Carbon Capture, Utilization, and Storage Market

Updated on : June 19, 2024

The global carbon Capture, Utilization, and Storage market size is projected to grow from USD 3.1 Billion in 2023 to USD 12.9 Billion by 2030, at a CAGR of 24.0% during the forecast period. Global warming is primarily caused by increasing CO2 emissions from the combustion of fossil fuels. The primary cause of climate change is thought to be the huge amounts of CO2 that are produced by industrial and fossil fuel power plants and flow into the atmosphere. Carbon capture and storage (CCS) is thought to be the technology that can cut CO2 emissions from fossil fuel combustion sources the most among CO2 mitigation solutions. Capture, Transportation, Utilization, and Storage are the three stages of the CCUS process. After being captured from the sources, CO2 is subsequently transported by trucks, ships, or pipelines to locations for use or storage.

Carbon Capture, Utilization, and Storage Companies

CCUS is largely used across oil & gas, iron & steel, power generation, cement, and chemical & petrochemical industries. The CCUS process can capture up to 95% of CO2 emissions from a plant that can be utilized for enhanced oil/gas recovery or various commodities, including dry ice, urea, and carbonated beverages. With 38.2% of the market's value in 2023, North America accounted for the majority of the carbon capture, utilization, and storage market. Strict government laws pertaining to the discharge of industrial effluent into the environment, particularly in the US, contribute for the rise in the use of CCUs. The captured carbon for enhanced oil recovery (EOR) approach has been utilized by the oil and gas sectors in North America to supply fuel for production rigs. One of the main uses for the trapped carbon is this procedure.

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The carbon capture, utilization, and storage market is expected to grow rapidly due to the growing need for reducing carbon emissions and achieving a greener and healthier environment. The major driver for the market is the ever-increasing need to curb carbon emissions. The increasing focus of governments of several countries, including the US, Canada, the UK, and Australia, promotes carbon capture, utilization, and storage by offering tax credits and other benefits to fuel the market.

The major factors that impacted the carbon capture, utilization, and storage market are focus on reducing CO2 emissions, increasing demand for CO2 in EOR applications, and continuous research activities in developing newer technologies including negative emission technologies. High initial investment and storage concerns have a negative impact on the carbon capture, utilization, and storage market.

The market for carbon capture, utilization, and storage is highly concentrated, with major players holding a substantial share of the market, including Mitsubishi Heavy Industries Ltd. (Japan), Royal Dutch Shell Plc (Netherlands), Fluor Corporation (US), ExxonMobil Corporation (US), and Linde Plc (UK). But a sizeable portion of the market is also accounted for by small businesses. The major companies are always implementing a number of innovations, including contracts & agreements, new product releases, and expansion, in order to strengthen their position in the industry and increase their market share.

Shell Plc engages in the exploration, production, and refining of oil and gas through its subsidiaries. The corporation operated under five business segments: integrated gas, upstream, oil products, chemical, and corporate. It produces gasoline, chemicals, and lubricants. The company is also making investments in low-carbon energy sources including solar and wind power, as well as enhanced biofuels and hydrogen. It has helped to develop innovative technologies for a sustainable future and actively engages in the carbon capture, use, and storage project.  It is adopting CCUS extensively at Gorgan (Australia), Quest (Canada), and Northern Lights (Norway). Shell Plc serves clients in Europe, Asia, Middle-East Africa, South America, and North America.

In addition to producing and distributing industrial gas, Linde plc is involved in the engineering and gas industries. Its seven end-market segments—Healthcare, Manufacturing, Chemicals & Refining, Metals, Electronics, Food & Beverages, and Others—are how it does business. The engineering section of the corporation manages its carbon capture and recovery operations, which lowers CO2 emissions. Moreover, it recycles CO2 from greenhouse emissions through OCAP (Netherlands), a Dutch subsidiary. With this subsidiary, the firm will be able to further solidify its position as one of the top providers of clean technology for its clean energy program in the expanding worldwide energy and environmental markets. Linde Plc provides services to a number of end-use sectors, such as primary metals, electronics, food and beverage, healthcare, chemicals and refining, and manufacturing.  Serving more than two million clients, the organization operates in more than 100 countries. In addition, it is expanding globally through a number of application centers to become one of the top gas and engineering organizations. The firm is present throughout Asia Pacific, the Americas, Europe, the Middle East, and Africa.

Mitsubishi Heavy Industries (MHI) Ltd. is involved in the manufacturing and sales of ships, industrial machinery, and aircraft. It operates through four major business segments: energy systems, plants & infrastructure, aircraft, defense & space, and logistics, thermal & drive systems. The company’s vast product and service portfolio includes aircraft, space, ship & ocean, transportation, material handling, environment, automotive, industrial machinery, infrastructure, living & leisure, defense, and engineering.

MHI operates its carbon capture and storage business and other technologies through the energy systems segment. MHI Ltd. operates its business in Japan, North America, South America, Europe, the Middle East & Africa, and Asia through a network of subsidiaries and overseas offices. It has approximately 470 offices and factories around the globe to manage its business operations.

Related Reports:

Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), Technology (Chemical Looping, Solvents & Sorbent, Membranes), End-Use Industry, and Region - Global Forecast to 2030

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