Austin, July 25, 2024 (GLOBE NEWSWIRE) -- The Carbon Capture Utilization and Storage Market Size was valued at USD 3.62 billion in 2023, and is expected to reach USD 24.2 billion by 2032, and grow at a CAGR of 23.5% over the forecast period 2024-2032.
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The carbon capture utilization and storage market is developing at a fast pace, considering global initiatives associated with the fight against climate change and a reduction in carbon emissions. Some major developments that raised the importance of the carbon capture utilization and storage market and its growth came under the limelight by 2024.
- For instance, in January 2024, the IEA is reported to have announced aggregate investment in carbon capture utilization and storage projects worldwide amounting to a record $5 billion, implying that the level of commitment is extremely high both by governments and the private sector towards net-zero emissions. The spirit of enhanced regional cooperation is even displayed in the March 2023 US-Canada cross-border carbon storage network development project.
Market dynamics indicate that carbon capture utilization and storage technology is driven by regulatory policy, technology development, and a rapidly growing demand for sustainable practices across industries. While technologies have been under development since the 1990s, stringent environmental regulations and carbon pricing mechanisms accelerated the need for carbon capture utilization and storage technologies among industries. carbon capture utilization and storage adoption has been generally high in the industrial sector for cement, steel, and chemicals to decrease carbon emissions. Moreover, technological innovations in more efficient and cost-effective carbon capture are also propelling the market. In addition, growing awareness and recognition of carbon capture utilization and storage as an element in climate strategies are other market drivers. On the downside, its barriers to mass adoption are high up-front costs, technological complexities, and massive infrastructure needs.
Carbon Capture Utilization and Storage Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 3.62 billion |
| Market Size by 2032 | USD 24.2 billion |
| CAGR | 23.5% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Segment Analysis
The capture service segment dominated the carbon capture, utilization, and storage market in 2023 with a market share of about 35%. The initial phase of the carbon capture utilization and storage process involves capturing carbon from effluent flue gas streams originating from various industrial sources such as power plants, petrochemical companies, chemical plants, and iron and steel smelters, among others. Methods for capturing carbon include Direct Air Capture (DAC), Oxy-Fuel, Pre-Combustion and Post-Combustion, and Bio-Energy CCS (BECCS). These technologies are implemented globally by numerous companies to mitigate their carbon emissions. Direct Air Capture, which extracts carbon directly from the atmosphere rather than industrial sources, tends to be more costly and less conventional.
By Service
- Capture
- Utilization
- Transportation
- Storage
By Technology
- Pre-Combustion Capture
- Post-Combustion Capture
- Oxy-Fuel Combustion Capture
By End-Use Industry
- Oil & Gas
- Power Generation
- Iron & Steel
- Chemical & Petrochemical
- Cement
- Others
Recent Developments
April 2024: The Danish Energy Agency (DEA) awarded contracts to three major Bioenergy with Carbon Capture and Storage (BECCS) projects, significantly enhancing CO2 removal capacity and aiming for negative emissions in the market.
July 2023: Fluor Corporation announced an MOU with Carbfix, a leader in CO2 mineral storage, to explore comprehensive CCS solutions.
Regional Analysis
In 2023, North America dominated the global carbon capture, utilization, and storage market in 2023 with a revenue share of about 40%. This leadership position stems from the technology's origins in institutions and firms headquartered in the United States, where carbon capture utilization and storage has been in use for over 35 years. The region has significantly advanced both capture and storage technologies. National laws and regulations provide tax incentives and technological support to encourage industrial adoption of carbon capture utilization and storage technology. By integrating or retrofitting carbon capture utilization and storage technology into major oil and gas operations, North America leads the global deployment of this critical technology.
- For instance, in April 2024, the U.S. Department of Energy (DOE) unveiled a new funding opportunity totaling $2.5 billion for large-scale carbon capture demonstration projects. This significant government initiative provides direct financial support to companies implementing carbon capture utilization and storage technology.
Future Prospects:
- Future Adoption: Contingent on costs, regulations, and clean energy technology development.
- CCS Cost: This will decrease with the implementation of more projects and further research into cheaper ways of CO2 capture.
- Transport and Storage: There has been a huge investment in transport networks; the U.S. has immense storage capacity, although it is still being evaluated for its appropriateness.
- Regulations: Federal and state regulations impact CCS deployment; recent actions to expedite environmental reviews.
- Alternative Technologies: This very growth of clean energy may reduce the demand for CCS; on the other hand, new applications may increase its deployment.
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Key Takeaways:
- The Carbon Capture Utilization and Storage market has been growing at a tremendous rate in the backdrop of global climate initiatives and pressure from various regulations.
- The industrial segment is also essential in the Carbon Capture Utilization and Storage market, with huge adoption rates across industries such as cement and steel.
- North America—the US, in particular—saw dominating factors due to strong government support and related investment incentives.
- Examples of real-time successful Carbon Capture Utilization and Storage projects underline the potential of this market for actually transforming high-emission industries.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Carbon Capture Utilization and Storage Market Segmentation, By Service
8. Carbon Capture Utilization and Storage Market Segmentation, By Technology
9. Carbon Capture Utilization and Storage Market Segmentation, By End-Use Industry
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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