Carbon Capture, Utilization, & Storage Market by Service (Capture, Storage, Transportation), Technology (Oxy-Fuel Combustion Capture, Post-Combustion Capture, Pre-Combustion Capture), End-Use Industry - Global Forecast 2024-2030
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.
Regional Insights
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.
Market Insights
- Market Dynamics
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.- Market Drivers
- Growing industrialization and focus on reducing CO₂ emissions
- Increasing demand for CO₂-enhanced oil recovery techniques
- Favorable government initiatives to support carbon capture, utilization & storage
- Market Restraints
- Requirements of huge capital for carbon capture and specific storage facilities
- Market Opportunities
- Large number of upcoming projects for carbon capture, utilization, and sequestration
- Potential growth of advanced carbon capture, utilization and storage technologies
- Market Challenges
- Concern regarding safety issues of active CCS plants
- Market Segmentation Analysis
- Service: Significant environmental benefits provided by the control of carbon emissions
- Technology: Expanding advancements in oxy-fuel combustion in carbon capture, utilization, and storage technologies
- End-Use Industry: Ability of carbon capture, utilization, and storage to cater emerging application in power generation and cement industry
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
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).
Market Share Analysis
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.
Recent Developments- 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.
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.
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.
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.
Key Company Profiles
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.
Market Segmentation & Coverage
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
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Growing industrialization and focus on reducing CO₂ emissions
- 5.1.1.2. Increasing demand for CO₂-enhanced oil recovery techniques
- 5.1.1.3. Favorable government initiatives to support carbon capture, utilization & storage
- 5.1.2. Restraints
- 5.1.2.1. Requirements of huge capital for carbon capture and specific storage facilities
- 5.1.3. Opportunities
- 5.1.3.1. Large number of upcoming projects for carbon capture, utilization, and sequestration
- 5.1.3.2. Potential growth of advanced carbon capture, utilization and storage technologies
- 5.1.4. Challenges
- 5.1.4.1. Concern regarding safety issues of active CCS plants
- 5.2. Market Segmentation Analysis
- 5.2.1. Service: Significant environmental benefits provided by the control of carbon emissions
- 5.2.2. Technology: Expanding advancements in oxy-fuel combustion in carbon capture, utilization, and storage technologies
- 5.2.3. End-Use Industry: Ability of carbon capture, utilization, and storage to cater emerging application in power generation and cement industry
- 5.3. Market Trend Analysis
- 5.3.1. Ongoing technological innovations expanding the scope of CCUS in the Americas
- 5.3.2. Government initiatives to increase usage of CCUS technologies in Asia-Pacific region
- 5.3.3. Increasing number of CCUS projects and government investments to boost CCUS in the EMEA region
- 5.4. Cumulative Impact of Russia-Ukraine Conflict
- 5.5. Cumulative Impact of High Inflation
- 5.6. Porter’s Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
- 5.7. Value Chain & Critical Path Analysis
- 5.8. Regulatory Framework Analysis
- 5.9. Client Customization
- 5.9.1. Technological Trends
- 6. Carbon Capture, Utilization, & Storage Market, by Service
- 6.1. Introduction
- 6.2. Capture
- 6.3. Storage
- 6.4. Transportation
- 6.5. Utilization
- 7. Carbon Capture, Utilization, & Storage Market, by Technology
- 7.1. Introduction
- 7.2. Oxy-Fuel Combustion Capture
- 7.3. Post-Combustion Capture
- 7.4. Pre-Combustion Capture
- 8. Carbon Capture, Utilization, & Storage Market, by End-Use Industry
- 8.1. Introduction
- 8.2. Cement
- 8.3. Chemical & Petrochemical
- 8.4. Iron & Steel
- 8.5. Oil & Gas
- 8.6. Power Generation
- 9. Americas Carbon Capture, Utilization, & Storage Market
- 9.1. Introduction
- 9.2. Argentina
- 9.3. Brazil
- 9.4. Canada
- 9.5. Mexico
- 9.6. United States
- 10. Asia-Pacific Carbon Capture, Utilization, & Storage Market
- 10.1. Introduction
- 10.2. Australia
- 10.3. China
- 10.4. India
- 10.5. Indonesia
- 10.6. Japan
- 10.7. Malaysia
- 10.8. Philippines
- 10.9. Singapore
- 10.10. South Korea
- 10.11. Taiwan
- 10.12. Thailand
- 10.13. Vietnam
- 11. Europe, Middle East & Africa Carbon Capture, Utilization, & Storage Market
- 11.1. Introduction
- 11.2. Denmark
- 11.3. Egypt
- 11.4. Finland
- 11.5. France
- 11.6. Germany
- 11.7. Israel
- 11.8. Italy
- 11.9. Netherlands
- 11.10. Nigeria
- 11.11. Norway
- 11.12. Poland
- 11.13. Qatar
- 11.14. Russia
- 11.15. Saudi Arabia
- 11.16. South Africa
- 11.17. Spain
- 11.18. Sweden
- 11.19. Switzerland
- 11.20. Turkey
- 11.21. United Arab Emirates
- 11.22. United Kingdom
- 12. Competitive Landscape
- 12.1. Market Share Analysis, 2023
- 12.2. FPNV Positioning Matrix, 2023
- 12.3. Competitive Scenario Analysis
- 12.3.1. NREL Collaborates on USD 15 million Multilaboratory Efforts To Advance Commercialization of Carbon Dioxide Removal
- 12.3.2. Expro wins contract with Inpex for carbon capture, utilization and storage pilot project
- 12.3.3. CGG, C-Questra form partnership to accelerate CCUS development
- 12.3.4. Worley awarded FEED for QatarEnergy LNG’s largest CO2 sequestration project
- 12.3.5. ExxonMobil Announces Acquisition of Denbury
- 12.3.6. Lapis Energy and Denbury Form JV to Develop CO2 Sequestration Project in SE Louisiana
- 12.3.7. India and the U.S. Likely to Join Forces on Green H2, Carbon Capture and Battery Energy Storage
- 12.3.8. Technip Energies Launches Canopy by T.EN, Making Carbon Capture Accessible for Every Emitter
- 12.3.9. Carbon America and Svante Announce Collaboration to Accelerate Carbon Capture Deployment in the U.S.
- 12.3.10. MHI and Saipem to Collaborate on CO2 Capture Technologies
- 12.3.11. GE and Svante Announce Collaboration to Develop Carbon Capture Technology for Power Generation
- 12.3.12. Ecopetrol Selects Honeywell Technology For Advanced Solvent Carbon Capture Study In Colombia
- 12.3.13. US Announces USD 2.5 Billion Funding for Carbon Capture Technologies
- 12.3.14. LanzaTech and AMCI Acquisition Corp. II Announce Closing of Business Combination, Establishing First Public Carbon Capture and Transformation Company
- 12.3.15. Chevron Invests in Carbon Capture and Removal Technology Company, Svante
- 12.3.16. ExxonMobil, Mitsubishi Heavy Industries form Carbon Capture Technology Alliance
- 12.3.17. Atlas Copco Gas and Process Compressor Supports CO2 Storage at Shell Energy and Chemicals Park
- 13. Competitive Portfolio
- 13.1. Key Company Profiles
- 13.2. Key Product Portfolio
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