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Global Carbon Capture, Utilization, and Storage Market Size, Share, Trends, Analysis, Forecast: By Service: Capture, Transportation, Utilization, Storage; By Technology: Pre-combustion, Oxy-combustion, Post-combustion; By End Use: Oil and Gas, Power Generation, Iron and Steel, Others; Regional Analysis; Competitive Landscape; 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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Service |
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| Breakup by Technology |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Carbon Capture, Utilization, and Storage Market Analysis
8.1 Key Industry Highlights
8.2 Global Carbon Capture, Utilization, and Storage Historical Market (2018-2023)
8.3 Global Carbon Capture, Utilization, and Storage Market Forecast (2024-2032)
8.4 Global Carbon Capture, Utilization, and Storage Market by Service
8.4.1 Capture
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Transportation
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Utilization
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Storage
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.5 Global Carbon Capture, Utilization, and Storage Market by Technology
8.5.1 Pre-combustion
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Oxy-combustion
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Post-combustion
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Carbon Capture, Utilization, and Storage Market by End Use
8.6.1 Oil and Gas
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Power Generation
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Iron and Steel
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Chemical and Petrochemical
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Cement
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Others
8.7 Global Carbon Capture, Utilization, and Storage Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Carbon Capture, Utilization, and Storage Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Carbon Capture, Utilization, and Storage Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Carbon Capture, Utilization, and Storage Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Carbon Capture, Utilization, and Storage Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Carbon Capture, Utilization, and Storage Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Mitsubishi Heavy Industries, Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Shell International Limited
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Exxon Mobil Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Honeywell International Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Linde plc
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Aker Solutions ASA
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 JGC Holdings Corporation
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Schlumberger Limited
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Equinor ASA
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Dakota Gasification Company
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Carbon Capture, Utilization, and Storage Market: Key Industry Highlights, 2018 and 2032
2. Global Carbon Capture, Utilization, and Storage Historical Market: Breakup by Service (USD Billion), 2018-2023
3. Global Carbon Capture, Utilization, and Storage Market Forecast: Breakup by Service (USD Billion), 2024-2032
4. Global Carbon Capture, Utilization, and Storage Historical Market: Breakup by Technology (USD Billion), 2018-2023
5. Global Carbon Capture, Utilization, and Storage Market Forecast: Breakup by Technology (USD Billion), 2024-2032
6. Global Carbon Capture, Utilization, and Storage Historical Market: Breakup by End Use (USD Billion), 2018-2023
7. Global Carbon Capture, Utilization, and Storage Market Forecast: Breakup by End Use (USD Billion), 2024-2032
8. Global Carbon Capture, Utilization, and Storage Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Carbon Capture, Utilization, and Storage Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Carbon Capture, Utilization, and Storage Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Carbon Capture, Utilization, and Storage Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Carbon Capture, Utilization, and Storage Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Carbon Capture, Utilization, and Storage Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Carbon Capture, Utilization, and Storage Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Carbon Capture, Utilization, and Storage Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Carbon Capture, Utilization, and Storage Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Carbon Capture, Utilization, and Storage Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Carbon Capture, Utilization, and Storage Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Carbon Capture, Utilization, and Storage Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Carbon Capture, Utilization, and Storage Market Structure
Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 3.53 billion.
The market is assessed to grow at a CAGR of 14.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 11.65 billion by 2032.
The market is being driven by the rising focus on decarbonisation, the introduction of government initiatives to enhance sustainable growth, and the increasing deployment of CCUS technology to covert captured CO2 to value-added products.
The key trends aiding the market include growing investments in clean energy solutions and the rising application of CCUS in the oil and gas sector to convert greenhouse gases into natural gas formations.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major end uses of carbon capture, utilization, and storage are oil and gas, power generation, iron and steel, chemical and petrochemical, and cement, among others.
The major players in the market are 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, and Dakota Gasification Company, among others.
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