Carbon Capture, Utilization, and Storage Market

The carbon capture, utilization, and storage market is projected to grow from USD 5.67 billion in 2026 to USD 13.53 billion by 2031, at a CAGR of 19%.

The international carbon capture, utilization, and storage market is expanding as the global focus on climate targets and net-zero emissions drives governments, industries, and investors to adopt large-scale carbon abatement solutions. Carbon capture, utilization, and storage (CCUS) technologies are increasingly being deployed in hard-to-abate industries, including cement, steel, chemicals, and power generation, to reduce CO2 emissions while enabling continued industrial operations. Declining technology costs, improvements in capture efficiency, and the ability of CCUS to address residual emissions that are difficult to eliminate through clean energy and other decarbonization measures are further supporting market growth.

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The carbon capture, utilization, and storage market is dominated by North America due to favorable tax incentives, regulatory frameworks, and substantial capital investment in carbon management infrastructure. Friendly policies, such as tax credits, carbon pricing, and financing schemes, in addition to strict emission regulations, are driving the market. The expansion of CO2 utilization pathways, including enhanced oil recovery, synthetic fuel production, and chemical manufacturing, is further driving demand for CCUS solutions by creating additional applications for captured CO2. Companies and stakeholders in this market are emphasizing mega-infrastructure projects, public–private collaborations, and the development of end-to-end CO2 value chains to propel investments. However, significant capital expenditure requirements, complex engineering, and integration challenges with existing emission sources can hamper market growth.

Some major manufacturers operating in the carbon capture, utilization, and storage market include Fluor Corporation (US), Exxon Mobil Corporation (US), Linde plc (UK), and Shell Plc. (UK), Mitsubishi Heavy Industries, Ltd. (Japan), Schlumberger Limited (US), Aker Solutions (Norway), Equinor ASA (Norway), TotalEnergies SE (France), and Halliburton (US).

These key players in the CCUS market have adopted a mix of organic and inorganic growth strategies, such as acquisitions, collaborations, partnerships, agreements, and expansions, to enhance their global presence and increase market share. These initiatives have enabled them to expand geographically and deliver carbon capture, transportation, and storage infrastructure across diverse regions. For instance,

• In April 2025, Equinor ASA (Norway), alongside joint venture partners Shell and TotalEnergies, reached a USD 714 million Final Investment Decision (FID) to expand the Northern Lights CCS project phase 2, increasing total CO2 transportation and commercial storage capacity to 5 million tonnes annually.
• In August 2024, Equinor ASA (Norway) completed the phase 1 construction and operational readiness of the Northern Lights CO2 receiving terminal in Oygarden, Norway, establishing Europe's first commercial cross-border CO2 transport and offshore storage infrastructure.

Equinor ASA (Norway)

Equinor ASA operates as a dominant force in the global carbon capture, utilization, and storage market, leveraging three decades of offshore CO2 storage expertise pioneered through its Sleipner project, which has successfully stored over 19 million tons of CO2 since 1996. The Norwegian energy company achieved a historic milestone in August 2025 with the operational launch of Northern Lights—the world's first commercial, open-access, cross-border CO2 transport and storage infrastructure—developed in a joint venture with Shell and TotalEnergies. With the initial 1.5 million tons per annum capacity fully booked, the partners have sanctioned a Phase 2 expansion to increase storage to a minimum of 5 million tons annually. Alongside scaling its European network and forging a digital infrastructure partnership with Microsoft, Equinor expanded its strategic footprint into the US Gulf Coast in 2025 to advance its goal of managing 30 to 50 million tons of CO2 annually by 2035.

Exxon Mobil Corporation (US)

Exxon Mobil Corporation, headquartered in Irving, Texas, is a major player in the carbon capture, utilization, and storage market, operating the largest CO2 pipeline network in the US—over 1,500 miles along the Gulf Coast—bolstered by its acquisition of Denbury Resources in 2023. The company’s low-carbon solutions business has captured over 120 million tons of CO2 historically and is actively transitioning from project development to commercial execution. In early 2026, ExxonMobil launched its first commercial-scale CCS project in Louisiana, capturing up to 2 million tons annually from an industrial complex, with plans to expand capacity by another 3 million tons later in the year. Underscoring its demand-driven strategy, the company signed a 15-year agreement in late 2025 to transport and store 680,000 metric tons of biogenic CO2 per year starting in 2029, part of a targeted USD 20 billion investment in low-carbon solutions through 2030.

MARKET RANKING

The global carbon capture, utilization, and storage market is highly competitive, featuring energy majors, specialists, and engineering firms across the value chain. Equinor ASA leads with extensive offshore storage experience from the Sleipner project and Northern Lights joint venture, providing expertise in CO2 injection, monitoring, and commercial-scale transportation and storage. Shell is another major competitor, leveraging large-scale projects such as Quest, Polaris, and Atlas, alongside its Northern Lights participation, to offer integrated CCUS solutions for industrial decarbonization.

Exxon Mobil holds a prominent position, greatly strengthened by its Denbury acquisition, which expanded its CO2 pipeline infrastructure and carbon management capabilities, alongside its Louisiana Carbon Hub. Fluor competes strongly through its expertise in technology integration, process engineering, and EPC services for CCUS projects, while TotalEnergies is rapidly expanding its presence through investments in CO2 transportation and storage infrastructure. Competitive positioning in this market is influenced by capture efficiency, cost, technology maturity, storage capacity, regulatory compliance, and the ability to provide integrated solutions, with access to geological formations, transportation networks, and long-term liability management serving as key differentiators.

Companies differentiate themselves through their technology portfolios, project execution capabilities, infrastructure ownership, and strategic collaborations with emitters, governments, and financial institutions. While energy giants such as Equinor, Shell, Exxon Mobil, and TotalEnergies benefit from deep capital, subsurface expertise, and infrastructure development capabilities, technology providers and specialized firms gain an edge through innovative, modular, and energy-efficient capture solutions. Ultimately, as the market evolves, competitive advantage will increasingly depend on delivering technically viable, cost-effective, and reliable end-to-end CO2 management solutions across hard-to-abate sectors.

Related Reports:

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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