New York, USA, March 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global carbon capture, utilization, and storage market are expected to generate a revenue of $5,306.7 million by 2028, growing exponentially at a CAGR of 13.7% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Carbon Capture, Utilization, and Storage Market
Drivers: The application of CCUS technologies substantially helps in reducing the carbon emissions from the prevalent power plants across the globe. In addition, increasing initiatives taken by the government to meet net-zero climate objectives is further expected to drive the growth of the carbon capture, utilization, and storage market during the forecast period.
Restraints: Extortionate implementation cost of CCUS technology is expected to hinder the growth of the market during the forecast period.
Opportunities: Surging number of CCUS projects across the globe is expected to create immense opportunities for the growth of the carbon capture, utilization, and storage market during the forecast period.
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COVID-19 Impact on the Carbon Capture, Utilization, and Storage Market
The outbreak of COVID-19 has had a negative impact on the growth of the global carbon capture, utilization, and storage market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the cancellation and delays of several CCUS projects across the globe. In addition, economic slowdowns in various countries around the world along with major investments and focus on the healthcare sector by the government during the pandemic adversely impacted the growth of the global carbon capture, utilization, and storage market.
Segments of the Carbon Capture, Utilization, and Storage Market
The report has divided the market into various segments based on service, technology, end-use, and region.
Service: Capture Sub-segment to be Most Profitable
The capture sub-segment is expected to generate a revenue of $3,753.2 million during the forecast period. Flexible application of carbon capture process in a variety of emission processes in the cement industry, iron & steel industry, oil & gas plants, and others are expected to bolster the growth of the carbon capture, utilization, and storage market sub-segment during the forecast period.
Technology: Post-Combustion Capture Sub-segment to be Most Beneficial
The post-combustion capture sub-segment is expected to generate a revenue of $2,450.4 million during the forecast period. The post-combustion capture technologies play a crucial role in minimizing the carbon dioxide emissions that are generated by the combustion of fuels such as coal or natural gas. This factor is expected to accelerate the growth of the sub-segment during the forecast period.
End-Use: Oil & Gas Sub-segment to be Most Lucrative
The oil & gas sub-segment is expected to garner a revenue of $2,917.6 million during the forecast period. The oil & gas sector stores the carbon dioxide for onshore or offshore geological formations, which is then used for optimized oil recovery. This factor is expected to drive the growth of the carbon capture, utilization, and storage market sub-segment during the forecast period.
Region: North America Region Expected to Dominate the Carbon Capture, Utilization, and Storage Market
The North America region generated a revenue of $807.1 million in 2020 and is further expected to grow expeditiously during the forecast period. Growing emphasis on the incorporation of CCUS in oil & gas sector across state, provincial, and federal levels in this region is expected to stimulate the growth of the market. In addition, increasing initiatives taken by the government in this region to reach net zero emissions by 2050 is further expected to accelerate the growth of the regional carbon capture, utilization, and storage market during the forecast period.
Key Players of the Carbon Capture, Utilization, and Storage Market
The major players of the carbon capture, utilization, and storage market include
- Halliburton
- Aker Solutions
- Royal Dutch Shell Plc
- Linde Plc
- Exxon Mobil Corporation
- Mitsubishi Heavy Industries Limited
- Fluor Corporation
- Honeywell International Inc.
- Schlumberger Limited
- JGC Holdings Corporation, and many more.
These players are working on developing strategies such as product development, merger, and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in January 2021, Chevron Corporation, an illustrious American multinational energy corporation, announced a Series C investment in Blue Planet Systems Corporation, a San Jose based startup that manufactures and develops carbonate aggregates and carbon capture technology intended to reduce the carbon intensity of industrial operations, in order to champion Chevron’s focus on a diverse portfolio of lower-carbon solutions.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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- Growing Initiatives Taken by the Government of Various Nations to Meet Net Zero Emissions in the Coming Years to Propel the Growth of the Global Carbon Capture, Utilization, and Storage Market
- How Carbon Capture, Utilization, and Storage (CCUS) Technology Utilization Productively Makes the Earth Greener?
- The Carbon Capture, Utilization, And Storage Market Projected To Grow At A CAGR Of 13.7% And Generate A Revenue Of $5,306.7 Million By 2028
