The decline in oil and gas resources across the globe has led to the utilization of enhanced oil recovery (EOR) technology, which increases the life of existing oil wells. The increase in demand for CO2 in EOR technology is expected to drive the demand for the CCUS market. In addition, growth in awareness of global warming and strict regulations of the government toward carbon emissions have led to the utilization of CCUS technology.
PORTLAND, Ore., April 5, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Carbon Capture, Utilization, and Storage (CCUS) Market by Service (Capture, Transportation, Utilization, and Storage), Technology (Pre-Combustion Capture, Oxy-Fuel Combustion Capture, and Post-Combustion Capture), and Application (Oil and Gas, Power Generation, Iron and Steel, Chemical and Petrochemical, Cement, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “carbon capture, utilization, and storage (ccus) market” was valued at $3 billion in 2022, and is estimated to reach $10.3 billion by 2032, growing at a CAGR of 13.3% from 2023 to 2032.
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Prime determinants of growth
The global carbon capture, utilization, and storage market is experiencing growth due to several factors such as a growth in focus on reducing CO2 emissions, supporting government initiatives towards zero carbon, and an increase in demand for CO2-EOR techniques. However, the inflated cost of carbon capture, storage, and crude oil prices decrease hinders the market growth. Moreover, a surge in government support and a large number of upcoming projects in the Asia-Pacific region provide opportunities for expanding the carbon capture, utilization, and storage market.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$3 billion |
|
Market Size in 2032 |
$10.3 billion |
|
CAGR |
13.3 % |
|
No. of Pages in Report |
210 |
|
Segments Covered |
Technology, Service, and Application. |
|
Drivers |
Growth in focus on reducing carbon dioxide emission Supporting government initiatives towards zero carbon emissions Increase in demand for CO2-EOR techniques |
|
Opportunity |
Inflated cost of carbon capture, and storage Decrease in crude oil prices |
|
Restraint |
Initial investment cost Large number of upcoming projects in the Asia-Pacific region |
The pre-combustion capture segment is expected to grow faster throughout the forecast period.
By technology, the post-combustion capture segment held the highest market share in 2022, accounting for more than two-fifths of the carbon capture, utilization, and storage market revenue, and is estimated to maintain its leadership status throughout the forecast period. The carbon capture, utilization, and storage market has a high demand in major polluting industries such as thermal power generation, and chemical manufacturing industries. This is driven by its environmental benefits, waste reduction, and its role in promoting sustainable usage of carbon resources in other industries. However, the pre-combustion capture segment is projected to manifest the highest CAGR of 13.8% from 2023 to 2032. Pre-combustion capture is often more efficient than post-combustion capture technology which can remove dilute CO2 from flue gas streams.
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The oil and gas segment is expected to lead the trail by 2032
By application, the oil and gas segment held the highest market share in 2022, accounting for more than half of the carbon capture, utilization, and storage market revenue, and is estimated to dominate during the forecast period. Oil and gas is a major sector where CO2 emissions occur. The application of CCUS in this sector reduces the emission of CO2. In addition, the utilization of enhanced oil recovery techniques is expected to drive the demand for CO2, which is dependent on the CCUS. However, the other segment is projected to manifest the highest CAGR of 14.4% from 2023 to 2032. The increase in stringent regulations toward carbon emission has led to the demand for utilization of carbon capture, utilization, and storage market.
The capture segment is expected to dominate the market by 2032
By service, the capture segment held the highest market share in 2022, accounting for more than two-thirds of the carbon capture, utilization, and storage market revenue, and is estimated to dominate during the forecast period. The presence of a large number of industrial complexes across the globe that release carbon emissions will drive the demand for carbon capture technology due to increase in stringent regulations toward carbon emissions. However, the storage segment is projected to manifest the highest CAGR of 14.5% from 2023 to 2032. The increase in the utilization of carbon in many industries is expected to drive the demand for storage containers and facilities, which have a positive impact on the carbon capture, utilization, and storage market.
North America is expected to dominate the market by 2032
By region, North America held the highest market share in 2022, accounting for more than two-fifths of the carbon capture, utilization, and storage market revenue, and is estimated to dominate during the forecast period. This region is the most developed in the world with the presence of major manufacturing industries and the presence of awareness toward the increasing carbon emission has led to the application of CCUS technology. However, Asia-Pacific is projected to manifest the highest CAGR of 13.9% from 2023 to 2032. The presence of huge population-based countries in this region has led to the presence of a large number of polluting industries that deal with oil and gas processing, chemical manufacturing, and others, which is projected to drive the demand for the carbon capture, utilization, and storage market.
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Leading Market Players: –
- Royal Dutch Shell PLC
- Fluor Corporation
- Mitsubishi Heavy Industries, Ltd.
- Linde Plc
- Exxon Mobil Corporation
- JGC Holdings Corporation
- Schlumberger Limited
- Aker Solutions
- Honeywell International Inc.
- Halliburton Company
The report provides a detailed analysis of these key players in the carbon capture, utilization, and storage market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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