Global Carbon Capture, Utilization, and Storage Market Insights Forecasts to 2033.

• The Global Carbon Capture, Utilization, and Storage Market Size was Valued at USD 2.98 Billion in 2023.
• The Market Size is Growing at a CAGR of 23.8% from 2023 to 2033.
• The Worldwide Carbon Capture, Utilization, and Storage Market Size is Expected to Reach USD 25.3 Billion by 2033.
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Carbon Capture, Utilization, and Storage Market Size is Anticipated to Exceed USD 25.3 Billion by 2033, Growing at a CAGR of 23.8% from 2023 to 2033.

Market Overview

An inventive technique called carbon capture, utilization, and storage (CCUS) is used to collect and hold carbon dioxide (CO2) that is released when fossil fuels are burned to produce energy and run industrial processes. About 90% of the CO2 emissions can be captured by the technique, preventing CO2 from entering the atmosphere. After being captured, the CO2 is either permanently buried deep down in geological formations or used to make valuable products. Most of the time, it is moved from carbon capture and storage facilities to its final location by ships or pipelines. The global carbon capture, utilization, and storage market is dynamic and driven by government policies that encourage it, environmental concerns, and initiatives to mitigate the effects of climate change. The development of CCUS technologies, the increasing focus on sustainable behaviors, and the incorporation of carbon capture, utilization, and storage in clean energy projects to attain a low-carbon future are important trends. Pre-combustion, post-combustion, and oxy-fuel combustion are three technologies that are increasingly being used in large sectors like oil and gas and power plants, and this is one of the key factors propelling the global carbon capture, utilization, and storage market. Although fossil fuels react faster to variations in electricity consumption, nuclear power, and renewable energy still play a significant role in reducing carbon emissions. As a result, industry experts are in high demand for carbon capture, utilization, and storage as a more environmentally friendly solution that simultaneously generates more electricity and lowers emissions. A reliable technique for cutting emissions and permanently eliminating CO2 from the atmosphere is carbon capture, utilization, and storage.

Report Coverage

This research report categorizes the market for the global carbon capture, utilization, and storage market based on various segments and regions forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global carbon capture, utilization, and storage market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global carbon capture, utilization, and storage market.

Driving Factors

Carbon capture, utilization, and storage technologies are receiving more attention as a result of strict environmental rules and the pressing need to prevent climate change. Governments all over the world are putting regulations into place and establishing challenging targets for reducing greenhouse gas emissions, which is motivating investments in CCUS projects as an essential part of these initiatives. A lot of businesses are pledging to achieve carbon neutrality or net-zero emissions and adopting sustainability as a core business value. The use of CCUS has increased dramatically because it offers a practical solution to businesses looking to reduce their carbon footprint and implement sustainable practices. One major factor propelling the global carbon capture, utilization, and storage market is the switch to clean energy sources like renewables. As the world moves towards decarbonization and reducing reliance on fossil fuels, CCUS technologies play a crucial role in enabling the continued use of fossil-based energy with reduced emissions. By facilitating a more seamless and sustainable transition to a low-carbon economy, investment in CCUS supports the expansion of renewable energy programs. To encourage CCUS projects, governments and businesses in the private sector are providing grants, financial incentives, and fiscal support. These incentives encourage businesses to invest in CCUS technologies, further stimulating the carbon capture, utilization, and storage market.

Restraining Factors

Large construction expenditures and higher operating and maintenance costs are associated with the CCUS technology. As a result of this, the industries are reluctant to invest in technology. Because most plants are not built with the installation of such capture technologies, the implementation also negatively affects the plants' processes. The entirety of the value chain which includes the collection of carbon at the source, transportation, storage, and usage of carbon in end-use application areas is cost-associated with carbon capture and storage. The income generated by this is insufficient to recoup the initial investments. For example, the initial CAPEX and additional operation & maintenance expenses are increased by the cost of implementing the CO2 scrubber for post-combustion and an air-separation unit for oxy-fuel technology. Huge CAPEX is also required for the initial investigation, site evaluation, and site preparation in the carbon storage locations. In addition, the corporations that store the collected carbon must pay for the expense of monitoring for CO2 leaks. Businesses are being prevented from implementing carbon capture, utilization, and storage technology by this significant investment inertia.

Market Segmentation

The Global Carbon Capture, Utilization, and Storage Market share is classified into service, technology, end-user.

• The capture segment is expected to hold the largest share of the global carbon capture, utilization, and storage market during the forecast period.   

Based on the service, the global carbon capture, utilization, and storage market is divided into capture, transportation, utilization, and storage. Among these, the capture segment is expected to hold the largest share of the global carbon capture, utilization, and storage market during the forecast period. Carbon dioxide (CO2) emissions from a variety of sources are captured by capture systems and released into the atmosphere later, because of these factors capture segment holds the majority of shares in the global carbon capture, utilization, and storage market.

• The pre-combustion capture segment is expected to grow at the fastest pace in the global carbon capture, utilization, and storage market during the forecast period.    

Based on the technology, the global carbon capture, utilization, and storage market is divided into pre-combustion capture, oxy-fuel combustion capture, post-combustion capture, and others. Among these, the pre-combustion capture segment is expected to grow at the fastest pace in the global carbon capture, utilization, and storage market during the forecast period. This is because pre-combustion, which includes procedures like gasification, extracts carbon dioxide from fossil fuels before combustion. Research on integrated gasification combined cycle plants and their use in the production of hydrogen is on the rise, according to trends.

• The oil & gas segment is expected to grow at the greatest pace in the global carbon capture, utilization, and storage market during the forecast period.

Based on the end-user, the global carbon capture, utilization, and storage market is divided into oil & gas, power generation, iron & steel, chemical & petrochemical, cement, and others. Among these, the oil & gas segment is expected to grow at the greatest pace in the global carbon capture, utilization, and storage market during the forecast period. This is because the oil and gas segment refer to the process of capturing carbon dioxide emissions from production operations to improve sustainability and reduce the environmental effects associated with the extraction and refining of hydrocarbons. The industry trend shows that integrating CCUS technologies is becoming more and more important to meet emission reduction targets, follow environmental laws, and demonstrate a commitment to environmentally acceptable activities.

Regional Segment Analysis of the Global Carbon Capture, Utilization, and Storage Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global carbon capture, utilization, and storage market over the predicted timeframe.

North America is anticipated to hold the largest share of the global carbon capture, utilization, and storage market over the predicted timeframe. This is because the US-based corporations and institutional organizations are the ones who invented the technology. The businesses have over 35 years of expertise utilizing CCUS technology. As a result, the nation has developed superior capture and storage technology. The laws and policies of the nation are also designed to incentivize the industrial actors to embrace technology by offering tax breaks and technological support. The region is at the forefront of the global deployment of CCUS technology, having incorporated or retrofitted the technology into major oil and gas operations. The widespread adoption of CCUS is a result of people's growing awareness of climate change and their shifting perspectives on using renewable energy sources to lower their carbon footprints.

Asia Pacific is expected to grow at the fastest pace in the global carbon capture, utilization, and storage market during the forecast period. This is due to of rapid industrialization, increased air pollution, and supportive government policies. The majority of the Asia-Pacific area still produces its electricity using fossil fuels. Because of this, the amount of air pollution in these areas is increasing alarmingly, which is pushing other companies, including power plants, to implement carbon capture and storage systems. To stop the release of greenhouse gases, developed nations like China and India are continually starting new carbon capture and storage projects. In the South China Sea, for example, China's National Offshore Oil Corp (CNOOC) initiated the nation's first offshore carbon capture and storage project.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global carbon capture, utilization, and storage along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• ExxonMobil Corporation
• Mitsubishi Hitachi
• Fluor
• Schlumberger
• Huaneng
• Linde AG
• NRG
• AkerSolutions
• Shell
• Sulzer
• Equinor
• Skyonic Corp.
• Sinopec
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In July 2023, to investigate comprehensive carbon capture and storage (CCS) solutions, Fluor Corporation announced that it has signed a memorandum of understanding (MOU) with Carbfix, the industry leader in carbon dioxide (CO2) mineral storage.

• In June 2023, A development agreement was signed by TotalEnergies SE, Petronas, and Mitsui & Co. Ltd. to work together on a carbon capture and storage (CCS) project in Malaysia.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Carbon Capture, Utilization, and Storage Market based on the below-mentioned segments: 

Global Carbon Capture, Utilization, and Storage Market, By Service

• Capture
• Transportation
• Utilization
• Storage

Global Carbon Capture, Utilization, and Storage Market, By Technology

• Pre-combustion capture
• Oxy-fuel combustion capture
• Post-combustion capture
• Others

Global Carbon Capture, Utilization, and Storage Market, By End-user

• Oil & Gas
• Power Generation
• Iron & Steel
• Chemical & Petrochemical
• Cement
• Others

Global Carbon Capture, Utilization, and Storage Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa