Carbon, Capture, Utilization, and Storage (CCUS)

Carbon, Capture, Utilization, and Storage (CCUS)

Carbon capture, utilization, and storage (CCUS) play in meeting global energy and climate goals is well-established from decarbonizing hard-to-abate sectors and enabling blue-hydrogen production, to delivering negative emissions from biomass energy and direct air capture.

The Carbon capture, use, and storage (CCUS) Market is expected to grow at a strong CAGR of 13.2% during the forecast period. It is mainly owing to the human emissions of carbon dioxide and other greenhouse gases that are a major driver for climate change globally, it acts as one of the major challenges for the global economy. Moreover, rising need to meet net zero emission goals across the globe various countries are taking steps in that direction which in turn is escalating the demand for CCUS in the market.

Further, in addition, key players in the market are also launching new products and technology in the market to capture and store carbon efficiently. For instance: in may 2022, Aker Carbon Capture commenced building its Just Catch™ modular carbon capture plant at Twence’s waste-to-energy plant in Hengelo, the Netherlands.

• Based on technology, post-combustion caters extensive share of the market and is expected to grow at a significant rate in the forecasted period as well. The post-combustion systems are the most mature capture technology and are expected to be retrofitted to modern and efficient thermal power plants. Post-combustion capture can be retrofitted to almost any existing plant with a large and steady source of CO2 by adding the capture process to the exhaust-gas circuit. Moreover, with a soaring need to capture carbon key players are alliancing to develop technological advance post-combustion capture solutions. For instance: RWE Power, BASF, and Linde partnered and joined forces to develop and advance PCC technologies.
• Based on source, the market is segmented into oil and gas, power generation, chemicals, heavy industries, and hydrogen. Power generation caters extensive share of the market and is anticipated to grow at an influential CAGR in the forecasted period as well. Fossil fuels provide most of the world’s electricity, and power generation is the largest emitter of carbon in the entire energy sector creating almost 40% of global energy-related emissions according to IEA. Therefore, the demand for carbon capture technologies becomes more competitive in the power system owing to their flexibility, reliability, and carbon intensity being fully utilized.
• Based on end-user, the CCUS market is categorized into biological, mineralization, and food processing. The biological segment caters to the highest share and is expected to grow at an influential CAGR. The CCUS application in biological systems is in the field of agriculture, where carbon dioxide can be captured from the atmosphere and utilized by plants for photosynthesis. This process can increase the yield and productivity of crops, while also reducing the carbon footprint of agricultural activities. Furthermore, CCUS can provide a range of benefits in biological systems by reducing greenhouse gas emissions, enhancing productivity, and improving the sustainability of various agricultural, industrial, and environmental activities.
• For a better understanding of the market adoption of Carbon capture, utilization, and storage (CCUS), the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Norway, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Rest of World. North America acquired an extensive share of the CCUS market and is expected to witness an influential CAGR in the forecasted period. It is mainly owing to a large number of CCUS operational projects taking place either in Canada or in the United States. Moreover, favorable government policies, regulations, and investments in achieving net zero emission targets are driving the market. In addition, various ongoing projects in the region are also accelerating the market demand for CCUS. For instance: Petra Nova is a carbon capture facility located in Texas, USA. It captures carbon dioxide (CO2) from a coal-fired power plant and stores it underground. The facility can capture up to 1.6 million metric tons of CO2 per year.
• Some of the major players operating in the market include Fluor Corporation, ExxonMobil Corporation, Linde plc, Royal Dutch Shell, Mitsubishi Heavy Industries, Ltd, JGC Holdings Corporation, Equinor ASA, Schlumberger Limited, Aker Carbon Capture, Carbon Clean Solutions Limited.