Carbon Capture, Utilization, and Storage Market - Global Market Share, Trends, Analysis and Forecast, 2023-2032
The global carbon capture, utilization, and storage market was estimated to be US$ 2.36 Billion in 2022 and is expected grow at a CAGR of 15.6% between 2023 to 2032.
Carbon Capture, Utilization, and Storage (CCUS) is a technology that aims to capture carbon dioxide (CO2) emissions generated from industrial processes and power plants before they are released into the atmosphere, and store or utilize them in a safe and permanent manner.
The goal of CCUS is to mitigate the effects of greenhouse gas emissions on the environment and combat climate change. The utilization of captured CO2 can include enhanced oil recovery, conversion to chemicals, and direct utilization as a feedstock in industrial processes.
The storage of CO2 can be either through underground geological storage or in the form of mineral carbonates. CCUS is considered an important tool in achieving the Paris Agreement's goal of limiting global warming to well below 2°C.
Market Drivers
Growing demand for cleaner energy sources is driving the market growth
Carbon Capture, Utilization, and Storage (CCUS) is an important technology for mitigating the effects of greenhouse gas emissions and combating climate change.
The global CCUS market is driven by several factors, including government regulations and policies promoting CCUS technology, rising demand for carbon credits, growing demand for cleaner energy sources, and growing investment in CCUS research and development.
Governments around the world are implementing policies and regulations aimed at reducing greenhouse gas emissions, which is driving the adoption of CCUS technology. The demand for carbon credits is also growing, as companies seek to offset their carbon emissions.
The demand for cleaner energy sources is increasing due to growing concerns over the environmental impact of traditional energy sources, while investment in CCUS research and development is driving advancements in the technology and the growth of the CCUS market.
Service segmentation of Global Carbon Capture, Utilization, And Storage Market
Utilization segment is growing due to the increasing demand for low-carbon products
On the basis of service, the market is segmented into Capture, Transportation, Utilization, and Storage. Among these segments the largest segment is the capture segment owing to the increasing number of large-scale power plants and industrial facilities that require carbon capture systems to reduce their carbon dioxide emissions.
The capture segment involves the removal of carbon dioxide from flue gas or other emissions streams before it is released into the atmosphere.
As for the fastest-growing segment, it is likely to be the utilization segment, which involves the conversion of captured carbon dioxide into useful products such as fuels, chemicals, and building materials. The utilization segment is growing due to the increasing demand for low-carbon products and the desire to make better use of captured carbon dioxide.
In addition, advancements in conversion technologies, such as carbon capture and utilization (CCU), are making it possible to convert captured carbon dioxide into valuable products more efficiently and cost-effectively.
Technology segmentation of Global Carbon Capture, Utilization, And Storage Market
Direct Air Capture is the fastest-growing technology segment in the market
On the basis of technology, the market is segmented into Chemical looping, Solvents & Sorbents, Bio-Energy CCS, and Direct Air Capture. Among these, the largest segment is Solvents & Sorbents.
Solvents & Sorbents technology involves the use of chemical agents, such as amines, to capture carbon dioxide from flue gas. This technology is widely used in power plants and industrial processes, due to its simplicity, reliability, and low cost compared to other CCUS technologies.
The fastest growing segment of the CCUS market based on technology is Direct Air Capture. Direct Air Capture technology involves the direct removal of carbon dioxide from the air, which makes it an attractive solution for mitigating the effects of emissions from diffuse sources, such as transportation and agriculture.
This technology is in its early stages of development, but is growing rapidly due to increasing investment in research and development and growing demand for low-carbon solutions.
End-user segmentation of Global Carbon Capture, Utilization, And Storage Market
Rising the use of carbon capture technology in the oil and gas industry
On the basis of end-users, the market is segmented into Oil & Gas, Power Generation, Chemical & Petrochemicals, Cement, Iron & Steel, and Other end-user.
Among these segments, the Power Generation segment is the largest owing to the large-scale use of carbon capture technology in power plants. Power plants are a significant source of carbon dioxide emissions, and the use of carbon capture technology helps to reduce these emissions, making it an important end-user segment for the CCUS market.
The Oil & Gas segment is the fastest growing end-user segment, due to the increasing use of carbon capture technology in the oil and gas industry. The oil and gas industry is a significant source of carbon dioxide emissions, and the use of carbon capture technology helps to reduce these emissions, making it a growing end-user segment for the CCUS market.
Additionally, the use of carbon capture and utilization technology in Enhanced Oil Recovery (EOR) processes is also contributing to the growth of the Oil & Gas segment.
Regional trends of the Global Carbon Capture, Utilization, And Storage Market
CCUS technology has been increasingly used in North America
Geographically, the global carbon capture, utilization, and storage market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Among these, the largest segment is North America, owing to the presence of large numbers of carbon capture and storage projects in the region, as well as strong government support for CCUS technology. North America is a major producer of oil and natural gas, and the use of CCUS technology has been increasingly adopted in the region to reduce the carbon footprint of these industries.
While, the fastest growing segment is Asia-Pacific, due to the increasing demand for clean energy and the growing adoption of CCUS technology in countries such as China, India, and Japan.
The region is experiencing rapid economic growth, and this is leading to an increase in energy demand and a corresponding increase in greenhouse gas emissions. To address this challenge, countries in the Asia-Pacific region are increasingly turning to CCUS technology as a means of reducing their carbon footprint and achieving their climate goals.
Key players and market strategies:
One of the key growth strategies adopted by companies operating in the global Carbon Capture, Utilization, and Storage (CCUS) market is partnerships and collaborations. Companies are partnering with other organizations and research institutions to develop advanced CCUS technologies and to accelerate the commercialization of these technologies.
For example, in the oil and gas sector, companies are partnering with engineering and technology firms to develop and deploy CCUS systems in oil and gas production facilities.
Another key growth strategy adopted by companies in the CCUS market is investment in research and development (R&D) activities. Companies are investing in R&D to develop advanced CCUS technologies and to improve the efficiency and cost-effectiveness of existing technologies.
Companies are also investing in R&D to develop new applications for CCUS technology, such as carbon utilization, which involves using captured carbon dioxide as a feedstock for chemical production.
Some of the biggest companies operating in the global carbon capture, utilization, and storage market are Royal Dutch Shell, Fluor Corporation, Mitsubishi Heavy Industries, Ltd., Exxon Mobil Corporation, and Linde Plc, JGC Holdings, Schlumberger Ltd, Aker Solutions, Honeywell International, Equinor ASA, and many more.
Global Carbon Capture, Utilization, And Storage Market Segmentation:
By Service
- Capture
- Transportation
- Utilization
- Storage
By Technology
- Chemical looping
- Solvents & Sorbents
- Bio-Energy CCS
- Direct Air Capture
By End-Users
- Oil & Gas
- Power Generation
- Chemical & Petrochemicals
- Cement
- Iron & Steel
- Other end-user
By Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
- Introduction
- Research Objectives
- Report Assumptions
- Research Methodology
- Abbreviations
- Preface
- Market Definition
- Report Scope and Market Segmentation
- Research Highlights
- Market Synopsis: Global Carbon Capture, Utilization, and Storage Market
- Global Carbon Capture, Utilization, and Storage Market Qualitative Analysis
- Trends
- Market trends
- Technology Trends
- PESTLE Analysis (For 3 prominent countries)
- Market Influencers
- Driving Forces
- Hindering Forces
- Opportunities
- COVID-19 impact
- Porter’s Five Forces Analysis
- Value Chain Analysis
- Trends
- Global Carbon Capture, Utilization, and Storage Market Analysis and Forecast, by Service
- Overview and definitions
- Key segment analysis
- Global Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), Service, 2019 – 2032
- Capture
- Transportation
- Utilization
- Storage
- Global Carbon Capture, Utilization, and Storage Market Analysis and Forecast, by Technology
- Overview and definitions
- Key segment analysis
- Global Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by Technology, 2019 – 2032
- Chemical looping
- Solvents & Sorbents
- Bio-Energy CCS
- Direct Air Capture
- Global Carbon Capture, Utilization, and Storage Market Analysis and Forecast, by End Use
- Overview and definitions
- Key segment analysis
- Global Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by End Use, 2019 – 2032
- Oil & Gas
- Power Generation
- Chemical & Petrochemicals
- Cement
- Iron & Steel
- Other end-user
- Global Carbon Capture, Utilization, and Storage Market Analysis and Forecast, by Region
- Overview and definitions
- Key segment analysis
- Global Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by Region, 2019 – 2032
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Carbon Capture, Utilization, and Storage Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- North America Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), Service, 2019 – 2032
- Capture
- Transportation
- Utilization
- Storage
- North America Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by Technology, 2019 – 2032
- Chemical looping
- Solvents & Sorbents
- Bio-Energy CCS
- Direct Air Capture
- North America Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by End Use, 2019 – 2032
- Oil & Gas
- Power Generation
- Chemical & Petrochemicals
- Cement
- Iron & Steel
- Other end-user
- North America Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by Country, 2019 – 2032
- United States
- Canada
- Rest of North America
- Europe Carbon Capture, Utilization, and Storage Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Europe Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), Service, 2019 – 2032
- Capture
- Transportation
- Utilization
- Storage
- Europe Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by Technology, 2019 – 2032
- Chemical looping
- Solvents & Sorbents
- Bio-Energy CCS
- Direct Air Capture
- Europe Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by End Use, 2019 – 2032
- Oil & Gas
- Power Generation
- Chemical & Petrochemicals
- Cement
- Iron & Steel
- Other end-user
- Europe Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by Country, 2019 – 2032
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific Carbon Capture, Utilization, and Storage Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Asia Pacific Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), Service, 2019 – 2032
- Capture
- Transportation
- Utilization
- Storage
- Asia Pacific Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by Technology, 2019 – 2032
- Chemical looping
- Solvents & Sorbents
- Bio-Energy CCS
- Direct Air Capture
- Asia Pacific Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by End Use, 2019 – 2032
- Oil & Gas
- Power Generation
- Chemical & Petrochemicals
- Cement
- Iron & Steel
- Other end-user
- Asia Pacific Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by Country, 2019 – 2032
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa Carbon Capture, Utilization, and Storage Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Middle East & Africa Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), Service, 2019 – 2032
- Capture
- Transportation
- Utilization
- Storage
- Middle East & Africa Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by Technology, 2019 – 2032
- Chemical looping
- Solvents & Sorbents
- Bio-Energy CCS
- Direct Air Capture
- Middle East & Africa Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by End Use, 2019 – 2032
- Oil & Gas
- Power Generation
- Chemical & Petrochemicals
- Cement
- Iron & Steel
- Other end-user
- Middle East & Africa Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by Country, 2019 – 2032
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America Carbon Capture, Utilization, and Storage Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- South America Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), Service, 2019 – 2032
- Capture
- Transportation
- Utilization
- Storage
- South America Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by Technology, 2019 – 2032
- Chemical looping
- Solvents & Sorbents
- Bio-Energy CCS
- Direct Air Capture
- South America Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by End Use, 2019 – 2032
- Oil & Gas
- Power Generation
- Chemical & Petrochemicals
- Cement
- Iron & Steel
- Other end-user
- South America Carbon Capture, Utilization, and Storage Market Estimates (US$ Mn), by Country, 2019 – 2032
- Brazil
- Argentina
- Rest of South America
- Competition Analysis – Global Carbon Capture, Utilization, and Storage Market
- Market Composition
- Market Share Analysis (%), by Supplier (2022)
- Company Profiles
- Royal Dutch Shell
- Business overview
- Geographic presence
- Product portfolio
- Financial facts
- Relevant news and strategic view
- Fluor Corporation
- Mitsubishi Heavy Industries, Ltd.
- Exxon Mobil Corporation
- Linde Plc
- JGC Holdings
- Schlumberger Ltd
- Aker Solutions
- Honeywell International
- Equinor ASA
- Royal Dutch Shell
- Conclusion & Recommendations
Frequently asked questions about this report
How big is the carbon capture, utilization, and storage market?
The carbon capture, utilization, and storage market was estimated to be US$ 2.36 Billion in 2022.
What is the CAGR of the carbon capture, utilization, and storage market?
The carbon capture, utilization, and storage market is estimated to exhibit a CAGR of 15.6% from 2023 to 2032.
What are the major driving factor in the carbon capture, utilization, and storage market?
The demand for cleaner energy sources is increasing due to growing concerns over the environmental impact of traditional energy sources, while investment in CCUS research and development is driving advancements in the technology and the growth of the carbon capture, utilization, and storage market.
Which is the largest regional-level market for carbon capture, utilization, and storage market?
North America is the largest carbon capture, utilization, and storage market, owing to the presence of large numbers of carbon capture and storage projects in the region, as well as strong government support for CCUS technology.
Which technology is the fastest-growing in the carbon capture, utilization, and storage market?
The fastest growing segment of the CCUS market based on technology is Direct Air Capture. This technology is in its early stages of development, but is growing rapidly due to increasing investment in research and development and growing demand for low-carbon solutions.
Which are leading companies in the carbon capture, utilization, and storage market?
Some of the leading companies in the global carbon capture, utilization, and storage market are Royal Dutch Shell, Fluor Corporation, Mitsubishi Heavy Industries, Ltd., Exxon Mobil Corporation, and Linde Plc, JGC Holdings, Schlumberger Ltd, Aker Solutions, Honeywell International, Equinor ASA, and many more.
Which service is the largest in the carbon capture, utilization, and storage market?
The largest segment is the capture segment owing to the increasing number of large-scale power plants and industrial facilities that require carbon capture systems to reduce their carbon dioxide emissions.