Westford, USA, June 18, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Carbon Capture, Utilization and Storage Market will attain a value of USD 6.16 billion by 2031, with a CAGR of 11.8% during the forecast period (2024-2031). Carbon capture and storage or CCS is a relatively new technology, that has come forward due to increasing awareness related to the growing environmental impact of carbon emissions. It can minimize CO2 emissions significantly as well as help us to meet demanding climate goals. As a result, it is promoted by governments through several demonstration projects in different industries around the world. CCS is being viewed as a critical technology which can help us in wide-scale adoption of renewable energy sources such as wind and solar, without which fossil fuels will continue to dominate energy generation and consumption patterns.
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Browse in-depth TOC on "Carbon Capture, Utilization and Storage Market"
- Pages - 157
- Tables - 94
- Figures – 76
Carbon Capture, Utilization and Storage Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 2.52 Billion |
| Estimated Value by 2031 | $ 6.16 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Services, Technology, End-Use Industry |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Increasing Investments in Research and Development |
| Key Market Drivers | Gowing Demand for Cleaner Energy |
Post-Combustion Technology Stands as Dominant Force Amidst Promising R&D Investment and Rising Regulatory Pressure
Post-combustion technology is highly favored due to its remarkable CO2 recovery rate of up to 800 tonnes/day. It is considered as one of the most effective solutions to extract CO2 emissions from flue gases which is produced during the combustion of fossil fuels either in a power plant or in an industrial setup. Market dominance is further supported by the load of worldwide regulatory pressures to minimize greenhouse gas emissions, resulting in the adoption of CCS solutions in various industries across the globe. Given that the future looks very promising with huge investments in R&D activities, this segment will remain dominant in the market for the foreseeable future.
Environmental Awareness Pushes Rapid Growth in Chemicals and Petrochemicals Segment in Market
The chemicals and petrochemical segment have been witnessed as the fastest growing sector in the end-use industry segment. This growth rate is mainly driven by strict regulatory requirements and commitments by the private sector to minimize carbon emissions during chemical manufacturing. Due to increasing awareness regarding environmental consequences of chemical manufacturing, companies are now shifting towards adoption of new CCS technologies to capture and store the CO2 emissions.
Driven by the Demand in Oil and Gas Industries, North America Takes the Lead in the Carbon Capture, Utilization and Storage Market
In 2023, North America occupied the highest revenue share. This leadership is mainly due to the massive demand in the oil and gas industry, along with harsh government regulations striving to cut down carbon emissions. As per the Global CCS Institute, over 24 such facilities are capturing CO2 across the world, with 12 in the U.S. The favorable regulatory environment and large industrial base place North America as a critical player in the world market.
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Drivers
- Gowing Demand for Cleaner Energy
- Government Regulations and Incentives
- Technological Advancements and Innovation
Restraints
- High Capital Costs and Project Financing Challenges
- Minimizing Carbon Capturing Cost
- Lack of Infrastructure
Prominent Players in Carbon Capture, Utilization and Storage Market
The following are the Top Carbon Capture, Utilization and Storage Companies
- Aker Solutions
- Alstom AG
- Carbon Clean Solutions Limited
- Carbon Engineering Ltd.
- Chevron Cooperation
- C-Capture Ltd.
- General Electric Company
- Halliburton Company
- Hitachi Ltd.
- Mitsubishi Heavy Industries, Ltd.
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Key Questions Answered in Carbon Capture, Utilization and Storage Market Report
- What drives Carbon Capture, Utilization and Storage Market growth?
- Who is the leading carbon capture, utilization, and storage provider in the world?
- Where will carbon capture, utilization and storage demand soar high?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of Carbon Capture, Utilization and Storage Market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Carbon Capture, Utilization and Storage Market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
Related Reports:
Carbon Sequestration Services Market
Activated Carbon Market
Carbon Credits Market
Natural Gas Storage Market
Carbon Neutral Data Centre Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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