The global carbon Capture, Utilization, and Storage market size is projected to grow from USD 2.4 billion in 2022 to USD 4.9 billion by 2027, at a CAGR of 15.1% during the forecast period. Growing emissions of CO2 from the burning of fossil fuels are among the major reasons for global warming. Industrial and fossil fuel power plants generate significant amounts of CO2 into the atmosphere, which is considered the main cause of climate change. Among CO2 mitigation options, carbon capture and storage is regarded as the technology that can significantly reduce the emissions of CO2 from fossil fuel combustion sources. CCUS is a three-stage process: capture, transport, and storage. CO2, once captured from power plants or industrial facilities, is transported to storage sites through ships, pipelines, or trucks.
CCUS is largely used across oil & gas, iron & steel, power generation, cement, and chemical & petrochemical industries. The CCUS process can capture up to 95% of CO2 emissions from a plant that can be utilized for enhanced oil/gas recovery or various commodities, including dry ice, urea, and carbonated beverages. North America dominated the carbon capture, utilization, and storage market, accounting for 50.8% of the market in 2021. This growth can be attributed to stringent government regulations, especially in the US. The oil & gas fields in the North American region have been using the EOR technique to drive fuel to the well during oil & gas production. This process involves using CO2 to pump oil and gas to the well.
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The carbon capture, utilization, and storage market is expected to grow rapidly due to the growing need for reducing carbon emissions and achieving a greener and healthier environment. The major driver for the market is the ever-increasing need to curb carbon emissions. The increasing focus of governments of several countries, including the US, Canada, the UK, and Australia, promotes carbon capture, utilization, and storage by offering tax credits and other benefits to fuel the market.
The major factors that impacted the carbon capture, utilization, and storage market are focus on reducing CO2 emissions, increasing demand for CO2 in EOR applications, and continuous research activities in developing newer technologies. High initial investment and storage concerns have a negative impact on the carbon capture, utilization, and storage market. The following section analyses various drivers, restraints, opportunities and challenges in the carbon capture, utilization, and storage market
The carbon capture, utilization, and storage market is highly consolidated, with major players such as Royal Dutch Shell (Netherlands), Fluor Corporation (US), Mitsubishi Heavy Industries, Ltd. (Japan), Exxon Mobil Corporation (US), and Linde Plc (UK) accounting for a large share of the market. However, small players also account for a significant market share. The key players are continuously adopting several developments, such as expansions, new product launches, and contracts & agreements, to strengthen their foothold in the market and capture additional market share.
Shell PLC, through its subsidiaries, is involved in the exploration, production, and refinement of oil and gas. Five business segments were used by the company to run its operations: integrated gas, upstream, oil products, chemical, and corporate. It makes lubricants, chemicals, and fuel. The corporation is also investing in energy sources, such as improved biofuels and hydrogen, as well as low-carbon ones like wind and solar power. It actively participates in the Carbon Capture, Utilization, and Storage initiative and has contributed to the development of newer technologies for a sustainable future. At Gorgan (Australia), Quest (Canada), and Northern Lights (Norway), it is aggressively implementing CCUS. Shell Plc caters to its customers across North America, South America, Europe, Asia, and the Middle East & Africa.
Linde plc operates in gas and engineering businesses and engages in the production and distribution of industrial gases. It operates its business through seven end-market segments: healthcare, manufacturing, chemicals & refining, metals, electronics, food & beverages, and others. The company conducts its carbon capture and recovery business through the engineering segment and reduces CO2 emissions. It is also involved in recycling CO2 in greenhouse gases through its Dutch subsidiary, OCAP (Netherlands). Through this subsidiary, the company can reinforce its position in the global energy and environment growth markets as one of the leading suppliers of clean technologies for its clean energy program. Linde plc serves several end-use industries, including chemicals & refining, electronics, food & beverage, healthcare, manufacturing, and primary metals. The company has operations in more than 100 countries serving over 2 million customers. It is also launching various application centers worldwide to expand as one of the leading gas & engineering companies. The company has a presence in the Americas; Europe, the Middle East, and Africa (EMEA); and Asia Pacific (APAC).
Exploration, production, transportation, refining, and marketing of petroleum and petroleum-based products are a few of the oil and gas industry activities carried out by Equinor ASA. Crude oil, natural gas, refined goods, natural gas liquids, and others are the companys operating segments. In addition to decommissioning on the Norwegian Continental Shelf, it engages in a variety of businesses involving fields and platforms, terminals and refineries, trading, transport & shipping, renewable energy. The company implements wind and solar energy projects under the renewable energy division and concentrates on offshore operations and exploration initiatives. It is a leader in the development of carbon capture, use, and storage technologies. The same renewable energy division also oversees CCUS-related projects. It has spent more than 20 years actively developing CCUS technology and more than 40 years participating in international CCUS programmes.
Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), Technology (Chemical Looping, Solvents & Sorbent, Bio-Energy CCS, Direct Air Capture), End-Use Industry, and Region - Global Forecast to 2027
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