New York, USA, Dec. 29, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global carbon capture, utilization, and storage market is predicted to grow at a stable CAGR of 13.7%, thereby garnering a revenue of $5,306.7 million by 2028. This holistic report provides an overarching overview of the nature of the carbon capture, utilization, and storage market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market
Drivers: The crucial role played by carbon capture, utilization, and storage (CCUS) technology in reducing greenhouse gas emissions is expected to be the primary growth driver of the carbon capture, utilization, and storage market in the forecast period. Along with this, the major role played by CCUS technology in transitioning to net-zero emissions is predicted to push the market forward.
Opportunities: The power sector is hugely dependent on carbon capture, utilization, and storage technology in order to cut down the harmful emissions which is predicted to offer numerous growth and investment opportunities to the market in the forecast period. Moreover, CCUS technology is expected to play a huge role in the sustainable development, especially in the Asia-Pacific region which is anticipated to help the market grow substantially in the analysis period.
Restraints: High capital investment and implementation cost, however, might prove to be a hindrance in the growth trajectory of the carbon capture, utilization, and storage market.
Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The carbon capture, utilization, and storage market has been no exception to the phenomenon. The pandemic saw governments shift their priorities from curbing the greenhouse gas emissions to the healthcare sector in order to curb the spread of the virus. This led to a decline in investments and growth of the market during the pandemic years.
Segments of the Market
The report has divided the carbon capture, utilization, and storage market into certain segments based on service, technology, end-use, and region.
Service: Capture Sub-segment to be the Most Dominant
By service, capture sub-segment is predicted to have the highest market share in the forecast timeframe and generate a revenue of $3,753.2 million by 2028. Carbon capture services are in high demand as they can be accrued by many large-scale industries such as coal-fired power plants, cement industry, iron & steel industry, etc. This growth in demand for carbon capture service is predicted to propel the growth of this sub-segment.
Technology: Oxy-Fuel Combustion Capture Sub-segment to be the Fastest Growing
By technology, oxy-fuel combustion capture sub-segment of the carbon capture, utilization, and storage market is predicted to have the fastest growth rate and generate a revenue of $1,920.2 million by 2028. The growth of this sub-segment in the forecast period is mainly attributed to the growth in popularity of oxy-fuel combustion capture technology as it produces exhaust gas which is mainly water vapor and CO2 which can be easily separated for the production of high purity CO2 stream.
End-Use: Oil & Gas Sub-segment to Generate Maximum Revenue
By end-use, oil & gas sub-segment is predicted to garner the maximum revenue in the forecast timeframe and generate $2,917.6 million by 2028. The extensive use of CCUS technology in oil and gas industry to cut down greenhouse gas emissions is predicted to augment the growth rate of this sub-segment in the analysis timeframe.
Region: Market in North America Region to be the Most Lucrative
By regional analysis, the carbon capture, utilization, and storage market in the North America region is projected to become the most dominant sub-segment and grow with a CAGR of 13.9%. The wide usage of CCUS technology due to favorable governmental policies and regulations is predicted to be the primary growth driver of the market in the forecast period.
Prominent Market Players
Some prominent market players of the carbon capture, utilization, and storage market are
- Royal Dutch Shell plc
- Exxon Mobil Corporation
- Aker Solutions
- Fluor Corporation
- JGC Holdings Corporation
- Honeywell International Inc.
- Mitsubishi Heavy Industries Ltd.
- Schlumberger Limited
- Halliburton
- Linde plc
These companies are coming up with various innovations using different business strategies like acquisitions, mergers, and collaborations to gain a prominent position in the market.
For instance, in April 2022, Baker Hughes, a leading industrial service company, announced the acquisition of Mosaic Materials Inc., an environmentally-sustainable solutions provider. This acquisition is aimed at developing carbon capture technologies for various industries which will help in bringing down the greenhouse gases emissions.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the global market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Carbon Capture, Utilization, and Storage Market:
- How Carbon Capture, Utilization, and Storage (CCUS) Technology Utilization Productively Makes the Earth Greener?
- Growing Initiatives Taken by the Government of Various Nations to Meet Net Zero Emissions in the Coming Years to Propel the Growth of the Global Carbon Capture, Utilization, and Storage Market
