New York, NY, Feb. 12, 2024 (GLOBE NEWSWIRE) -- A latest research report [115+] pages with 360-degree visibility, titled “Carbon Capture, Utilization and Storage Market Share, Size, Trends, Industry Analysis Report, By Technology (Chemical Looping, Solvents & Sorbent, and Membranes); By Service; By End-Use; By Region; Segment Forecast, 2024- 2032" published by Polaris Market Research in its research repository.
The global carbon capture, utilization, and storage market size and share is currently valued at USD 3.63 billion in 2023. It is anticipated to generate an estimated revenue of USD 22.16 billion by 2032, according to the latest [115+ Pages] study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 22.9% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- What are Carbon Capture, Utilization, and Storage? How Big is Carbon Capture, Utilization, and Storage (CCUS) Market Size & Share?
Carbon capture, utilization, and storage is a procedure arresting carbon dioxide discharge and either utilizing them to render things such as constructing substances or in perpetuity reserving them thousands of feet beneath the surface. Arresting carbon dioxide from industrial functioning and prioritizing it having scope to embark on the atmosphere assists in decreasing discharge, as does separating it straightaway from the air. The rapidly rising demand for carbon capture, utilization, and storage market can be attributed to the carbon dioxide being recycled or dispensed through an injection profoundly fathomless below the surface where it is sealed up securely and forever. It is an undemanding notion that grasps framework and policy deliberations.
The carbon capture, utilization, and storage market growth can be attributed to the fact that the carbon dioxide is removed normally from extensive points of wellsprings such as industrial sites or power stations that utilize biomass or fossil fuels as fuels. The assembled carbon dioxide is constricted and is transmitted either by train, truck, or pipeline if it is not required immediately for usage in innumerable applications. Further, it might be reinforced into profound geological configurations such as exhausted oil and gas sublimates or saltwater mineral springs. The escalating engrossment in reducing carbon dioxide discharge is one of the important elements pushing the revenue growth of the market demand.
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Carbon Capture, Utilization, and Storage (CCUS) Market Key Companies
- Royal Dutch Shell
- Fluor Corporation
- Mitsubishi Heavy Industries, Ltd
- Exxon Mobil Corporation
- Linde Plc
- JGC Holdings
- Schlumberger Ltd
- Aker Solutions
- Honeywell International
- Equinor ASA
Key Highlights
- The escalating engrossment in reducing carbon dioxide discharge is one of the important elements pushing the revenue growth of the market demand.
- The carbon capture, utilization, and storage market segmentation is primarily based on technology, service, end-use, and region.
- North America dominated the market in 2023
Market Developments
- Growth Drivers:
Technology progression: The prominent reason for carbon discharge into the atmosphere is the dependence of the population on fossil fuels and energy. The carbon capture, utilization, and storage market size are expanding as the technology in this zone is utilized to extract carbon dioxide from varied wellsprings and locate it for settings for repository and usage. Technology for arresting, utilizing, and depositing carbon dioxide can reduce the aggregate of greenhouse gases liberated into the environment by industrial sources. Affirmative influences on the application of carbon capture, use, and storage have emanated from the globe's increasing worries over climate change.
Combustion of fossil fuels: The extensive scope ignition of fossil fuels for an assortment of industrial procedures causes the discharge of greenhouse gases such as carbon dioxide. The carbon capture, utilization, and storage market sales are soaring as an assemblage of these gases in the atmosphere stimulates enduring occurrences such as ozone depletion, climate change, and so on. To contradict this, the industries are appointing carbon capture and storage technologies. Acquisition of these technologies prohibits technologies from embarking in the atmosphere and, therefore, assists industries in adhering to environmental directives.
- Industry Trends:
Worldwide project declarations: Worldwide enterprises and project declarations are expected to escalate, pushing the market’s revenue growth. Potential for carbon capture, usage, and storage that are presently in progress or the works in contrasting places have generated market elbow room for market players. China and Australia are both premature accepters of carbon capture, usage, and storage in the region. Along with Australia and China, the Middle East is focussing on acquiring carbon capture, usage, and storage. Firms in the MENA zone have been profoundly inspired to act on climate change by the Conference of the Parties of the UNFCCC, also known as COP27.
Enhanced oil recovery projects: The oil and gas industry is surfacing as the perfect landing place for carbon capture and storage technologies because of the growing aggregate of Enhanced Oil Recovery Projects (EOR). As per the International Energy Association (IEA) database, approximately 500,000 barrels of oil are generated every day utilizing CO2-EOR. In the course of EOR techniques, CO2 is injected into the prevailing oil domain, which enhances the comprehensive pressure of the oil reservoir and cracks open the oil toward production wells. In the carbon capture, utilization, and storage market, the growing intake of CO2 in the oil improvised oil recovery procedure is predicted to induce the acquisition of carbon capture and storage technologies in the oil and gas industries.
- Restraints
High costs: Extensive capital disbursements are required for the carbon capture, utilization, and storage apparatus, which is also more expensive to obtain and sustain. This has generated the zones to discern doubt about rendering funding in technology. As the majority of plants are not structured with the application of such arrest technologies, the application also adversely impacts the plant's process efficacy. The entire value chain, from the extremity of carbon capture at the wellspring of conveyance, storage, and end-use implementation zones, is concerned with the price of carbon capture, utilization, and storage.
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Segmentation Overview
- The Chemical Looping Segment Witnessed a Sharp Rise
Based on technology, the chemical looping segment witnessed a sharp rise. The chemical looping combustion (LCL) notion relies on the conveyance of oxygen from the combustion air to the fuel through an oxygen bearer such as metal oxide so as to decrease an undeviating fuel-air exposure. The carbon capture, utilization, and storage market demand are on the rise as the sabbatical of N2 dilution in CO2 provides a notable benefit over conventional burning. Dissimilar to alternate CO2 dissociation methodologies that have been displayed, the procedure does not require exterior arrest apparatus and does not fiercely escalate energy consumption in the course of the gathering episode.
- The Capture Segment Dominated the Market
Based on service, the capture segment dominated the market. Presently, an additional 90 full-chain carbon capture, utilization, and storage estimates and in excess of 150 enterprises concentrated only on CO2 arrest are being advanced. The carbon capture, utilization, and storage market trends include the bulk of capture particular estimates contemplate to reserve CO2 in one of the 40 hubs that are presently being structured. Underneath some situations, full chain estimates may select to improvise their CO2 storage framework so as to generate a repository hub which is anticipated to push the segment’s revenue growth.
Carbon Capture, Utilization and Storage (CCUS) Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 22.16 Billion |
| Market size value in 2024 | USD 4.25 Billion |
| Expected CAGR Growth | 22.9% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players | Royal Dutch Shell, Fluor Corporation, Mitsubishi Heavy Industries, Ltd, Exxon Mobil Corporation, Linde Plc, JGC Holdings, etc, among others |
| Segments Covered | By Technology, By Service, By End-Use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Browse Full Press Release: Carbon Capture, Utilization and Storage Market Size Worth $22.16 Billion By 2032 | CAGR: 22.9%
Regional Insights
North America: This region held the largest carbon capture, utilization, and storage market share due to the fact that American businesses and conventional firms are designing the technology of carbon collection, utilization, and storage. The legislation and schemes of the country are also deliberated to impel the industrial market players to acquire contemporary technologies by providing tax respite and technological assistance. The region is marshaling the global market for this technology's acquisition by manifolds engendered due to innumerable oil and gas estimates that have consolidated and reassembled carbon capture, utilization, and storage technology.
Asia Pacific: This region is estimated to have the speediest revenue CAGR due to escalated financing and endeavors of several businesses to generate modern and inventive carbon capture, utilization, and storage remedies that are anticipated to push revenue growth in the market advancement sphere. For instance, Sinopec Corp. of China affirmed on August 29, 2022, that it had unbarred the country’s colossal carbon capture, utilization, and storage potential in East China and that it arranged to structure two more plants by 2025, which would be equivalent in size.
Browse the Detail Report “Carbon Capture, Utilization and Storage Market Share, Size, Trends, Industry Analysis Report, By Technology (Chemical Looping, Solvents & Sorbent, and Membranes); By Service; By End-Use; By Region; Segment Forecast, 2024- 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/carbon-capture-utilization-and-storage-market
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Key Questions Addressed in the Report:
- What is the CAGR expected to be recorded for the market?
Ans: The CAGR expected to be recorded in the market is 22.9%.
- What is the study period of the carbon capture, utilization, and storage market?
Ans: The study period of the market is 2024-2032.
- Which segments are covered by the report?
Ans: The segments covered in the report are technology, service, end-use, and region.
- Which region is leading the global market?
Ans: North America is leading the global market
Polaris Market Research has segmented the carbon capture, utilization, and storage market report based on technology, service, end-use, and region:
By technology Outlook
- Chemical Looping
- Solvents & Sorbent
- Membranes
By Service Outlook
- Capture
- Transportation
- Utilization
- Storage
By End Use Outlook
- Iron & Steel
- Cement
- Oil & Gas
- Chemical & Petrochemical
- Power Generation
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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