High Investments, Growing Applications And Number Of Projects, And Declining Cost To Drive The Global Carbon Capture, Utilization, & Storage Market

By Author: Robin White
Total Articles: 94
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The global carbon capture, utilization, & storage market size was USD 1.9 billion in 2021 and is expected to reach USD 4.1 billion by 2026, projecting a CAGR of 17.0% between 2021 and 2026. Stronger investment incentives and high emphasis on acieving zero carbon emission targets are driving the market. Further, the growing range of applications, declining costs, and emergence of new business models are expected to drive the market growth. CCUS is a three-stage process: capture, transport, and storage. CO2, once captured from the power plants or industrial facilities, is transported to the storage site through ships, pipelines, or trucks. As CCUS is regarded as the only technology that can significantly reduce the emissions of CO2 from fossil fuel combustion sources, the market would surely see a rising trend during the forecast period.

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CCUS ...
... is majorly 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, & storage market, in 2020. Stringnet government regulations, especially in the US coupled with enhanced use of tertiary recovery in the oil & gas industry are driving the market growth in the region.

Major players in eth market include Royal Dutch Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries, Ltd. (Japan), Linde PLC (UK), Hitachi, Ltd.(Japan), Exxon Mobil Corporation (US), JGC Holdings Corporation (Japan), Honeywell International, Inc. (US), Halliburton (US), Siemens AG () and Schlumberger Limited (US).

Oil & gas is the dominating end-use industry in the carbon capture, utilization, and storage is market. High volumes of carbon emisiion from oil & gas industry has compelled the oil & gas producers and suppliers to focus on CCUS technology. Thus, natural gas processing plants are now of the major user of CCUS process. Further, the lesser cost of capturing CO2 from the oil l& gas plants is one fo the key reason behind the high market share in the oil & gas industry. Apart from oil & gas, CCUS is also used across power generation, cement, iron & steel, and other end-use industries to limit CO2 emissions.

COVID-19 outbreak has led to severe supply chain disruptions and a temporary halt across various industries. Despite substantial investments and commitments to CCUS, the economic downturn due to COVID-19 could undermine future investment plans. Further.lockdown imposed by various countries has impacted the progress of upcoming CCUS projects, and this could led to delay in the upcoming carbon capture projects.

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