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Global Carbon Capture, Utilization & Storage Market Analysis & Trends - Industry Forecast to 2028

Global Carbon Capture, Utilization & Storage Market Analysis & Trends - Industry Forecast to 2028

  • July 2021
  • 168 pages
  • ID: 5762124
  • Format: PDF
  • Accuray Research LLP

Summary

Table of Contents

Carbon Capture, Utilization & Storage: Market Size

From $1.50 billion in 2020, the global Carbon Capture, Utilization & Storage market is projected to reach $5.82 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 18.5% from 2020 - 2028 timeframe.


Some of the prominent trends that the market is witnessing include escalating demand for co2-eor techniques, surge in usage of captured carbon for enhanced oil recovery operations, and rising focus on reducing co2 emissions.

Global Carbon Capture, Utilization & Storage Market: Market Dynamics

Carbon capture, utilization and storage, or CCUS, is a predominant emissions reduction technology that can be applied across the energy system. Escalating concerns about climate change are responsible for the increasing adoption of carbon capture, utilization & storage (CCUS) to reduce emissions. CCUS captures CO2 via various methods and store or use it to prevent its release into the atmosphere. The use of natural gas and fossil fuels to produce electricity are the major sources of CO2 emissions around the world. CCUS has ability in preventing greenhouse gases from entering the atmosphere.

The oil, gas and coal remain vital for their energy security and economic well-being. Hence, carbon neutrality will require rapid deployment of carbon capture, use, and storage (CCUS) technologies to bridge the gap until innovative, next generation low-, zero-, or negative-carbon technologies are commercialized.

On the other hand, the safety concern at storage sites is likely to obstruct the profit boundaries. In addition, the uninterrupted investments in developing innovative capturing technologies enabling economic operations will further boost for the Carbon Capture, Utilization & Storage market.

Impact of COVID-19 on Carbon Capture, Utilization & Storage

COVID-19 has solely put any effect on the market, which is anticipated to grow at a significant rate in 2020 as well, owing to continuous investment in the field of carbon capture and sequestration. Majorly, the carbon capture, utilization & storage is used across natural gas processing plants and power plants where COVID-19 has imposed a very minimal impact. However, due to lockdown imposed across the globe, it has impacted commercial sectors, such as chemical plants, cement plants, and others, which plays a very small role in the CCUS market. The operations of these plants were not affected by the COVID-19 pandemic; as a result, lockdown imposed due to the pandemic posed very minimal impact on the CCUS market. Moreover, temporary shutdown of commercial sectors, including chemical plant and cement plant, did plunge the industry valuation to some extent in recent past.

By Service

Capture Segment Dominate the Market in 2020

The capture segment made huge revenue in 2020 and growing its prominence during the forecast period. Capture segment holds the majority of the share in the Carbon Capture, Utilization and Storage market as it is the first stage of the Carbon capture, utilization and storage process and involves capturing CO2 from its emission source. It can be applied to any large-scale emission process, such as gas and oil production, and coal-fired power generation plants; and manufacturing industries, such as iron, steel and cement. The price of capturing CO2 is highly dependent on economic, technical, and financial factors associated with the design and operation of the production process, along with the design and operation of the CO2 capture technology. Additionally, the high cost of capturing in the steel, iron, power generation, cement, and other sectors is one of the major factors responsible for the high market share of the capture segment.

By Geography

North America Region is Leading in the Global Market Place

North America region is likely to have a huge demand in the forecast period owing to the presence of multiple large-scale CCS facilities in the US and Canada. Petra Nova Plant, Shute Creek Plant, ENID Fertiliser plant, BPundaryy Dam are some few projects that are being operated in the region. Additionally, the carbon capture, utilization, and storage market in the North American region is anticipated to be driven by increasing environmental concerns across the region. The US Supreme Court proposed a carbon trading scheme, named the US Clean Power Plan which aims at curbing carbon pollution from power plants in the US.

List of the Key Players Profiled in the Market Include:

• Aker Solutions
• Carbicrete
• Carbon Clean
• Carbon Engineering, Ltd.
• Carbonfree Chemicals
• C-Capture Ltd.
• Climeworks Ag
• Electrochaea Gmbh
• Equinor ASA
• Exxon Mobil Corporation
• Fluor Corporation
• General Electric
• Green Mineral
• Halliburton
• Hitachi, Ltd.
• Honeywell International Inc.
• JGC Holdings Corporation
• Linde Plc
• Mitsubishi Heavy Industries, Ltd.
• Newlight Technologies, Inc.
• Royal Dutch Shell Plc
• Schlumberger Limited
• Siemens AG
• Tandem Technical
• Total S.A.

List of the Regions/Countries Profiled in the Market Include:

North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others

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