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

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.