Portland, OR, Sept. 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global carbon capture, utilization, and storage (CCUS) market generated $1.9 billion in 2020, and is projected to reach $7.0 billion by 2030, witnessing a CAGR of 13.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in demand for CO2-EOR techniques, growing focus on reducing CO2 emissions and government support drive the growth of the global carbon capture, utilization, and storage (CCUS) market. However, decreasing crude oil prices and high cost of carbon capture & sequestration restrains the market to some extent. On the other hand, large number of upcoming projects in the Asia-Pacific region and continuous investments in developing innovative capturing technologies present new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic hampered power plants and natural gas processing plants, which in turn, affected the CCUS market.
- The lockdown caused the delay for the upcoming projects across commercial sectors such as cement plants, chemical plants, and others, which has affected the growth of the CCUS market at a very small scale.
- However, the global situation is getting better at a slow & steady pace, and the market is anticipated to revive soon.
The report offers detailed segmentation of the global carbon capture, utilization, and storage (CCUS) market based on service, technology, end use industry, and region.
Based on service, the capture segment held the highest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. However, the storage segment is estimated to register the highest CAGR of 16.8% from 2021 to 2030.
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Based on end use industry, the oil & gas segment held the largest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is projected to register the highest CAGR of 14.2% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, Europe is projected to manifest the fastest CAGR of 14.4% during the forecast period.
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Leading players of the global carbon capture, utilization, and storage (CCUS) market analyzed in the research Royal Dutch Shell PLC, Fluor Corporation, Mitsubishi Heavy Industries, Ltd., Linde Plc, Exxon Mobil Corporation, JGC Holdings Corporation, Schlumberger Limited, Aker Solutions, Honeywell International Inc., and Halliburton. Other players operating in this market include C-Capture Ltd., Tandem Technical, Carbicrete, Hitachi, Ltd., Siemens AG, General Electric, Total S.A., and Equinor ASA.
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