Global Carbon Capture Utilization and Storage Market Analysis & Trends - Industry Forecast to 2030
Carbon Capture Utilization and Storage: Market Size
From $4.43 billion in 2024, the global Carbon Capture Utilization and Storage market is projected to reach $17.57 billion by 2030. Based on our analysis the market is expected to grow at a CAGR of 25.8% from 2024 - 2030 timeframe. Some of the prominent trends that the market is witnessing include announcement of large capacity hydrogen projects, large number of upcoming projects in Asia Pacific, and increasing environmental awareness to increase natural gas demand.
Global Salicylic Acid Market: Market Dynamics
The factors such as the increasing focus on reducing CO2 emissions, rising demand for C02-EOR techniques and rising environmental awareness to increase natural gas demand are driving the market’s growth.
On the other hand, high cost of technology is hampering the market. Moreover, growing CO2 enhanced oil recovery techniques provide ample opportunities for the growth of the market.
Impact of COVID-19 on Carbon Capture Utilization and Storage
This deadly virus has wrought havoc around the globe, particularly in North America and Europe. Companies have shut down operations and industrial facilities, and the government has halted building activity to prevent the virus from spreading further. This has resulted in a decrease in carbon capture utilization and storage usage across end-use sectors.
By End User
Power generation Segment is Growing at a Highest CAGR
The power generation segment is expected to have lucrative growth in the forecast period. Because the industry produces a large quantity of CO2, it draws a wide range of stakeholders to help cut emissions. Fossil fuel power facilities emit large volumes of CO2 into the atmosphere, which is the primary driver of climate change. Carbon capture and storage is the only technology that can significantly reduce CO2 emissions from fossil fuel combustion sources among CO2 mitigation solutions. Currently, the existing fleet of fossil fuel combustion power plants emits considerable volumes of CO2 into the environment (more than 12 billion tons of CO2 per year). This is where carbon capture, use, and storage will be extremely beneficial in reducing CO2 emissions.
By Geography
North America is Leading in the Global Market Place
North America is dominating with the largest market share and the growth of this region can be attributed to rising government support, growing oilfields, increasing demand for clean technology and large scale development projects of carbon capture, utilization, and storage.
List of the Key Players Profiled in the Market Include: • Aker Solutions (Norway)
• ECarbon Capture Utilization and StorageonMobil Corporation (US)
• Equinor ASA (Norway)
• Fluor Corporation (US)
• General Electric (US)
• Halliburton (US)
• Hitachi, Ltd (Japan)
• Honeywell International Inc. (US)
• JGC Holdings Corporation (Japan)
• Linde plc (UK)
• Mitsubishi Heavy Industries, Ltd (Japan)
• Royal Dutch Shell Plc (Netherlands)
• Schlumberger Limited (US)
• Siemens AG (Germany)
• TotalEnergies SE (France)
List of the Regions/Countries Profiled in the Market Include: North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others