CCUS Absorption Market

CCUS Absorption Market worth $1.7 billion in 2030

The report "CCUS Absorption Market by Absorption Type (Chemical Absorption, Physical Absorption), End-Use Industry (Oil & Gas, Power Generation, Chemical & Petrochemical, Cement, Iron & Steel), and Region - Global Forecast to 2030", is expected to grow at an average CAGR of 26.5%, from USD 0.4 billion in 2024 to USD 1.7 billion in 2030. The implementation of CCUS absorption by industries is being driven by government support and policy initiatives. In the UK, the government has announced significant public funding for new CCUS projects and is adopting a three-pronged approach, including policy support, industrial hubs with shared CO2 transport and storage infrastructure, and investment in technology innovation. China has been building its domestic CCUS technology capacity since 2007 and has undertaken industry-level pilot projects for carbon capture technologies. India has also set out a roadmap for the adoption of CCUS, involving collaboration between industry partners and the government. These government-led initiatives are crucial for accelerating the deployment of CCUS technologies in various industries.

Browse 160 market data Tables and 90 Figures spread through 300 Pages and in-depth TOC on "CCUS Absorption Market by Absorption Type (Chemical Absorption, Physical Absorption), End-Use Industry (Oil & Gas, Power Generation, Chemical & Petrochemical, Cement, Iron & Steel), and Region - Global Forecast to 2030"
View detailed Table of Content here -

Chemical Absorption segment comprise a major share of the CCUS Absorption market, in terms of value and volume.

The chemical absorption process is a widely used technique for capturing CO2 in Carbon Capture, Utilisation and Storage (CCUS) projects. It involves the reversible reaction of CO2 with a chemical solvent, typically an amine-based solution. In this process, the CO2-rich flue gas first undergoes pre-treatment to remove contaminants and cool down the gas. It then enters an absorption column where the CO2 is continuously absorbed by the solvent. The CO2-lean flue gas exits the top of the absorber, while the CO2-rich solvent is transferred to a desorption unit (stripper). In the stripper, the solvent is heated, causing the CO2 to be stripped out, resulting in a pure CO2 stream at the top. The regenerated solvent is then circulated back to the absorber. The captured CO2 can be further processed, compressed, and transported for utilization or storage.

Oil & gas industry is the dominating end-use industry in the global CCUS Absorption market in terms of value

The oil and gas end-use industry dominates the adoption of Carbon Capture, Utilization, and Storage (CCUS) absorption technology. This is due to the industry's significant carbon footprint and the need to reduce emissions to meet environmental regulations and climate change goals. CCUS technology helps the industry by capturing CO2 emissions from natural gas processing plants, which is a major source of emissions. The technology also enables the industry to utilize captured CO2 in various applications, such as enhanced oil recovery (EOR) and enhanced coal bed methane recovery (ECBM). Additionally, CCUS technology can help the industry to store CO2 in geological formations, reducing the risk of leakage and environmental impact. The adoption of CCUS technology by the oil and gas industry is crucial for achieving a low-carbon future and reducing the industry's carbon footprint.

Asia Pacific to be the fastest-growing region in the CCUS Absorption market during the forecast period

The North American region has dominated the adoption of Carbon Capture, Utilization, and Storage (CCUS) absorption technology. This is due to the region's significant carbon footprint from industries such as oil and gas, power generation, and manufacturing. The US government has been actively encouraging the adoption of CCUS technology through policies and incentives, such as the 45Q tax credit and the Clean Power Plan. As a result, many companies, including ExxonMobil, Chevron, and Occidental Petroleum, have invested heavily in CCUS projects. The region's regulatory environment and technological advancements have also contributed to the widespread adoption of CCUS technology. Additionally, the North American market is expected to continue growing, driven by the increasing focus on reducing CO2 emissions and the development of innovative CCUS technologies.

Some of the key players in the global CCUS Absorption market includes ExxonMobil Corporation (US), Equinor ASA (Norway), Honeywell International Inc. (US), Fluor Corporation (US), Mitsubishi Heavy Industries Ltd. (Japan), Royal Dutch Shell Plc (Britain), TotalEnergies SE (France), BASF SE (Germany), JGC Holdings Corporation (Japan), Schlumberger Ltd. (US), Aker Solutions (Norway), Siemens AG (Germany), Hitachi Ltd. (Japan), General Electric (US), Chevron Ion Clean Energy (US).

Don’t miss out on business opportunities in CCUS Absorption Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

CCUS Absorption Market Size,  Share & Growth Report
Report Code
CH 9055
PR Published ON
Choose License Type
Request Customization
Speak to Analyst
Speak to Analyst
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
  • What are the Known and Unknown Adjacencies Impacting the CCUS Absorption Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
©2024 MarketsandMarkets Research Private Ltd. All rights reserved Protection Status

Digital Virtual Assistant - MarketsandMarkets