cost-effective strategy for reducing emission of different sectors.
Oxy-fuel combustion capture technology's high CO2 concentration in exhaust gases, which improves capture efficiency, is expected to fuel its rapid expansion in the global carbon capture, utilization, and storage market. There are many reasons why this technique has rapidly been adopted, including its ability to reduce emissions and because it is easy to integrate with both new and existing facilities.
Analysis by Service
As it focusses on cutting-edge technologies that effectively capture CO2 from industrial sources, Capture Service is leading the global carbon capture, utilization, and storage market. The enhancements made in the efficiency and scalability of solvent-based membranes, as well as cryogenic capture systems have let the Capture Service be a significant and greatly used part of lowering CO2 emissions from factories.
As there is a growing demand for dependable CO2 transport infrastructure, the transportation service segment of the global carbon capture, utilization, and storage market is expected to grow at the fastest rate. The capture industry is expected to grow rapidly due to the need for advances in pipelines, shipping, and networks to move CO2 to storage or utilization sites effectively as more capture projects come online.
Global Carbon Capture, Utilization and Storage Market By Technology (%)
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Carbon Capture, Utilization and Storage Market Regional Insights
The global carbon capture, utilization, and storage market is dominated by North America due to the region's substantial investments in large-scale projects, favorable governmental regulations, and sophisticated infrastructure. When it comes to CCUS, the United States and Canada lead with robust policies like 45Q tax credit, as well as the carbon pricing system in Canada that promote this in diverse sectors. Enhanced Oil Recovery (EOR) methods relying on captured CO2 only need to be developed due to a dynamic oil and gas sector in that region. North America’s continued dominance in this region as a global leader in CCUS efforts is additionally attributed to its technological superiority with massive investments directed towards research and innovative capture-storage solutions.
Due to its aggressive climate goals, strict emissions laws, and robust government support, Europe is considered the fastest-growing region in the world in global carbon capture, utilization and storage market. The European Union’s Green Deal and the aim for net zero emissions by 2050 are major drivers behind extensive investments in CCUS technologies. Ambitious projects as well as innovative public private partnerships are being developed in countries like Norway, United Kingdom and Netherlands. The region is positioned as a global leader in carbon mitigation due to its concentration on decarbonizing heavy sectors and its advanced research in carbon capture technology and cross-border CO2 transit networks. These factors accelerate the expansion of CCUS in Europe.
Global Carbon Capture, Utilization and Storage Market By Geography
- Largest
- Fastest
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Carbon Capture, Utilization and Storage Market Dynamics
Carbon Capture, Utilization and Storage Market Drivers
CCUS Technology is Paving Path to Global Net-Zero Emissions
- The amount of greenhouse gases released into the environment by industrial sources can be decreased with the usage of CCUS technology. The implementation of CCUS has benefited from the increased awareness of climate change on a worldwide scale. Governments worldwide are encouraging businesses to lower their carbon footprints and use CCUS technology by offering tax benefits to help them meet net zero emission targets.
Reducing Costs and Ensuring Viability in Carbon Capture Technology
- To keep power plants and industrial facilities financially viable, carbon capture technology development must continue. More money is being spent on research and development as well as demonstration projects to create next-generation CO2 capture devices. Many technology companies are making significant investments and striving to bring the cost of carbon collecting down to less than USD 30 for a million tons of CO2.
Restraints
Low Acceptance and Public Awareness
- People have concerns about the long-term safety of CO2 storage and its impact on the environment. A large percentage of the population is unaware of CCUS technology that leads to formation of opposition toward its implementation in some areas, making it difficult for proponents to advocate for its adoption or growth.
Problems with Efficiency and Technical Difficulties
- Current CCUS technology has two notable shortcomings: its energy-intensive procedures and its low capture efficiency. As a result, companies might find it hard to justify important investments in carbon capture utilization systems (CCUS) due to these problems that can also increase operating costs and decrease carbon capture efficiency overall.
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Carbon Capture, Utilization and Storage Market Competitive Landscape
The Global Carbon Capture, Utilisation, and Storage (CCUS) sector is marked by a contending environment where there are huge financial commitments by established players as well as new ventures that have innovated. ExxonMobil, Shell and Chevron are among the three leading firms that are involved in constructing and implementing CCUS systems. Furthermore, businesses like Climeworks and Carbon Clean Solutions are developing cutting-edge carbon capture technologies. Governments and the private sector working together is also stimulating growth, advancing technology, and boosting the feasibility of projects throughout the industry.
Carbon Capture, Utilization and Storage Market Top Player’s Company Profiles
- Fluor Corporation (USA)
- Exxon Mobil Corporation (USA)
- Linde Plc (Ireland)
- Royal Dutch Shell Plc (Netherlands)
- Mitsubishi Heavy Industries Limited (Japan)
- JGC Holdings Corporation (Japan)
- Schlumberger Limited (USA)
- Aker Solutions (Norway)
- Honeywell International Inc (USA)
- Equinor ASA (Norway)
- TotalEnergies (France)
- Fluor Corporation (USA)
- Halliburton Company (USA)
Carbon Capture, Utilization and Storage Market Recent Developments
- In June 2023, for obtaining about one million tons of CO2 every year, Exxon Mobil Corporation made a public announcement concerning its investment in one more carbon capture project situated in the Gulf Coast region. Thus, this program will serve to reinforce all the existing carbon capture in the area through upgrading of existing installations and creation of partnerships.
- In April 2023, In Canada, a colossal carbon capture and storage scheme has been disclosed by Shell PLC. This project aims to shun environmental pollutants from various manufacturing industries. In addition to conserving energy sources, these projects also promote eco-friendly practices in the region. What fuels innovation for Shell is its unwavering commitment towards CCUS.
- In August 2023, Mitsubishi Heavy Industries Ltd. began an innovative pilot project employing its advanced carbon capture technology at one of the Japanese coal-fired power plants. This program aims to demonstrate how effective their capture technology is and assert their dominance in CCUS solutions with the intention of reducing CO2 emissions by 90%.
Carbon Capture, Utilization and Storage Key Market Trends
- Regulatory Momentum Shaped by Global Policies: The way the market is trending is greatly influenced by regulatory support for CCS efforts. International legislation and policy are being adopted by nations to promote the use of CCS technologies. Business investors in carbon capturing and storage undertakings receive funding, tax reductions, and assistance from the government.
- Growing Interest in Public and Private Sectors: The public and private sectors are becoming more interested in investing in CCS initiatives. With its enormous potential for long-term advantages, investors view CCS as a quickly expanding business prospect. Carrying out research and development as well as building large CCS facilities, governments subsidies these initiatives.
Carbon Capture, Utilization and Storage Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, governments, technology developments, and growing public awareness of climate change are expected to propel the global carbon Capture, utilization, and storage market towards substantial growth. Even with enduring obstacles like exorbitant expenses and public acceptance, modern technologies hold promises for improving oil recovery and reducing pollution.
Regions with significant investments and legislation in their favour, such as North America and Europe, are in the forefront. With the public and commercial sectors working together on CCS projects, CCUS has a promising future and will play a significant role in accomplishing global sustainability objectives.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.26 Billion |
| Market size value in 2031 | USD 6.16 Billion |
| Growth Rate | 11.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Carbon Capture, Utilization and Storage Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Carbon Capture, Utilization and Storage Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Carbon Capture, Utilization and Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Carbon Capture, Utilization and Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Carbon Capture, Utilization and Storage Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Carbon Capture, Utilization and Storage Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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