Dublin, April 03, 2023 (GLOBE NEWSWIRE) -- The "Carbon Capture, Utilization, And Storage Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global carbon capture, utilization, and storage market grew from $2.25 billion in 2022 to $2.54 billion in 2023 at a compound annual growth rate (CAGR) of 13.3%. The carbon capture, utilization, and storage market is expected to grow to $4.31 billion in 2027 at a CAGR of 14.1%.
The carbon capture, utilization, and storage market includes revenues earned by entities by providing point source carbon capture, carbon transport and storage, carbon dioxide removal and conversion, hydrogen with carbon management, integrated carbon management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
North America was the largest region in the carbon capture, utilization, and storage market in 2022. The regions covered in the carbon capture, utilization, and storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main technologies involved in carbon capture, utilization, and storage are pre-combustion, post-combustion, oxy-fuel combustion. Pre-combustion capture is the process of extracting CO2 from fossil fuels before they are burned. The different services include capture, transportation, utilization, storage and is implemented in various verticals such as oil and gas, power generation, iron and steel, chemicals and petrochemicals, cement, others.
The increase in focus on reducing carbon dioxide (CO2) emissions across the globe is contributing to the growth of the carbon capture, utilization, and storage (CCUS) market. Carbon dioxide emissions rise as a result of burning fossil fuels such as oil or gas to power cars or create electricity, causing respiratory ailments and global warming by trapping heat.
CCUS absorbs CO2 using a variety of technologies and uses or stores it instead of releasing it into the atmosphere. Countries and companies are trying to reduce carbon dioxide emissions to reduce global warming. For instance, according to the United Nations, 110 countries have committed to becoming carbon neutral by 2050.
Furthermore, as per the International Energy Agency, in May 2020, three oil firms, Equinor, Shell, and Total, have pledged to invest $700 million in the Northern Light offshore CO2 storage project to decrease carbon dioxide emissions. Therefore, the increase in focus on reducing carbon dioxide emissions is driving the market for carbon capture, utilization, and storage market.
The increasing investments by governments and organizations are an emerging trend in the carbon capture, utilization, and storage market. Major companies and governments are focusing on investing in carbon capture, utilization, and storage projects to reduce carbon emissions.
The countries covered in the carbon capture, utilization, and storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2.54 billion |
| Forecasted Market Value (USD) by 2027 | $4.31 billion |
| Compound Annual Growth Rate | 14.1% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Exxon Mobil
- Royal Dutch Shell
- Aker Solutions
- Linde
- NRG Energy
- Fluor
- General Electric
- Honeywell
- Mitsubishi Heavy Industries
- Dakota Gasification Company
- Hitachi
- JGC Holdings
- Carbon Engineering
- ADNOC Group
- Equinor
- China National Petroleum Corporation
- Chevron
- Total
- Air Liquide
- LanzaTech
- Occidental Petroleum
Key Topics Covered:
1. Executive Summary
2. Carbon Capture, Utilization, And Storage Market Characteristics
3. Carbon Capture, Utilization, And Storage Market Trends And Strategies
4. Carbon Capture, Utilization, And Storage Market - Macro Economic Scenario
4.1 COVID-19 Impact On Carbon Capture, Utilization, And Storage Market
4.2 Ukraine-Russia War Impact On Carbon Capture, Utilization, And Storage Market
4.3 Impact Of High Inflation On Carbon Capture, Utilization, And Storage Market
5. Carbon Capture, Utilization, And Storage Market Size And Growth
5.1. Global Carbon Capture, Utilization, And Storage Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Carbon Capture, Utilization, And Storage Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Carbon Capture, Utilization, And Storage Market Segmentation
6.1. Global Carbon Capture, Utilization, And Storage Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Pre-Combustion
- Post Combustion
- Oxy-Fuel Combustion
6.2. Global Carbon Capture, Utilization, And Storage Market, Segmentation By Service, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Capture
- Transportation
- Utilization
- Storage
6.3. Global Carbon Capture, Utilization, And Storage Market, Segmentation By End-Use Industry, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Oil And Gas
- Power Generation
- Iron And Steel
- Chemical And Petrochemical
- Cement
- Others
7. Carbon Capture, Utilization, And Storage Market Regional And Country Analysis
7.1. Global Carbon Capture, Utilization, And Storage Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Carbon Capture, Utilization, And Storage Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/cl09ii
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