A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global carbon capture, utilization & storage (CCUS) market was worth USD 2,837.96 million in the year 2020. According to the study, the market is estimated to grow at a CAGR of 11.25%, earning revenue of around USD 5,890.38 million by the end of 2027. In highly industrialized countries such as the United States, China, India, etc., the rising carbon emissions are a major contributing factor for the growth of the global carbon capture, utilization, and storage market. Therefore, the government and several private entities are investing heavily in CCUS technology to limit carbon emissions. With an increasing focus on sustainability and controlling global warming and climate change, countries are paying close attention to carbon emissions and launching plans such as Net Zero Emissions by 2050. These factors are expected to present lucrative growth opportunities to the global carbon capture, utilization & storage (CCUS) market in the forecast period.
Growing Demand for CCUS in The Industrial Sector Is Favoring the Global Carbon Capture, Utilization & Storage Market
The industrial sector produces most of the greenhouse gases on earth, making carbon capture, utilization & storage most necessary. Private companies are also adopting this technology to reduce their carbon footprint and its effects on the environment. The government is also providing its support by offering funds for accelerating the adoption of CCUS technology to promote environmental consciousness among companies. Such initiatives are anticipated to propel the demand for carbon capture and storage in the forecast period, driving its market growth.
Rising Demand for Advanced Technologies For Carbon Capturing is Driving the Global Carbon Capture, Utilization & Storage Market
With significant growth potential, the research institutes and universities, private companies, and government are investing in technological advancements to extract the potential in the future. The researchers mainly focus on improving and developing capturing technologies, such as membrane, oxyfuel combustion, calcium looping, cryogenic, etc. Because CO2 capture and storage is an expensive process, developments are being made towards cheaper utilization processes that allow CO2 to be used to produce high-value chemicals. Such new developments present opportunities for the market.
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Global Carbon Capture, Utilization & Storage (CCUS) Market – By Application
Based on applications, the global carbon capture, utilization & storage (CCUS) market is categorized into oil & gas, iron & steel, chemical & petrochemical, power generation, and others. Among these, the oil and gas sector accounts for the largest market share. According to an estimate, the oil & gas industry releases at least 2.6 billion tons of carbon emissions annually. Therefore, several countries are increasingly adopting carbon capture, utilization & storage (CCUS) technology to achieve their ambitious target of net-zero carbon emission in the next few decades. The power generation segment also covers a substantial share in the market because of the large volume of CO2 emissions in the power generation plants.
Global Carbon Capture, Utilization & Storage (CCUS) Market – Regional Insights
Geographically, the global carbon capture, utilization & storage (CCUS) market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle-East & Africa. Among these regions, Europe dominates the global carbon capture, utilization & storage (CCUS) market, followed by North America. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. Rapid industrialization in developing countries such as China, India, Japan, South Korea, etc., has led to a significant increase in carbon emissions. Thus, the governments of these countries are investing in such technologies to promote sustainability and economic development, which is anticipated to drive the market during the forecast period.
Impact of COVID-19 on Global Carbon Capture, Utilization & Storage (CCUS) Market
The global carbon capture, utilization, and storage (CCUS) market were negatively impacted by the sudden outbreak of the COVID-19 pandemic. As a result of social distancing norms and obstructions in their operations, emissions from the major end-users of the CCUS market such as oil and gas, energy, and power, the cement industry witnessed a sharp decline in 2020. In addition, the increasing COVID-19 cases burdened the entire healthcare system causing countries to become more inclined to develop the healthcare infrastructure. The result was a drop in investments toward the adoption of CCUS technology.
The leading players in the global carbon capture, utilization & storage (CCUS) market are Exxon Mobil Corporation, General Electric, Halliburton, Aker Solutions, Linde AG, Royal Dutch Shell PLC, Equinor, Basin Electric Power Cooperative, Sulzer Ltd., Saipem, Mitsubishi Heavy Industries Ltd., Japan CCUS Co. Ltd., Fluor Corporation, Hitachi Ltd., Air Liquide, NRG Energy, Inc., Southern Energy, Climeworks, Chevron Corporation, and other prominent players.
The market is highly concentrated with the presence of giant industry participants investing huge amounts into plant setup as well as research and development activities. Several major players dominate the market, investing enormous amounts of money into plant setup and R&D activities. They participate in collaborations to share their expertise and material resources.
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