The carbon capture, utilization, transportation, and storage market is projected to grow from USD 3.0 billion in 2022 to USD 14.2 billion by 2030, at a CAGR of 21.5% during the forecast period. Carbon capture, utilization, and storage (also referred to as CCUS) is a process that involves capturing carbon dioxide (CO2), transporting it through pipelines, ships, and other modes of transport, and storing it under the Earth's surface to prevent CO2 emissions, leading to a better atmosphere.
Major players in this market are. Fluor Corporation (US), ExxonMobil Corporation (US), Linde PLC (UK), Royal Dutch Shell PLC (Netherlands), Mitsubishi Heavy Industries Ltd., (Japan), JGC Holdings Corporation (Japan), Schlumberger Ltd., (US), Aker Solutions (Norway), Honeywell International (US), Equinor ASA (Norway), are among a few leading players operating in the carbon capture, utilization, transportation and storage market. Major focus was given to the development of new technologies for carbon capture, utilization, transportation and storage and recent deals due to the changing requirements across the world. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in the carbon capture, utilization, transportation and storage market further.
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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.
Fluor Corporation (US)
Fluor Corporation is one the leading company in the carbon capture, utilization, and storage landscape. It provides carbon capture technology as well as construction services and was ranked 196 amongst the fortune 500 companies in 2021. Fluor Corporation is well known for its project execution capabilities. It provides Engineering, Procurement and Construction (EPC) services to its clients. It has its own patented carbon capture technologies that help businesses to meet their carbon capture targets. The company specializes in post-combustion carbon capture technologies and construction activities.
Fluor Corporation operates in six major business segments: energy & chemicals, mining & industrial, infrastructure & power, government, diversified services, and others. It operates carbon capture, utilization, and storage business under the energy & chemicals segment. Fluor Corporation has been operating for the last 30 years in carbon capture technologies, which reflects expertise in carbon capture technology.
ExxonMobil Corporation (US)
ExxonMobil Corporation is a leading player in the energy and chemical business. The company has the highest carbon capture capacity, nearly double its next competitor and greater than the next five players combined. It has expertise in all three business divisions: chemical, upstream, and downstream operations. The chemical business markets petrochemicals, including a wide variety of performance materials. The upstream business is involved in oil and natural gas exploration. Its downstream business deals in lubricants and derivatives of crude oil.
ExxonMobil Corporation is the oldest name in the carbon capture, utilization, and storage landscape, with 50 years of experience. Currently, it has captured 40% of the total global carbon capture, utilization, and storage capacity.
Linde Plc (UK)
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 (MEA); and Asia Pacific (APAC).
Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), Technology (Chemical Looping, Solvents & Sorbent, Membrane), End-Use Industry, and Region - Global Forecast to 2030
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