Visiongain has published a new report entitled Carbon Capture Utilisation and Storage (CCUS) Market Report 2024-2034: Forecasts by Application (Enhanced Oil Recovery (EOR), Chemical & Fuel Production, Mineralization), by Component (Carbon Capture, Carbon Transportation, Carbon Utilisation, Carbon Storage), by Technology (Direct Air Capture (DAC), Post-Combustion Capture, Pre-Combustion Capture, Oxy-Fuel Combustion Capture, Other), by End-use Industry (Oil & Gas, Power Generation, Chemicals & Petrochemicals, Cement, Iron & Steel, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global carbon capture utilisation and storage (CCUS) market was valued at US$3.75 billion in 2023 and is projected to grow at a CAGR of 20.6% during the forecast period 2024-2034.
Public Acceptance and Social Licence to Operate
Public acceptance and stakeholder engagement are critical factors influencing the deployment of CCUS projects and infrastructure. Community outreach, transparent communication, and stakeholder engagement initiatives are essential for building trust, addressing concerns, and obtaining social licence to operate for CCUS facilities. Demonstrating the environmental benefits, safety measures, and economic opportunities associated with CCUS projects can foster public support and facilitate project development and permitting processes.
Carbon Intensive Industries and Emissions Reduction Targets
Industries with high CO2 emissions, such as power generation, cement production, iron and steel manufacturing, and chemical processing, face increasing pressure to reduce their carbon footprint and meet emissions reduction targets. CCUS technologies offer these industries a viable pathway to decarbonise their operations while maintaining competitiveness and profitability. By capturing and storing CO2 emissions, CCUS enables carbon-intensive industries to comply with regulatory requirements, achieve emissions reduction goals, and transition to a low-carbon future.
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How has COVID-19 had a significant negative impact on the market?
The COVID-19 pandemic has significantly impacted the carbon capture, utilization, and storage (CCUS) market, presenting both challenges and opportunities for the industry. One of the primary effects of the pandemic was the disruption of global economic activities, leading to a slowdown in industrial production and energy demand. As a result, many CCUS projects faced delays or cancellations, particularly those in the planning or construction phases. The uncertainty surrounding market conditions, coupled with financial constraints and supply chain disruptions, hindered investment in CCUS infrastructure.
Furthermore, the decline in oil prices and reduced demand for fossil fuels during the pandemic posed challenges for CCUS projects associated with enhanced oil recovery (EOR). With oil companies facing financial strain and focusing on cost-cutting measures, investments in CCUS for EOR purposes were scaled back or put on hold. This slowdown in EOR-related CCUS projects had a ripple effect on the overall market, impacting technology providers, equipment suppliers, and service companies operating in the CCUS ecosystem.
However, despite these challenges, the pandemic also highlighted the importance of addressing climate change and reducing carbon emissions to build more resilient and sustainable economies. Governments and industry stakeholders recognized the need for robust climate mitigation strategies, with CCUS emerging as a key solution for achieving carbon neutrality targets. As countries implement stimulus packages and recovery plans to revive their economies post-pandemic, there is a growing emphasis on investing in green technologies, including CCUS.
How will this Report Benefit you?
Visiongain’s 408-page report provides 123 tables and 205 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global carbon capture utilisation and storage (CCUS) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Carbon Capture Utilisation and Storage (CCUS). Get financial analysis of the overall market and different segments including application, component, technology, and end-use industry and capture higher market share. We believe that there are strong opportunities in this fast-growing carbon capture utilisation and storage (CCUS) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Growing Focus on Reducing CO2 Emissions Driving the Market Growth
The global focus on reducing CO2 emissions has become a driving force behind market growth in industries and sectors worldwide. Recent statistics on carbon dioxide emissions present a concerning picture, despite the global economy experiencing growth. According to the International Energy Agency (IEA), carbon emissions from energy generation and transport have remained stagnant, even amidst economic expansion. Notably, regions such as Europe, the United States, and China have seen declines in CO2 emissions, prompting discussions about the concept of "decoupling," where economic growth is detached from carbon emissions.
The idea of achieving "green growth," characterized by economic prosperity alongside declining emissions, aligns with the ambitious goals of the Paris climate agreement. However, transitioning to a low-carbon economy poses significant challenges. Climate scientists are divided between optimism, showcasing the potential for achieving green growth, and pessimism, highlighting the complexities inherent in such a transition.
Large Number of Upcoming Projects in Regions Driving the Market Growth
The carbon capture market is poised for significant growth with a large number of upcoming projects planned in various regions. As governments and industries worldwide intensify their efforts to combat climate change and reduce greenhouse gas emissions, carbon capture technologies are gaining prominence as a crucial tool to achieve sustainability goals. These projects span diverse industries, including power generation, cement, steel production, and waste management. With increasing incentives and investments in carbon capture and storage initiatives, the market is set to witness substantial expansion. The rise in demand for renewable natural gas and the development of innovative carbon capture solutions present tremendous opportunities for companies operating in this sector. As the world strives to transition to a low-carbon economy, the carbon capture market is expected to play a pivotal role in achieving a sustainable and greener future.
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Where are the Market Opportunities?
The Implementation of Increased CCUS Operations Would Drive a Surge in Demand for Skilled Technicians
As the global focus on mitigating climate change intensifies, the demand for carbon capture, utilization, and storage (CCUS) technologies is expected to rise significantly. The implementation of CCUS operations, aimed at reducing greenhouse gas emissions, presents a lucrative opportunity for skilled technicians. These technicians play a crucial role in the installation, operation, and maintenance of CCUS infrastructure, including carbon capture systems, pipelines, and storage facilities.
With the expansion of CCUS projects across various industries such as oil and gas, power generation, and manufacturing, there will be a growing need for technicians with specialized expertise in carbon capture technology. These skilled professionals are responsible for ensuring the efficient functioning of CCUS equipment, monitoring performance metrics, and troubleshooting any technical issues that may arise during operation.
Collaboration and Partnership Between Market Players Opportunities for the Market Growth
In the realm of market opportunities within the context of collaboration and partnership between market players, there lies a landscape ripe with potential for substantial growth and innovation. These collaborations represent a strategic avenue for companies to leverage each other's strengths, resources, and expertise, thereby amplifying their collective capabilities to tackle complex challenges and capitalize on emerging trends. One of the primary benefits of collaboration and partnership is the synergistic effect it generates. By pooling together their knowledge and resources, companies can foster creativity and innovation, leading to the development of ground-breaking solutions and products that may not have been achievable individually. This collaborative approach allows companies to tap into diverse perspectives, ideas, and technologies, ultimately driving forward industry advancement and differentiation in the market.
Competitive Landscape
The major players operating in the carbon capture utilisation and storage (CCUS) market are Aker Solutions ASA, Equinor ASA, Exxon Mobil Corporation, Fluor Corporation, General Electric Company, Haliburton Corporation, Hitachi, Ltd, Honeywell International Inc, JGC Holdings Corporation, Linde Plc, Mitsubishi Heavy Industries, Ltd, Royal Dutch Shell Plc, Schlumberger Limited, Siemens AG, Total Energies SE, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 01 March 2024, ExxonMobil Asia Pacific Pte. Ltd. and Shell Singapore Pte. Ltd., along as the S-Hub consortium, have been chosen to collaborate with the Singaporean government as the primary developers for a cross-border carbon capture and storage (CCS) project.
- 06 Feb 2024, Chevron New Energies has entered into a licence agreement with Fluor Corporation (NYSE: FLR) to use Fluor's exclusive Econamine FG PlusSM carbon capture technology to lower carbon dioxide (CO2) emissions at Chevron's Eastridge Cogeneration facility in Kern County, California.
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To find more Visiongain research reports on the environment sector, click on the following links:
- Activated Carbon Market Report 2023-2033
- Carbon Fibre Reinforced Plastic (CFRP) Composites Market Report 2022-2032
- Carbon Dioxide (CO2) Enhanced Oil Recovery (EOR) Market Report 2022-2032
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