According to a new report by Expert Market Research titled, “Global Carbon Capture, Utilization, and Storage Market Share, Size, Report and Forecast 2024-2032″, the global carbon capture, utilization, and storage market size reached a value of USD 3.53 billion in 2023. Aided by the urgent need to mitigate climate change through the reduction of carbon dioxide emissions, the market is projected to further grow at a CAGR of 14.2% between 2024 and 2032 to reach a value of USD 11.65 billion by 2032.
Carbon capture, utilization, and storage represents a pivotal technology in the global effort to combat climate change, enabling the capture of CO2 emissions from sources like power plants and industrial processes, its subsequent utilisation in various applications, or its permanent storage underground. This technology is crucial for achieving net-zero emissions goals and is integral to strategies aimed at limiting global warming, as outlined in international climate agreements.
The growing consensus on the imperative to address climate change has significantly bolstered the carbon capture, utilization, and storage market growth. Governments worldwide are implementing policies and incentives to support the adoption of CCUS technologies, including tax credits, grants, and regulatory frameworks aimed at reducing greenhouse gas emissions. Moreover, the energy and industrial sectors are increasingly recognising CCUS as a vital component of their sustainability strategies, further driving market growth.
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CCUS technology finds applications across a diverse range of sectors, including power generation, oil and gas, chemicals, cement, and steel manufacturing. As per the carbon capture, utilization, and storage market analysis, these sectors are among the largest contributors to global CO2 emissions, and CCUS offers a viable path to decarbonise these sectors while enabling them to continue their essential operations. The utilization aspect of CCUS, which involves converting captured CO2 into useful products such as chemicals, fuels, and building materials, presents additional economic opportunities and incentives for the adoption of this technology.
A notable trend propelling the carbon capture, utilization, and storage market expansion is the integration of CCUS technologies with renewable energy projects, particularly those involving biomass energy (bioenergy) and the creation of carbon-negative solutions. The combination of bioenergy with carbon capture and storage (BECCS) presents a compelling pathway to not only capture CO2 emissions from biomass combustion but also to remove existing CO2 from the atmosphere. This synergy between renewables and CCUS technologies enhances the potential for achieving net-zero emissions goals and is gaining traction as a viable solution for large-scale carbon removal.
Direct Air Capture (DAC) technology, which involves capturing CO2 directly from the atmosphere, is witnessing rapid advancements and increased interest. As per the carbon capture, utilization, and storage market outlook, DAC offers a promising solution for reducing atmospheric CO2 levels, independent of specific emission sources. Innovations in this space are focused on reducing energy consumption and costs associated with DAC processes, making it a more feasible option for large-scale deployment. As DAC technology matures, it could play a pivotal role in global strategies to combat climate change.
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The acceleration of technological innovation in the CCUS domain is also contributing to carbon capture, utilization, and storage market share. Advances in capture technologies, improvements in storage methods, and the development of novel CO2 utilization processes are enhancing the efficiency and cost-effectiveness of CCUS solutions. These innovations are making CCUS increasingly viable for a broader range of applications, expanding its market potential.
There is a growing demand for innovation to reduce costs and improve the efficiency of CCUS technologies. Furthermore, the expansion of regulatory frameworks and financial incentives can provide a more stable environment for investments in CCUS projects. The development of international collaborations and partnerships in carbon capture, utilization, and storage market is also crucial for sharing knowledge, scaling up technologies, and fostering the global deployment of CCUS solutions.
Market Segmentation
The market can be divided based on service, technology, end use, and region.
Market Breakup by Service
• Capture
• Transportation
• Utilization
• Storage
Market Breakup by Technology
• Pre-combustion
• Oxy-combustion
• Post-combustion
Market Breakup by End Use
• Oil and Gas
• Power Generation
• Iron and Steel
• Chemical and Petrochemical
• Cement
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global carbon capture, utilisation, and storage market. Some of the major players explored in the report by Expert Market Research are as follows:
• Mitsubishi Heavy Industries, Ltd.
• Shell International Limited
• Exxon Mobil Corporation
• Honeywell International Inc.
• Linde plc
• Aker Solutions ASA
• JGC Holdings Corporation
• Schlumberger Limited
• Equinor ASA
• Dakota Gasification Company
• Others
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