The global Carbon Capture, Utilization, and Storage (CCUS) Market size was estimated at USD 3,500 million in 2024 and is projected to reach USD 12,002.1 million in 2031 at a CAGR of 22.8 % during the forecast period 2025-2031.
The Carbon Capture, Utilization, and Storage (CCUS) market focuses on technologies and processes designed to capture carbon dioxide emissions from industrial sources and prevent their release into the atmosphere. These solutions aim to address the global challenge of reducing greenhouse gas emissions, a critical aspect of mitigating climate change. CCUS technologies encompass three primary functions: capture of CO2 from sources like power plants and industrial processes, transportation through pipelines or other means, and storage in geological formations or utilization in various industries such as manufacturing and enhanced oil recovery.
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Key drivers of the CCUS market include the urgent need to address climate change, government support through funding and policy frameworks, and advancements in carbon capture technologies. The continued rise in carbon emissions, especially from hard-to-decarbonize sectors, further amplifies the market's importance.
Key Findings:
By service, the CCUS market is divided into four key segments: capture, transportation, utilization, and storage. The capture service segment held the largest market share in 2022, as it represents the first step in the CCUS process, involving the capture of CO2 from its emission source.
By technology, the market is categorized into pre-combustion capture, oxy-fuel combustion capture, and post-combustion capture. In 2022, the post-combustion capture segment held the largest share. This technology involves separating CO2 from flue gas produced by burning fossil fuels such as coal, natural gas, or oil.
By application, the oil and gas industry was the leading contributor to the CCUS market in 2022. This is because the CCUS process helps mitigate greenhouse gas emissions in the sector. CO2 is stored in deep geological formations for enhanced oil recovery (EOR), a technique developed within the oil and gas industry. The injection of CO2 increases reservoir pressure, helping to push oil toward production wells.
Recent Developments
· In July 2023, Fluor Corporation announced a memorandum of understanding (MOU) with Carbfix, a leader in carbon dioxide (CO2) mineral storage, to explore integrated carbon capture and storage (CCS) solutions.
· In June 2023, TotalEnergies SE, Petronas, and Mitsui & Co. Ltd. entered into a development agreement to collaborate on a carbon capture and storage (CCS) project in Malaysia.
· Also, in June 2023, Aker Solutions and Doosan Babcock signed an agreement to jointly execute carbon capture and storage (CCS) projects in the UK.
· In April 2023, Fluor Corporation (NYSE: FLR) signed a licensing agreement with Federated Co-Operatives Limited (FCL) to implement Fluor’s Econamine FG PlusSM carbon capture technology in Saskatchewan, Canada.
Competitive Landscape
· FLUOR CORPORATION
· EXXONMOBIL CORPORATION
· LINDE PLC
· ROYAL DUTCH SHELL PLC
· MITSUBISHI HEAVY INDUSTRIES, LTD.
· JGC HOLDINGS CORPORATION
· SCHLUMBERGER LIMITED
· AKER SOLUTIONS
· HONEYWELL INTERNATIONAL and more.
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North America to Dominate the Market
North America is the largest market for CCUS (Carbon Capture, Utilization, and Storage) technology, with the U.S. playing a leading role through its pioneering companies and institutional organizations. These companies have over 35 years of experience in implementing CCUS technology, which has contributed to the development of advanced capture and storage solutions.
The Carbon Capture, Utilization, and Storage (CCUS) Market Segmentation:
Based on Service
· Capture
· Transportation
· Utilization
· Storage
Based on Technology
· Chemical Looping
· Solvents & Sorbents
Based on End-Use Industry
· Oil & Gas
· Power Generation
· Chemicals & Petrochemicals
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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Frequently Asked Questions
· What are the years considered to study Carbon Capture, Utilization, and Storage (CCUS) Market intelligence report?
· What is the compound annual growth rate (CAGR) of the Carbon Capture, Utilization, and Storage (CCUS) Market?
· Which region holds the largest market share in Carbon Capture, Utilization, and Storage (CCUS) Market?
· Which region is the fastest growing in Carbon Capture, Utilization, and Storage (CCUS) Market?
· Who are the major players in Carbon Capture, Utilization, and Storage (CCUS) Market?
In addition to the market data for the Carbon Capture, Utilization, and Storage (CCUS) Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
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