Carbon Capture Utilization and Storage Market Analysis and Forecast to 2032: By Service (Capture, Transportation, Storage, Utilization), Technology (Pre-Combustion Capture, Oxy-Fuel Combustion Capture, Post-Combustion Capture), End-Use Industry (Oil & Gas

Carbon Capture Utilization and Storage Market Analysis and Forecast to 2032: By Service (Capture, Transportation, Storage, Utilization), Technology (Pre-Combustion Capture, Oxy-Fuel Combustion Capture, Post-Combustion Capture), End-Use Industry (Oil & Gas, Power Generation, Metal Production, Cement, Others), and Region

The Carbon Capture, Utilization, and Storage market size was approximately USD 3 billion in 2022 and it is anticipated to grow further to over USD 8 billion by 2032, at a CAGR of over 10% during the forecast period.

Carbon Capture Utilization and Storage (CCUS) is a technology that can be used to capture carbon dioxide (CO2) emissions from power plants and other industrial facilities, and store it in a way that prevents it from entering the atmosphere. CCUS can be used to capture CO2 from flue gas, which is the gas that is released when coal is burned, or from the exhaust of a natural gas power plant. The CO2 can then be stored underground, in the ocean, or in other geological formations.

CCUS is a promising technology for reducing greenhouse gas emissions, as it has the potential to capture up to 90% of CO2 emissions from power plants. In addition, CCUS can be used to capture CO2 from other industrial sources, such as cement production and steelmaking.

CCUS is still in the early stages of development, and there are a number of challenges that need to be addressed before it can be widely deployed. For example, the cost of capturing and storing CO2 is currently quite high, and there is a need for better technology to ensure that the CO2 is securely stored over the long term. In addition, CCUS will require a significant investment in infrastructure, such as pipelines and storage facilities.

Key Drivers and Trends

The key trends in Carbon Capture Utilization and Storage technology are, Increasing the efficiency of capture, Enhancing the storage options, Reducing the cost of capture and storage, Increasing the use of carbon dioxide for other purposes.

The need to reduce greenhouse gas emissions is one of the most important drivers of the carbon capture utilization and storage market. Greenhouse gas emissions, such as carbon dioxide, are a major contributor to climate change. Carbon capture utilization and storage can help to reduce these emissions by capturing carbon dioxide from power plants and other industrial facilities and storing it underground.

The need to find new ways to store carbon dioxide is another driver of the carbon capture utilization and storage market. Carbon dioxide can be stored underground in depleted oil and gas fields, in saline aquifers, or in other geological formations. Carbon capture utilization and storage can help to reduce the amount of carbon dioxide in the atmosphere and slow the rate of climate change.

Restraints & Challenges

The key restraints and challenges in Carbon Capture Utilization and Storage market are lack of awareness, technical challenges, and high costs. Lack of awareness about CCUS technologies and their benefits is a major challenge in the market. Technical challenges such as lack of experience in deploying CCUS technologies, and lack of infrastructure are also restraints in the market. High costs associated with CCUS technologies is another challenge in the market.

Global Carbon Capture Utilization Storage Market Segmental Overview

The carbon capture utilization and storage market report is bifurcated on the basis of service, technology, end-use industry, and region.

Global Carbon Capture Utilization Storage Market by Service

On the basis of service, it is segmented into capture, transportation, storage, and others. In 2022, the carbon capture, utilization, and storage market was dominated by the capture service sector. The first stage of the CCUS process is carbon capture, which entails capturing CO2 from its source. It is applicable to any large-scale emission process, such as coal-fired power plants, gas and oil production, and manufacturing sectors like cement, iron, and steel. The cost of CO2 capture is highly influenced by technical, economic, and financial factors related to the design and operation of the manufacturing process, as well as the design and operation of the CO2 capture technology.

Global Carbon Capture Utilization Storage Market by Technology

Based on technology, it is analyzed across pre-combustion capture, oxy-fuel combustion capture, and post-combustion capture. In 2022, the post-combustion capture segment made for a significant share of the carbon capture, utilization, and storage market. The separation of CO2 from flue gas generated from combusting fossil fuels - coal, natural gas, or oil - in air is referred to as post-combustion capture. Power consumption has increased significantly in developing economies such as China and India as a result of industrialization, population expansion, and urbanization. As a result, rising power demands in these nations are anticipated to increase the number of coal-fired power plants during the forecast period, accelerating the adoption of post-combustion carbon capture technology in the coming years.

Global Carbon Capture Utilization Storage Market by End-User

By end-use industry, it is spread across oil & gas, power generation, and others. In 2022, the oil and gas sector held a sizable market share for carbon capture, utilization, and storage. CCUS is assisting the oil and gas sector in removing greenhouse gases from the atmosphere. Carbon dioxide stored in deep, onshore, or offshore geological formations is recovered using CCUS technologies developed in the oil and gas industry for improved oil recovery. In other cases, the carbon dioxide in the grease is insoluble. In this case, carbon dioxide injection increases reservoir pressure, assisting in the movement of oil towards the production well.

Global Carbon Capture Utilization Storage Market by Region

Region-wise, it is studied across North America, Europe, Asia-Pacific, and rest of the World. North America is anticipated to drive the CCUS market in countries such as the United States and Canada, owing to rising demand for clean technology and the increasing use of CO2 in enhanced oil recovery practices. The United States employs 75.0% of global carbon capture capacity in enhanced oil recovery operations, accounting for roughly 30 metric tonnes per year.

Key Market Players

The carbon capture utilization and storage market report includes players such as C-Capture(UK), Halliburton(USA), Siemens Energy, Hitachi, Ltd(Japan), Honeywell International Inc(USA), Mirreco(USA), SeeO2 Energy Inc.(Canada), Neustark AG(Switzerland), CarbonFree(USA), and Cemvita Factory Inc.(USA)

Covid-19 Impact

CCUS is mainly used in power plants and natural gas processing plants, where COVID-19 has had little impact. However, due to the lockdown imposed across various countries, it has impacted commercial sectors such as cement plants, chemical plants, and others, which play a very minor role in the CCUS market, and after the reopening of these industries, these industries also quickly adapted to changes and resumed operations after a couple of months of lockdown. However, the lockdown caused a delay for future projects, which has had a minor impact on the development of the CCUS market.

Recent Developments

In October 2021, ExxonMobil Company has expressed interest in capturing, transporting, and storing CO2 from its Fife Ethylene Plant. To accomplish this, it increased its involvement in the Acorn carbon capture project in Scotland.

In September 2020, Mitsubishi Shipbuilding Co., Ltd. (MHI) collaborated with Nippon Kaiji Kyokai (Japan) and Kawasaki Kisen Kaisha, Ltd. (Japan) to carry out test operations and observations for a small-scale ship-based CO2 capture demonstration plant. This technology is currently being tested to ensure that the equipment can be used as a marine-based CO2 capture device.

Frequently Asked Questions

Q1. How big is the Carbon Capture Utilization Storage market?

Ans. The Carbon Capture, Utilization, and Storage market size was approximately USD 3 billion in 2022 and it is anticipated to grow further to over USD 8 billion by 2032, at a CAGR of over 10% during the forecast period.

Q2. What is the Carbon Capture Utilization Storage market growth rate?

Ans. The growth rate of the Carbon Capture Utilization Storage market is 6.3% from 2022 to 2032.

Q3. Which region holds a major market share for the Carbon Capture Utilization Storage market?

Ans. North America holds a major market share of the Carbon Capture Utilization Storage market in 2022.

Q4. Which segment accounted for the largest Carbon Capture Utilization Storage market share?

Ans. On the basis of service, it is segmented into capture, transportation, storage, and others. In 2022, the capture segment generated the most income.

Q5. Who are the key players in the Carbon Capture Utilization Storage market?

Ans. The global Carbon Capture Utilization Storage market report includes players such as C-Capture(UK), Halliburton(USA), Siemens Energy, Hitachi, Ltd(Japan), Honeywell International Inc(USA), Mirreco(USA), SeeO2 Energy Inc.(Canada), Neustark AG(Switzerland), CarbonFree(USA), and Cemvita Factory Inc.(USA).

Q6. What are the factors driving the Carbon Capture Utilization Storage market growth?

Ans. During the forecast period, the global Carbon Capture Utilization Storage market is anticipated to grow due to the increasing the efficiency of capture, enhancing the storage options, reducing the cost of capture and storage and increasing the use of carbon dioxide for other purposes.

Q7. What are the key growth strategies of Carbon Capture Utilization Storage market players?

Ans. The key growth strategies of Carbon Capture Utilization Storage market players are product launch, partnerships, and government initiatives.

Q8. Which region will provide more business opportunities for the Carbon Capture Utilization Storage market during the forecast period?

Ans. The North America region will provide more business opportunities for the Carbon Capture Utilization Storage market during the forecast period.

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