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

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.