Carbon Capture, Utilization, and Storage Market is Projected to Gain $4.9 billion by 2027 Globally, at a CAGR of 15.1%, says MarketsandMarkets™

Chicago, Nov. 02, 2022 (GLOBE NEWSWIRE) -- 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, as per the recent study by MarketsandMarkets™. The increasing use of carbon Capture, Utilization, and Storage in oil & gas industry is one of the most significant factors projected to drive the growth of the carbon Capture, Utilization, and Storage market.

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List of Key Players in Carbon Capture, Utilization, and Storage Market:

1. Royal Dutch Shell (Netherlands)
2. Fluor Corporation (US)
3. Mitsubishi Heavy Industries, Ltd. (Japan)
4. Exxon Mobil Corporation (US)
5. Linde Plc (UK)
6. JGC Holdings (Japan)
7. Schlumberger Ltd (US)
8. Aker Solutions (Norway)
9. Honeywell International (US)
10. Equinor ASA (Norway).

Drivers, Restraints, Opportunities and Challenges in Carbon Capture, Utilization, and Storage Market:

1. Driver: Rising environmental awareness to increase natural gas demand
2. Restraint: Safety concerns over storage techniques and sites to restrict the market growth
3. Opportunity: Increasing project announcements in Asia Pacific region to create lucrative opportunities for the market
4. Challenge: Reducing carbon capturing cost to be a major challenge for market growth

Key Findings of the Study:

1. Capture service segment comprise a major share of the carbon capture, utilization, and storage market, in terms of value and volume.
2. Solvents & Sorbents technology type to be the second dominating segment in the global carbon capture, utilization, and storage market in terms of value and volume
3. Oil & gas industry is the dominating end-use industry in the global carbon Capture, Utilization, and Storage market in terms of value
4. UK to be the fastest-growing country in the carbon Capture, Utilization, and Storage market during the forecast period

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Capture service segment comprise a major share of the carbon capture, utilization, and storage market, in terms of value and volume.

Capture is the first stage of the carbon capture, utilization, and storage process. The carbon is separated either precombustion or post-combustion. The separated CO2 is brought to a high purity state and is dehydrated to make it ready for transportation. Usually, the carbon capture, utilization, and storage plant is installed on high emission sources like power plants, natural gas processing facilities, and cement factories. The cost of capturing CO2 is heavily dependent on technical, economic, and financial factors associated with the design and operation of the production process and CO2 capture technology.

Solvents & Sorbents technology type to be the second dominating segment in the global carbon capture, utilization, and storage market in terms of value and volume

Currently, this technology is majorly used by the oil & gas, chemical, and power generation industry. Solvents & sorbents technology involves the absorption of CO2 from the effluent gas stream emitted from various sources using suitable liquid or solid substances that has the efficiency in absorbing CO2 and does not react with other chemicals in the stream. Solvents are generally used in the liquid state, whereas sorbents are in the solid state. The solvents that have absorbed CO2 from the stream are sent to the processing unit and heated to release the CO2. Further, the released CO2 is captured and sent for storage and utilization. In the case where sorbents are used, the sorbent with captured CO2 is taken to the processing facility, where it is subjected to pressure reduction or heating, upon which it releases the absorbed CO2, which is then captured and stored for other purposes.

Oil & gas industry is the dominating end-use industry in the global carbon Capture, Utilization, and Storage market in terms of value

Oil refining is a high emission process, and the effluents are generally released into the atmosphere. Globally, high tax is imposed on companies with high CO2 emissions, forcing companies to adopt technologies like carbon capture, utilization, and storage to reduce carbon emissions. The CO2 is absorbed at the end of the effluent stream after the distillation process. Currently, very few oil refining plants are equipped with carbon capture, utilization, and storage technology, providing great opportunities to explore the untapped potential in the market.

Various operational projects across the globe are running with carbon capture, utilization, and storage systems. Some of these projects are Century Plant (US), Shute Creek Gas Processing Plant (US), Uthmaniyah Gas Plant (Saudi Arabia), Petrobras Santos Basin Plant (Brazil), Snohvit Field (Norway), Gorgon Carbon Capture, Utilization, and Storage Project (Australia), and Sleipner Gas Field (Norway).

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UK to be the fastest-growing country in the carbon Capture, Utilization, and Storage market during the forecast period

The UK is the fastest-growing carbon capture, utilization, and storage market globally. This high growth is due to government regulations and policies to curb carbon emissions. In October 2017, the government announced its new approach toward implementing carbon capture, usage, and storage in the Clean Growth Strategy. It is designed to enable the UK to become a global technology leader for carbon capture, utilization, and storage and expand the deployment of carbon capture, utilization, and storage at a large scale by 2030 under three themes: re-affirming the commitment to deploying carbon capture, utilization, and storage in the UK subject to cost reduction; international collaboration on carbon capture, utilization, and storage; and carbon capture, utilization, and storage innovation.

Currently, a pilot plant is working for demonstration purposes at the DRAX bioenergy plant in the country. Apart from this, the RWE Power project at Glamorgan is also capturing CO2 using Shells CANSOLV technology and can capture up to 50 tons per day.

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