Chicago, June 10, 2022 (GLOBE NEWSWIRE) -- The "Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Storage, Utilization), End-Use Industry (Natural Gas, Power Generation, Hydrogen, Fertilizers, Oil Refining) and Region - Global Forecast to 2026" is expected to generate a revenue of USD 7.7 billion by 2026, growing at a CAGR of 29.8% during the forecast period 2021 - 2026.
The growth of the carbon capture, utilization, and storage market is driven by the increasing adoption of CCUS technology and various large-scale projects like the Petra Nova Carbon Capture Project and Boundary Dam CCS Project. Power Generation is predicted to register the largest share in the global carbon capture, utilization, and storage market during the forecast period.
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Growing focus on reducing CO2 emissions to augment the market growth
Carbon capture, utilization, and storage captures CO2 via various methods and use or store it to avoid its release into the atmosphere. The use of fossil fuels and natural gas to produce electricity is the major source of CO2 emissions worldwide. Carbon capture, utilization, and storage can prevent greenhouse gases from entering the atmosphere. Therefore, growing concerns about climate change are responsible for the increasing carbon capture, utilization, and storage adoption to reduce emissions. For instance, due to the increase in carbon emissions from burning fossil fuel for energy which contributes to global warming, President Joe Biden signed an executive order declaring that America would produce 100% carbon-free electricity by 2035. Furthermore, to support the adoption of carbon capture, utilization, and storage, governments of various countries are offering numerous advantages to achieve net-zero emissions. Some of the advantages offered by government entities are tax credit and government subsidies benefitting the plant owners.
Increasing demand for CO2 – EOR techniques to propel the market growth
CO2 is widely used in various industries, such as food & beverage, manufacturing, and metal fabrication. Earlier, most of the CO2 used for EOR techniques was recovered from naturally occurring reservoirs. However, new technologies are being developed to produce CO2 from industrial applications, such as ethanol, fertilizer, hydrogen plants, and natural gas processing, where naturally occurring reservoirs are unavailable. EOR techniques include thermal recovery, gas injection, and chemical injection. The use of CO2-EOR techniques helps produce 30–60% or more oil from reservoirs, restore reservoir pressure, reduce viscosity, decrease oil density, and increase the permeability of carbonate formations.
Capture service segment to have the largest market share in the carbon capture, utilization, and storage market during the forecast period.
Capture service is the most important service in the carbon capture, utilization, and storage market and holds the largest market share, by service, in the market. 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 are installed on high emission sources like power plants, natural gas processing industry, and cement industries. 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.
Large number of upcoming projects in Asia Pacific to boost the market growth
Current and upcoming projects of carbon capture, utilization, and storage in the Asia Pacific have created an excellent gateway toward adopting carbon capture, utilization, and storage. China and Australia are the early adopters of carbon capture, utilization, and storage in the region. The current line-up of carbon capture and storage projects in these countries is expected to create an immense opportunity for the companies operating in the storage carbon capture, utilization, and storage ecosystem. Other than Australia and China, South Korea and India also focus on adopting carbon capture, utilization, and storage.
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North America region to account for the largest market share in the carbon capture, utilization, and storage market during the forecast period.
North America was the largest carbon capture, utilization, and storage market, in terms of value, in 2020. The carbon capture, utilization, and storage market in North America is expected to be driven by rising environmental concerns in the region. The US Supreme Court proposed a carbon trading scheme, the US Clean Power Plan, in February 2016. This scheme aims at curbing carbon pollution from power plants in the US. Canada, especially Western Canada, is dependent on fossil fuel industries. Furthermore, high economic growth, and large-scale carbon capture, utilization, and storage projects are some of the key factors driving the carbon capture, utilization, and storage market in North America.
The key players in the global carbon capture, utilization, and storage market are:
- Fluor Corporation (US)
- ExxonMobil Corporation (US)
- Linde plc (UK)
- Royal Dutch Shell Plc (Netherlands)
- Mitsubishi Heavy Industries, Ltd (Japan)
- JGC Holdings Corporation (Japan)
- Schlumberger Limited (US)
- Aker Solutions (Norway)
- Honeywell International Inc. (US)
- Equinor ASA (Norway)
- TotalEnergies SE (France)
- Hitachi, Ltd (Japan)
- Siemens AG (Germany)
- General Electric (US)
- Halliburton (US)
These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the carbon capture, utilization, and storage industry. The study includes an in-depth competitive analysis of these key players in the carbon capture, utilization, and storage market, with their company profiles, recent developments, and key market strategies.
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