[183 Pages Report] The Carbon Capture, Utilization, & Storage Market size was estimated at USD 5.94 billion in 2023 and expected to reach USD 7.03 billion in 2024, at a CAGR 21.48% to reach USD 23.22 billion by 2030.
Carbon Capture, Utilization, and Storage (CCUS) is a set of advanced technologies to reduce greenhouse gas emissions by capturing carbon dioxide (CO2) from industrial processes and fossil fuel-based power generation. The captured CO2 is then utilized for various applications or safely stored in deep geological formations to prevent its release into the atmosphere. CCUS is critical in mitigating climate change, as it addresses one of the primary sources of global CO2 emissions. Growing industrialization, increasing demand for CO2-enhanced oil recovery techniques, and favorable government initiatives to support carbon capture, utilization & storage have significantly increased the demand for these technologies. However, huge capital requirements for carbon capture and specific storage facilities can hinder market growth. Furthermore, the continued investment in research and development is expected to drive technological advancements, leading to more cost-effective and efficient CCUS solutions. Additionally, collaborative efforts between governments, industries, and technology providers can facilitate knowledge sharing, cost sharing and accelerate the deployment of CCUS technologies.
The APAC countries, including South Korea, China, Japan, and Australia, have shown increasing interest in CCUS technologies due to their growing energy demands and commitment to reducing greenhouse gas emissions. China has been a major player in CCUS development, with several pilot projects and demonstration facilities to capture and store CO2 emissions from industrial sources and power plants. Japan and South Korea have also been investing in CCUS initiatives, primarily to reduce emissions from heavy industries and utilize CO2 for enhanced oil recovery and other industrial applications. The United States has pioneered CCUS development, with several large-scale projects focused on capturing CO2 emissions from power plants and ethanol plants, among other industrial sources. The 45Q tax credit policy has incentivized CCUS investments in the region. In Latin America, countries including Brazil and Colombia have explored CCUS as part of their climate change mitigation strategies, with potential applications in industries including cement production.
Furthermore, numerous countries in Europe, the Middle East & Africa (EMEA) have adopted ambitious climate targets that include boosting investment into CCUS technology. The European Union has set a goal to become carbon neutral by 2050 with plans to invest billions of euros toward low-carbon technologies such as CCUS. In the United Kingdom, an emphasis on industrial decarbonization has spurred interest in developing cluster-based approaches for carbon capture infrastructure. Countries, including Norway and the Netherlands, are also actively investing in large-scale CCS projects targeting various industries, including power generation and cement production.
Carbon capture involves the process of separating carbon dioxide (CO2) from industrial and energy-related processes, preventing it from being released into the atmosphere. The need for carbon capture arises due to the urgent need to reduce toxic greenhouse gas emissions and combat climate change. Carbon storage refers to the long-term containment of captured CO2 by injecting it into geological formations such as gas reservoirs or deep saline aquifers. This prevents CO2 from contributing to global warming while also providing potential benefits such as enhanced oil recovery (EOR). The transportation of captured CO2, primarily through pipelines or ships, connects carbon capture facilities with storage sites. The need for transportation arises due to the distance between emission sources and suitable storage locations. Carbon utilization refers to the conversion of captured CO2 into valuable products, including chemicals, fuels, or building materials. The process of carbon utilization prevents CO2 emissions and also reduces dependence on fossil resources.
Oxy-fuel combustion capture is a process that involves burning fossil fuels in a high-purity oxygen environment, producing a concentrated stream of CO2 and water vapor. This technology is ideal for industries with energy-intensive processes, such as cement and steel production. Post-combustion capture refers to the process of separation of CO2 from flue gases emitted by power plants or industrial facilities after fossil fuel combustion. Post-combustion capture has diverse applications across different industries, such as natural gas processing industries and coal power plants, and industrial sectors, such as cement manufacturing and waste-to-energy conversion. Pre-combustion capture involves removing CO2 before the combustion cycle by converting hydrocarbon fuels into a mixture of hydrogen and carbon dioxide. Industries associated with high CO2 emissions, such as natural gas processing and coal gasification plants, can benefit from the utilization of this technology.
The cement industry and chemical & petrochemical industry are major contributors to global CO2 emissions, and carbon capture, utilization, and storage (CCUS) technologies can significantly help reduce these emissions. In addition to mitigating climate change impacts, employing CCUS also enhances resource efficiency by utilizing captured carbon in producing alternative building materials such as synthetic gypsum. Moreover, captured CO2 can be utilized as feedstock for the production of chemicals, including methanol or urea-based fertilizers, which are essential chemical components in various industrial applications. Iron and steel production contributes significantly to global CO2 emissions due to its reliance on coal-based blast furnaces, and the power generation sector is a leading source of global carbon emissions due to its reliance on fossil fuels. With the integration of CCUS technologies into power plants and iron and steel factories, it becomes possible to capture large quantities of CO2, thereby significantly reducing their greenhouse gas emissions. The oil & gas sector faces pressure to reduce its carbon footprint amid growing environmental concerns. Utilizing captured CO2 for enhanced oil recovery (EOR) techniques has proven beneficial in increasing reservoir output, sustaining energy security, and reducing dependence on foreign imports.
The market dynamics represent an ever-changing landscape of the Carbon Capture, Utilization, & Storage Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Carbon Capture, Utilization, & Storage Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Carbon Capture, Utilization, & Storage Market.
The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Carbon Capture, Utilization, & Storage Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.
The value chain of the Carbon Capture, Utilization, & Storage Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.
The pricing analysis comprehensively evaluates how a product or service is priced within the Carbon Capture, Utilization, & Storage Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Carbon Capture, Utilization, & Storage Market.
The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Carbon Capture, Utilization, & Storage Market.
The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Carbon Capture, Utilization, & Storage Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.
The trade analysis of the Carbon Capture, Utilization, & Storage Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.
The regulatory framework analysis for the Carbon Capture, Utilization, & Storage Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Carbon Capture, Utilization, & Storage Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Carbon Capture, Utilization, & Storage Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
NREL Collaborates on USD 15 million Multilaboratory Efforts To Advance Commercialization of Carbon Dioxide Removal
The U.S. Department of Energy (DOE) has recently engaged the National Renewable Energy Laboratory (NREL) in a pivotal USD 15 million research project aimed at enhancing the processes of measurement, reporting, and verification (MRV) for carbon dioxide (CO2) capture technologies. This initiative is a significant move towards developing a burgeoning industry focused on carbon capture, utilization, and storage (CCUS), which is seen as a critical solution in the fight against climate change. [Published On: 2024-02-13]
Expro wins contract with Inpex for carbon capture, utilization and storage pilot project
Expro Group Holdings N.V. awarded a significant contract by INPEX Corporation to support Japan's pioneering Kashiwazaki clean hydrogen and ammonia project, marking a notable advancement in the country's clean energy initiatives. This collaboration not only signifies a pivotal stride towards innovative carbon capture, utilization, and storage (CCUS) solutions but also exemplifies a shared dedication to advancing sustainable energy frontiers. [Published On: 2024-01-23]
CGG, C-Questra form partnership to accelerate CCUS development
CGG has entered into a strategic commercial cooperation agreement with C-Questra, a significant European entity specializing in the CO2 storage value chain. This partnership marks an important collaboration aimed at enhancing the capabilities and efficiency of CCUS technologies, reflecting both companies' commitment to pioneering solutions for a more sustainable future. [Published On: 2024-01-11]
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Carbon Capture, Utilization, & Storage Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
The report delves into recent significant developments in the Carbon Capture, Utilization, & Storage Market, highlighting leading vendors and their innovative profiles. These include Aker Solutions ASA, Atlas Copco AB, Baker Hughes Company, Bechtel Corporation, Carbon Clean Solutions Limited, Carbon Engineering Ltd., Chevron Corporation, COWI A/S, Eaton Corporation PLC, Exxon Mobil Corporation, Fluor Corporation, General Electric Company, Halliburton Company, Honeywell International Inc., Linde PLC, MAN Energy Solutions SE, McDermott International, Ltd., Mitsubishi Heavy Industries, Ltd., National Grid PLC, NOV Inc., PAO NOVATEK, SABIC Group, Saudi Arabian Oil Company, Schlumberger Limited, Shell PLC, Siemens AG, Svante Inc., and TotalEnergies SE.
This research report categorizes the Carbon Capture, Utilization, & Storage Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Service
- Capture
- Storage
- Transportation
- Utilization
- Technology
- Oxy-Fuel Combustion Capture
- Post-Combustion Capture
- Pre-Combustion Capture
- End-Use Industry
- Cement
- Chemical & Petrochemical
- Iron & Steel
- Oil & Gas
- Power Generation
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Carbon Capture, Utilization, & Storage Market, by Service
- Carbon Capture, Utilization, & Storage Market, by Technology
- Carbon Capture, Utilization, & Storage Market, by End-Use Industry
- Americas Carbon Capture, Utilization, & Storage Market
- Asia-Pacific Carbon Capture, Utilization, & Storage Market
- Europe, Middle East & Africa Carbon Capture, Utilization, & Storage Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 22]
- List of Tables [Total: 292]
- List of Companies Mentioned [Total: 28]
Since carbon dioxide is the most important gas in the earth’s system, the rise in its concentrations has repeatedly warned the earth’s atmosphere during the ice age cycle over the past million years.
So, to stop carbon emissions, carbon capture, storage, and utilization (CCSU), an emissions reduction technology, has been adopted worldwide. CCSU revolves around technologies to remove CO₂ from the atmosphere, and then recycle the CO₂ for storage and utilization.
Worldwide, governments over the past few years introduced several policies and actions to support and facilitate CCUS initiatives by industries and PSUs.
As of 2023, carbon capture and storage have become more feasible and popular, as there are 43 large-scale carbon capture and storage systems functioning around the world.
Carbon capture is indeed able to reduce carbon emissions, and it is a unique asset for companies seeking to lower their carbon footprint that can’t afford to buy recycled carbon dioxide.
The providers of CCUS are focusing on innovations that include artificial photosynthesis using bio-solar leaves and phytoplankton-based solutions that mimic photosynthesis's chemical process.
Overall, the CCUS technologies are becoming a key pathway for meeting net zero targets and decreasing emissions while continuing to develop sustainably at an unprecedented pace.
CCUS is gaining popularity as a promising technology for reducing carbon emissions. Industrial procedures such as cement and steel production, electric power generation, and natural gas processing create significant amounts of CO₂ emissions. CCUS captures this CO₂, usually using chemicals that absorb the gas or technologies that separate it from the exhaust gasses. The captured CO₂ is then compressed and transported to secure locations for utilization or storage.
The utilization of CO₂ involves transforming it into useful products such as chemicals, cement, methanol, and plastics, while storage entails injecting the gas into deep geological formations. Utilization provides a circular approach to CO₂ emissions, reducing the need for virgin materials and permanently storing the carbon in these products. Meanwhile, CO₂ storage can be carried out through injection in geological formations such as depleted oil or gas fields, saline formations, and unmineable coal seams.
CCUS technology has several benefits. Firstly, it allows industries to continue their operations while reducing their carbon footprint significantly. Secondly, CO₂ utilization could help with the circular economy. Thirdly, storing CO₂ deep underground is a secure and permanent method of reducing atmospheric concentration. These benefits create a viable pathway to achieving climate change targets and decarbonizing heavy industry.
Despite these benefits, CCUS faces some significant challenges. The high cost of capturing and storing CO₂ remains a significant barrier to the adoption of CCUS. Additionally, storage projects require careful geological assessments, which could limit the number of potential storage sites. Building the infrastructure required to transport and store CO₂ on a large scale is also a significant challenge.
Carbon Capture, Utilization, and Storage have the potential to play an essential role in the decarbonization of heavy industries and in achieving climate change targets. The technology offers a circular approach to managing CO₂ emissions and a secure, permanent method of reducing atmospheric CO₂. CCUS also faces significant challenges, including high costs, limited storage sites, and infrastructure requirements. However, with the right support and investment in research and development, the technology will become more affordable and accessible for many industries, contributing to the global efforts to combat climate change.
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