Carbon Capture, Utilization, and Storage Market worth $13.53 billion by 2031
The report "Carbon Capture, Utilization, and Storage Market by Service (Capture, Storage, Utilization, Transportation), Technology (Chemical Looping, Solvents & Sorbents, Membranes), End-use Industry, and Region - Global Forecast to 2031" is projected to reach USD 13.53 billion by 2031 from USD 5.67 billion in 2026, at a CAGR of 19%.
Browse 350 market data Tables and 100 Figures spread through 320 Pages and in-depth TOC on "Carbon Capture, Utilization, and Storage Market, by Service (Capture, Storage, Utilization, Transportation), Technology (Chemical Looping, Solvents & Sorbents, Membranes), End-use Industry, and Region - Global Forecast to 2031"
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The presence of several major energy and technology companies significantly influences the carbon capture, utilization, and storage market. Equinor (Norway), Shell plc (UK), TotalEnergies SE (France), ExxonMobil (US), Fluor Corporation (US), Linde plc (UK), Mitsubishi Heavy Industries, Ltd. (Japan), Schlumberger Limited (US), Aker Solutions (Norway), and Honeywell International (US) are some of the key developers and technology providers driving market development. These companies deliver integrated CCUS solutions that leverage post-combustion capture, direct air capture (DAC), chemical absorption, and permanent geological storage technologies. These solutions are applied across hard-to-abate sectors such as power generation, oil & gas, chemicals, cement, and steel production. Key regional applications include shared transport and storage hubs, such as the Northern Lights project in Norway and the Porthos project in the Netherlands, which utilize cross-border pipelines and subsea storage formations to aggregate emissions from multiple industrial sites.
By service, the capture segment accounted for the largest market share in 2025.
Carbon capture services accounted for the largest market share in 2025, supported by their foundational role in enabling downstream CO2 utilization and storage activities. Segmental growth is driven by high capital requirements, complex integration with point-source emission systems, and increasingly stringent net-zero regulations across power generation, cement, steel, and chemical manufacturing. High capture efficiency, reliable continuous operation, and modular scalability offered by advanced solvent, membrane, and adsorption technologies further support adoption. In addition, rising carbon prices, fiscal incentives, and the expansion of commercial-scale CCUS projects are accelerating the demand for carbon capture services.
By end-use industry, the chemicals & petrochemicals segment accounted for the third-largest market share, in terms of value and volume, in 2025.
In 2025, chemicals & petrochemicals held the third-largest end-use industry segment in the carbon capture, utilization, and storage market, supported by the high concentration of CO2 streams inherently produced during industrial processing. The widespread need for point-source emission reduction in refineries, ethylene plants, and ammonia facilities is accelerating retrofits. Capturing carbon in chemical production offers key operational benefits, including direct integration into existing gas separation loops, reduced capital intensity per ton captured, and revenue opportunities through feedstock conversion into urea, methanol, or enhanced oil recovery (EOR) media. Furthermore, tightening environmental compliance standards and high internal engineering expertise are accelerating project execution.
By region, Europe is projected to be the fastest-growing market during the forecast period.
Europe is expected to exhibit the highest CAGR in the global carbon capture, utilization, and storage market during the forecast period, driven by aggressive decarbonization mandates under the EU Green Deal, strict Emissions Trading System (ETS) carbon pricing, and heavy public funding. Heightened climate policies and corporate net-zero commitments are propelling adoption across dense industrial clusters. The growth of shared transport and storage networks, rapid development of offshore North Sea storage formations, and expanding cross-border pipeline infrastructure (such as Northern Lights and Porthos) are creating vast deployment opportunities. Additionally, public-private co-funding, regulatory support for industrial carbon management, and strategic capital allocation across steel, cement, and power facilities will sustain market growth across the region.
Key Players
Prominent companies in the global carbon capture, utilization, and storage market include Fluor Corporation (US), Exxon Mobil Corporation (US), Linde plc (UK), Shell Plc. (UK), Mitsubishi Heavy Industries, Ltd. (Japan), JGC Holdings Corporation (Japan), Schlumberger Limited (US), Aker Solutions (Norway), Honeywell International (US), Equinor ASA (Norway), TotalEnergies SE (France), Hitachi Ltd (Japan), Siemens AG (Germany), GE Vernova (US), and Halliburton (US).
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