What is the global market size of Carbon Capture, Utilization and Storage Market?

Carbon Capture, Utilization and Storage Market size was valued at USD 2.26 billion in 2023 and is expected to rise from USD 2.52 billion in 2023 to reach a value of USD 6.16 billion by 2031, at a CAGR of 11.8% during the forecast period (2024–2031).

Who are the key vendors in the Carbon Capture, Utilization and Storage Market?

The Carbon Capture, Utilization and Storage (CCS) market is highly competitive in nature, owing to the presence of several established players and new entrants competing to offer innovative solutions. The competitive landscape in the CCS market is characterized by mergers and acquisitions, partnerships, and collaborations among key players, as well as a focus on research and development of new technologies. Many of the key players in the market are multinational companies with significant resources and expertise in the energy sector, and they are using their scale and capabilities to drive innovation and growth in the CCS market. 'Aker Solutions', 'Alstom SA', 'Carbon Clean Solutions Limited', 'Carbon Engineering Ltd.', 'Chevron Corporation', 'C-Capture Ltd.', 'General Electric Company', 'Halliburton Company', 'Hitachi Ltd.', 'Mitsubishi Heavy Industries, Ltd.', 'Royal Dutch Shell plc', 'Schlumberger Limited', 'Siemens AG', 'Statoil ASA', 'Total S.A.', 'Woodside Energy Ltd.', 'ExxonMobil Corporation', 'Air Products and Chemicals, Inc.', 'Shell Canada Energy', 'SaskPower International Inc.'

What is the key driver of Carbon Capture, Utilization and Storage Market?

There is a growing demand for cleaner energy sources, and Carbon Capture, Utilization and Storage can help reduce the emissions from fossil fuel-based energy generation.

What is the key market trend for Carbon Capture, Utilization and Storage Market?

Increasing investment in research and development: As demand for CCS solutions grows, many companies are investing heavily in research and development of new technologies to improve the efficiency and cost-effectiveness of Carbon Capture, Utilization and Storage.

Which region accounted for the largest share in Carbon Capture, Utilization and Storage Market?

North America held the largest revenue share in 2023, thus accounting for around 36.69% of the total revenue. This is attributable to the increased oil and gas industry demand and stringent government regulations to reduce carbon emissions. This trend is anticipated to last the entire projected time. The first CCS project in the nation was carried out in 2000 in the oil fields owned by Cenovus Energy in Weyburn and Midale. The pre-combustion method of carbon capture was used in this experiment.

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 News

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 Market Report Snapshots

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FAQs

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 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. '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)'

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.

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.

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.

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