Global Carbon Capture, Utilization, and Storage Market Report and Forecast 2024-2032

Global Carbon Capture, Utilization, and Storage Market Outlook

The global carbon capture, utilization, and storage market size reached approximately USD 3.53 billion in 2023. The market is assessed to grow at a CAGR of 14.2% between 2024 and 2032 to attain a value of around USD 11.65 billion by 2032.

Key Trends in the Market

Carbon capture, utilization, and storage, also known as CCUS, refers to a process that captures CO2 emissions and stores them for reutilization. Carbon dioxide emissions are typically captured from sources like coal-fired power plants. CCUS plays an integral role in reducing greenhouse gas emissions and driving the development of a sustainable future.

• Some of the key carbon capture, utilization, and storage market trends include the rising focus on decarbonisation, the surging attempts to produce low-carbon electricity, and growing concerns regarding energy shortages. CCUS can reduce emissions in hard-to-abate sectors like cement and enhance the flexibility and diversity of energy supply to improve energy security.

• The introduction of various initiatives by governments globally to drive sustainable growth, reduce dependency on fossil fuels, and achieve net-zero emissions is favouring the market growth. Moreover, the increasing deployment of CCUS technology to convert captured CO2 to value-added products such as building materials, chemicals, green urea, and bioplastics is anticipated to aid the carbon capture, utilization, and storage market growth in the coming years.

• There is an increasing focus on enhancing the affordability and functionality of carbon capture, utilization, and storage technology to boost its deployment in different sectors such as cement and oil and gas. Besides, the increasing adoption of digitisation by key players to facilitate various processes such as process automation, flow surveillance, and predictive maintenance, among others, is likely to favour the carbon capture, utilization, and storage market in the coming years.

Market Analysis

Based on service, the market is segmented into capture, transportation, utilization, and storage. On the basis of technology, the market can be divided into pre-combustion, oxy-combustion, and post-combustion. By end use, the carbon capture, utilization, and storage market segmentation includes oil and gas, power generation, iron and steel, chemical and petrochemical, and cement, among others. The major regional markets for carbon capture, utilization, and storage include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global carbon capture, utilization, and storage market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Mitsubishi Heavy Industries, Ltd. 

• Shell International Limited 

• Exxon Mobil Corporation  

• Honeywell International Inc. 

• Linde plc 

• Aker Solutions ASA 

• JGC Holdings Corporation 

• Schlumberger Limited 

• Equinor ASA 

• Dakota Gasification Company 

• Others

Market Share by End Use

As per the carbon capture, utilization, and storage market analysis, the oil and gas sector accounts for a substantial market share as it extensively generates highly concentrated CO2 streams. The technology is applied by oil and gas companies to convert greenhouse gases into natural gas formations, enhance ethanol production, and generate low-carbon hydrogen fuels.

With various governments introducing stringent regulations to reduce carbon emissions from industrial applications, the deployment of CCUS technology in the oil and gas sector is expected to rise in the coming years.

Market Share by Region

North America represents a significant carbon capture, utilization, and storage market share due to the rising focus on reducing greenhouse gas emissions and the increasing number of CCUS projects in the United States. Increasing investments in R&D activities in the region aimed at reducing carbon capturing costs, developing efficient alternatives to carbon, and advancing monitoring of CCUS facilities are expected to aid the market in the forecast period.

Meanwhile, the market in Europe is also witnessing a healthy growth amid growing investments in clean energy solutions. The introduction of favourable initiatives by the EU and other governments to surge the deployment of CCUS technology for decarbonising the region and driving green economic growth is anticipated to fuel the overall carbon capture, utilization, and storage market expansion in upcoming years.

Competitive Landscape

Linde plc is a prominent engineering and industrial gas company that aims to drive decarbonisation and sustainability through its innovative services, solutions, and technologies. Some of the sectors served by the company include mining, healthcare, and manufacturing. Its innovative technologies and industrial gases are used in the production of carbon capture systems and clean hydrogen, among others.

Equinor ASA is a global energy company and a leading oil and gas operator based in Norway. With a wide presence in nearly 30 countries in the world, the company intends to drive energy transition and become a net-zero company by 2050.

Schlumberger Limited, established in 1878, is a technology company that aims to fuel decarbonisation by using science and innovative technologies. The company has footprints in over 100 countries and is actively engaged in scaling and developing energy systems that can boost sustainability.

Other carbon capture, utilization, and storage market players include Mitsubishi Heavy Industries, Ltd., Shell International Limited, Exxon Mobil Corporation, Honeywell International Inc., Aker Solutions ASA, JGC Holdings Corporation, and Dakota Gasification Company, among others.

Key Highlights of the Report