Dublin, May 16, 2024 (GLOBE NEWSWIRE) -- The "Carbon Capture Utilization and Storage (CCUS) Market - A Global and Regional Analysis: Focus on Application, Technology, Type, and Region - Analysis and Forecast, 2024-2034" report has been added to ResearchAndMarkets.com's offering.
Global market is valued at $3.67 billion in 2024 and is expected to grow at a CAGR of 24.32% to reach $32.04 Billion by 2034.
Carbon capture utilization and storage (CCUS) market is experiencing significant growth, propelled by favorable government policies driving the deployment of CCUS technology, increasing demand for CO2 for enhanced oil recovery (EOR) and rise in adoption of net-zero emissions targets.
Despite these positive drivers, the market faces hurdles such as CO2 leakage from the underground storage reservoirs. However, increasing investment to setup new industrial plants in growing economies present lucrative opportunities for the expansion of carbon capture utilization and storage (CCUS) demand, suggesting a vibrant future for this market as it navigates through challenges towards high initial cost of carbon capture utilization and storage process.
At present, North America is the prominent region utilizing CCUS, followed by Europe. The growing government initiative for the development and deployment of CCUS coupled with increasing adoption of net-zero emission targets is propelling the market growth. Moreover, CO2-EOR is a major economic driver for CCUS deployment in the Americas, and much of the current policy and legal and regulatory landscape is focused on incorporating CCUS into prevailing oil and gas regulations at both the federal and state levels.
Moreover, the Europe Union's (EU's) net-zero goal for 2050 is primarily focusing on the elimination of GHG emissions. Therefore, despite the undefined public acceptance of the technologies, CCUS is expected to remain an important means of reducing carbon emissions. The demand for CCUS has also been rising in the Asia-Pacific region, owing to rising CO2 emissions.
CCUS plays an essential role in the transition to a prosperous net-zero economy. The global community has been actively promoting cooperation to address climate change. Carbon capture utilization and storage (CCUS) is one of the key technologies to achieving global climate and energy goals. According to IEA, CCUS is the only solution for tackling emissions from heavy industry sectors, including cement. In order to achieve carbon neutrality and to promote the development and deployment of decarbonization technologies, governments of various countries and ministries are coming up with targets and policies which will create opportunities for CCUS.
Companies Featured
- Fluor Corporation
- ExxonMobil Corporation
- Linde plc
- Shell plc
- Mitsubishi Heavy Industries, Ltd
- JGC Holdings Corporation
- Equinor ASA
- Schlumberger Limited
- Aker Carbon Capture
- Carbon Clean Solutions Limited
- C-Capture
- Halliburton
- Siemens
- Hitachi, Ltd
- Honeywell International Inc
Key Topics Covered:
1. Markets: Industry Outlook
1.1 Trends: Current and Future Impact Assessment
1.2 Supply Chain Overview
1.2.1 Value Chain Analysis
1.3 Pricing Analysis (Voluntary Vs Compliance)
1.4 R & D Review
1.4.1 Patent Filing Trend by Country, by Company
1.5 Regulatory Landscape
1.6 Stakeholder Analysis
1.6.1 Use Case
1.6.2 End User and Buying Criteria
1.7 Impact Analysis for Key Global Events
1.8 Carbon Credit and Debit Scenario
1.9 Market Dynamics Overview
1.9.1 Market Drivers
1.9.2 Market Restraints
1.9.3 Market Opportunities
2. Carbon Capture Utilization and Storage (CCUS)(by Application)
2.1 Application Segmentation
2.2 Application Summary
2.3 Carbon Capture Utilization and Storage (CCUS) (by Application)
2.3.1 Oil and Gas Industry
2.3.2 Power Industry
2.3.3 Chemicals and Petrochemicals
2.3.4 Cement Industry
2.3.5 Steel Industry
2.3.6 Others
3. Carbon Capture Utilization and Storage (CCUS) (by Product)
3.1 Product Segmentation
3.2 Product Summary
3.3 Carbon Capture Utilization and Storage (CCUS) (by Technology)
3.3.1 Pre-Combustion Carbon Capture
3.3.2 Post-Combustion Carbon Capture
3.3.3 Oxy-Fuel Combustion Carbon Capture
3.3.4 Direct Air Capture
3.3.5 Others
3.4 Carbon Capture Utilization and Storage (CCUS) (by System Type)
3.4.1 Voluntary
3.4.2 Compliance
4. Global Carbon Capture Utilization and Storage (CCUS) (by Region)
4.1 Carbon Capture Utilization and Storage (CCUS) (by Region)
4.2 North America
4.2.1 Regional Overview
4.2.2 Driving Factors for Market Growth
4.2.3 Factors Challenging the Market
4.2.4 Application
4.2.5 Product
4.2.6 U.S.
4.2.6.1 Market by Application
4.2.6.2 Market by Product
4.2.7 Canada
4.2.7.1 Market by Application
4.2.7.2 Market by Product
4.2.8 Mexico
4.2.8.1 Market by Application
4.2.8.2 Market by Product
4.3 Europe
4.4 Asia-Pacific
4.5 Rest-of-the-World
5. Companies Profiled
5.1 Next Frontiers
5.2 Geographic Assessment
5.2.1 Overview
5.2.2 Top Products/Product Portfolio
5.2.3 Top Competitors
5.2.4 Target Customers
5.2.5 Key Personnel
5.2.6 Analyst View
5.2.7 Market Share
For more information about this report visit https://www.researchandmarkets.com/r/rgh3sb
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