CCUS Absorption Market

The global CCUS Absorption market size is projected to grow from USD 0.4 Billion in 2024 to USD 1.7 Billion by 2030, at a CAGR of 26.5% during the forecast period. Carbon Capture, Utilisation and Storage (CCUS) is a crucial technology for reducing carbon dioxide (CO2) emissions. CCUS involves capturing CO2 from large point sources like power generation and industrial facilities, utilizing it in various applications, and storing it in deep geological formations. The absorption technique used for carbon capture is a key method in CCUS. Chemical absorption is the most recognized method, where a chemical solvent reacts with CO2 to capture it. This process is commonly used in post-combustion capture, where flue gas is treated with a solvent to remove CO2. Other methods include physical separation, membrane separation, and cryogenic methods. The most mature technology is MEA (monoethanolamine) solvents, but research has shown that ammonia and PZ-AMP solvents have lower energy consumption and must be further investigated. CCUS is essential for achieving net zero emissions and is being supported by significant public funding and strategic initiatives globally.

The chemical and petrochemical, cement, iron and steel, oil and gas, and power generation industries all make extensive use of CCUS. Up to 95% of a plant's CO2 emissions can be captured by the CCUS process and used for enhanced oil and gas recovery or other commodities including dry ice, urea, and carbonated drinks. North America held a dominant share of the CCUS Absorption market in 2023, accounting for 39.3% of the market's value. The usage of CCUs has increased in part because of strict government regulations regarding the release of industrial effluent into the environment, especially in the US. The oil and gas industry in North America has been using captured carbon for enhanced oil recovery (EOR) as a means of supplying fuel for production rigs. This process is one of the primary applications for the trapped carbon.

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It is anticipated that the market for CCUS absorption would expand quickly because of the growing demand to lower carbon emissions and create a healthier and more environmentally friendly atmosphere. The market's primary motivator is the growing requirement to reduce carbon emissions. The governments of a number of nations, including the US, Canada, the UK, and Australia, are putting more emphasis on encouraging CCUS Absorption by providing tax breaks and other advantages to stimulate the market.

The primary factors influencing the CCUS Absorption market were the emphasis on lowering CO2 emissions, the stricter enforcement of emission standards, and current studies into the development of newer, even negative emission technologies. High initial investment and storage concerns have a detrimental impact on the CCUS Absorption market.

The market for CCUS Absorption is highly concentrated, with major players holding a substantial share of the market, including ExxonMobil Corporation (US), Equinor ASA (Norway), Honeywell International Inc. (US), Fluor Corporation (US), Mitsubishi Heavy Industries Ltd. (Japan), Royal Dutch Shell Plc (Britain), TotalEnergies SE (France), BASF SE (Germany), JGC Holdings Corporation (Japan), Schlumberger Ltd. (US), Aker Solutions (Norway), Siemens AG (Germany), Hitachi Ltd. (Japan), General Electric (US), Chevron Ion Clean Energy (US). Major corporations are working to improve the efficiency of the current CCUS technology as well as research and develop additional technologies.

Flour Corporation is a multinational engineering, procurement, construction, and maintenance company headquartered in Irving, Texas. Established in 1912, Flour Corporation operates as a holding company, delivering services through its subsidiaries across three primary sectors: oil and gas; industrial and infrastructure; and government and power. One of Fluor's key areas of expertise is carbon capture technology. The company is one of the global leaders in CO2 capture technology providing comprehensive tailored to carbon capture projects, encompassing CO2 compression and transportation solutions. Fluor Corporation operates in three major business segments: energy solutions, urban solutions, mission solutions, and others. It operates the carbon capture, utilization, and storage business in the energy solutions segment. The company has over 30 years of experience in carbon capture technologies.

ExxonMobil Corporation is a preeminent global energy and chemicals conglomerate, boasting the largest carbon capture capacity, with a significant lead over its nearest competitor and surpassing the combined capacity of the next five players. The company's expertise is multifaceted, encompassing all three of its core business divisions: chemical, upstream, and downstream. The chemical division specializes in the production and sale of petrochemicals, a diverse range of performance materials. The upstream division is engaged in oil and gas exploration, while the downstream division focuses on the manufacture and distribution of lubricants and crude oil derivatives. With a rich history spanning over five decades, ExxonMobil Corporation is the most established and respected name in the carbon capture, utilization, and storage industry. Currently, it accounts for approximately 40% of the global carbon capture, utilization, and storage capability.

Schlumberger Limited offers a comprehensive range of products and services, from exploration to production and integrated pore-to-pipeline solutions for hydrocarbon recovery. The company conducts its business-related operations through four major segments: well construction, production systems, reservoir performance, and digital & integration. Schlumberger Limited offers carbon services, technical expertise, project management (selection, planning, construction, operation, and monitoring of sites), and integrated technology for inclusive carbon dioxide geological storage solutions. The company provides carbon capture services through its business solutions. For over two decades, Schlumberger has been instrumental in over 100 Carbon Capture, Utilization, and Storage (CCUS) projects worldwide, spanning various industry sectors. It operates in more than 100 countries, with a strong network of 125 research & engineering technology centers, and has executive offices in Paris, Houston, London, and The Hague. The company aims to achieve a competitive advantage through R&D investments.

Related Reports:

CCUS Absorption Market by Absorption Type (Chemical Absorption, Physical Absorption), End-Use Industry (Oil & Gas, Power Generation, Chemical & Petrochemical, Cement, Iron & Steel), and Region - Global Forecast to 2030

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