Carbon
Capture, Utilization, and Storage Market worth $12.9 billion in 2030

The report "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", for carbon capture, utilization, and storage is expected to
grow at an average CAGR of 24.0%, from USD 3.1 billion in 2023 to USD 12.9
billion in 2030.

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Browse in-depth TOC on "Carbon Capture, Utilization,
and Storage Market"

312 - Tables

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286 – Pages

To minimize carbon emissions
into the atmosphere, carbon capture, utilization, and storage techniques are
primarily used in the oil and gas, power generation, and chemical and
petrochemical sectors. Many countries across the world have proposed deploying
this technology to reduce carbon emissions and handle climate change. The
market for carbon capture, utilization, and storage is being driven by
government initiatives aimed at achieving net zero emissions.

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Capture service
segment comprise a major share of the carbon capture, utilization, and storage
market, in terms of value and volume.

The first phase in the CCUS
process is carbon capture, and it involves separating and extracting carbon
from the effluent flue gas stream that originates from a variety of industrial
sources, including power plants, petrochemical and chemical companies, iron and
steel smelters, and others. Several methods are proposed to remove carbon from
the flue gas effluent stream, including Direct Air Capture (DAC), Oxy-Fuel,
Pre- and Post-Combustion, and Bio-Energy CCS (BECCS). Several companies use this
technology all around the world to reduce their carbon footprint. Adoption of
this technique appears to be more expensive since direct air capture
significantly deviates from standard practices and removes carbon directly from
the atmosphere rather than from industrial sources.

Chemical looping
technology type to be the second dominating segment in the global carbon
capture, utilization, and storage market in terms of value and volume

Chemical looping is a
technique used in industries to trap CO2 during the thermal fuel conversion
process. To create the nitrogen-free flue gas stream, which mostly consists of
CO2, H2O, and reduced oxy-carbonates, a sequence of chemical processes are
carried out. This extremely low chemical combination flue gas stream is
subsequently sent to another operation, where carbon is removed from the
residual effluent stream. This method is mostly utilized in the chemical and
petrochemical, as well as oil and gas sectors, where the effluent stream's
nitrogen content is considerably higher.

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Oil &
gas industry is the dominating end-use industry in the global carbon Capture,
Utilization, and Storage market in terms of value

The carbon
capture, utilization, and storage market are dominated by the oil and gas
sector. This can be attributed to the industry's high initial adoption rate,
which is expected to continue during the forecast period, due to the fact it is
one of the main sources of atmospheric carbon emissions. The CCUS technology is
being used in several ongoing projects, including the Century Plant in the
United States, the Shute Creek Gas Processing Plant in the United States, the
Uthmaniyah Gas Plant in Saudi Arabia, and the Petrobras Santos Basin Plant in
Brazil, to lower carbon emissions in their respective locations.

Asia
Pacific to be the fastest-growing region in the carbon Capture, Utilization,
and Storage market during the forecast period

The CCUS
market is expected to grow at the fastest pace in Asia Pacific. this is mostly
because of the significant improvements in technological development that
Australia and China have achieved. Businesses were initially hesitant to
implement CCUS as it is a capital-intensive task. However, with recent
developments in environmental policies and regulations, as well as the ability
to combine CCUS with hydrogen generation, companies are now actively involved
in the technology's development. Governments around the Asia-Pacific region
constantly encouraging their industrial sector to actively engage in the joint
endeavor to reduce climate change through the establishment of tax credit
programs.

Some of the
key players in the global carbon capture, utilization, and storage market are
such as Royal Dutch Shell (Netherlands), Fluor Corporation (US), Mitsubishi
Heavy Industries, Ltd. (Japan), Exxon Mobil Corporation (US), and Linde Plc
(UK), JGC Holdings (Japan), Schlumberger Ltd (US), Aker Solutions (Norway),
Honeywell International (US), Equinor ASA (Norway).

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