Dublin, May 31, 2024 (GLOBE NEWSWIRE) -- The "Carbon Capture Utilisation and Storage (CCUS) Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The market will surpass US$4.51 billion in 2024
This report will prove invaluable to leading firms striving for new revenue pockets if they wish to better understand the industry and its underlying dynamics. It will be useful for companies that would like to expand into different industries or to expand their existing operations in a new region.
Global Imperative to Mitigate Climate Change and Achieve Carbon Neutrality Targets
The Carbon Capture Utilization and Storage (CCUS) market is poised for significant growth, driven by a global imperative to mitigate climate change and achieve carbon neutrality targets. As governments worldwide enact stringent emissions regulations and commit to reducing greenhouse gas emissions, the demand for CCUS technologies is expected to soar. Additionally, the rising awareness of the environmental impact of industrial activities and the increasing adoption of sustainable practices by industries further propel the growth of the CCUS market.
Several factors act as drivers for the expansion of the CCUS market. Firstly, supportive government policies and financial incentives, such as tax credits and subsidies, encourage investment in CCUS infrastructure and projects. Moreover, technological advancements in carbon capture, utilization, and storage technologies enhance their efficiency, reliability, and cost-effectiveness, making them more attractive for widespread adoption. Furthermore, growing collaborations between governments, industries, and research institutions foster innovation and accelerate the development and deployment of CCUS solutions.
High Capital Cost of Carbon Capture Utilisation and Storage Hinder the Market Growth
The high capital cost associated with carbon capture, utilization, and storage (CCUS) technologies stands out as a significant restraining factor impeding market growth. Implementing CCUS projects requires substantial upfront investment in equipment, infrastructure, and operational expenses, posing a financial barrier for many potential investors and project developers. These costs encompass various components, including the installation of capture technologies at emission sources, the development of transportation networks for captured CO2, and the establishment of secure storage facilities.
One of the primary cost drivers in CCUS projects is the carbon capture process itself. Deploying efficient capture technologies capable of capturing CO2 from industrial processes or power generation facilities requires substantial capital outlay. Technologies such as amine-based absorption systems or membrane separation techniques involve high equipment costs and operational expenses. Moreover, the retrofitting or integration of these technologies into existing facilities can further escalate the overall project expenses.
Key Questions Answered
- How is the carbon capture utilisation and storage (CCUS) market evolving?
- What is driving and restraining the carbon capture utilisation and storage (CCUS) market?
- How will each carbon capture utilisation and storage (CCUS) submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2034?
- How will the market shares for each carbon capture utilisation and storage (CCUS) submarket develop from 2024 to 2034?
- What will be the main driver for the overall market from 2024 to 2034?
- Will leading carbon capture utilisation and storage (CCUS) markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
- How will the market shares of the national markets change by 2034 and which geographical region will lead the market in 2034?
- Who are the leading players and what are their prospects over the forecast period?
- What are the carbon capture utilisation and storage (CCUS) projects for these leading companies?
- How will the industry evolve during the period between 2024 and 2034? What are the implications of carbon capture utilisation and storage (CCUS) projects taking place now and over the next 10 years?
- Is there a greater need for product commercialisation to further scale the carbon capture utilisation and storage (CCUS) market?
- Where is the carbon capture utilisation and storage (CCUS) market heading and how can you ensure you are at the forefront of the market?
- What are the best investment options for new product and service lines?
- What are the key prospects for moving companies into a new growth path and C-suite?
Market Dynamics
Market Driving Factors
- Growing Focus on Reducing CO2 Emissions Driving the Market Growth
- Large Number of Upcoming Projects in Regions Driving the Market Growth
- Carbon Capture Technologies Generate Additional Power
Market Restraining Factors
- High Capital Cost of Carbon Capture Utilisation and Storage Hinder the Market Growth
- Public Acceptance and Perception Restrain the Market Growth
- CO2 Transport and Storage Poses Potential Hazards for the Market Growth
Market Opportunities
- The Implementation of Increased CCUS Operations Would Drive a Surge in Demand for Skilled Technicians
- Government Funding and Incentives are Available For CCUS
- Collaboration and Partnership Between Market Players Opportunities for the Market Growth
Porter's Five Forces Analysis
COVID-19 Impact Analysis
PEST Analysis
Leading companies profiled in the report
- 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
Segments Covered in the Report
Market Segment by Application
- Enhanced Oil Recovery (EOR)
- Chemical & Fuel Production
- Mineralization
Market Segment by Component
- Carbon Capture
- Carbon Transportation
- Carbon Utilization
- Carbon Storage
Market Segment by Technology
- Direct Air Capture (DAC)
- Post-Combustion Capture
- Pre-Combustion Capture
- Oxy-Fuel Combustion Capture
- Other Capture Technologies
Market Segment by End-Use Industry
- Oil & Gas
- Power Generation
- Chemicals & Petrochemicals
- Cement
- Iron & Steel
- Others
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for four regional and 20 leading national markets:
North America
- U.S.
- Canada
Europe
- Germany
- UK
- France
- Netherlands
- Denmark
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/ci8mbm
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