Carbon Capture Utilization and Storage Market worth $7.7 billion by 2026 | Key players Fluor Corp, ExxonMobil Corp, Linde plc, Royal Dutch Shell Plc, Mitsubishi Heavy Industries

According to recent market research "Carbon Capture Utilization and Storage Market by Service (Capture, Transportation, Storage, Utilization), End-Use Industry (Natural Gas, Power Generation, Hydrogen, Fertilizers, Oil Refining) and Region - Global Forecast to 2026", The carbon capture, utilization, and storage market size is projected to reach USD 7.7 billion by 2026, at a CAGR of 29.8%, during the forecast period.

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The carbon capture, utilization, and storage are used in a number of end-use industries such as natural gas, power generation, hydrogen, fertilizers, oil refining, and others, which helps the market to grow rapidly. In addition to this, the growth of the carbon capture, utilization, and storage market is driven by the increasing adoption of CCUS technology and various large-scale projects like the Petra Nova Carbon Capture Project and Boundary Dam CCS Project.

However, the outbreak of COVID-19 has created ripples in various end-use industries, leading to reduced demand for carbon capture, utilization, and storage. Due to the lockdown scenario in Europe and North America, the demand for carbon capture, utilization, and storage from hydrogen, oil refining, fertilizers, etc declined sharply in the first quarter of 2020.

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Carbon capture, utilization, and storage are used in a variety of end-use industries, including natural gas, power generation, hydrogen, fertilizers, oil refining, and others. Led by strong end-user demand, the carbon capture, utilization, and storage industry is growing at a rapid pace. However, amidst the global COVID-19 pandemic, the demand for carbon capture, utilization, and storage from the above-mentioned industries is expected to show a sharp decline in 2020 from 2019. The global carbon capture, utilization, and storage market size is projected to grow from USD 2.1 billion in 2021 to USD 7.7 billion by 2026, at a CAGR of 29.8%.

The major manufacturers profiled in this report include Fluor Corporation (US), ExxonMobil Corporation (US), Linde plc (UK), Royal Dutch Shell Plc (Netherlands), Mitsubishi Heavy Industries, Ltd (Japan), JGC Holdings Corporation (Japan), Schlumberger Limited (US), Aker Solutions (Norway), Honeywell International Inc. (US), Equinor ASA (Norway), TotalEnergies SE (France), Hitachi, Ltd (Japan), Siemens AG (Germany), General Electric (US), and Halliburton (US). These companies adopted various organic and inorganic growth strategies. For instance, in November 2021, ExxonMobil Corporation and Pertamina entered into a memorandum of understanding and planned to evaluate Indonesias large-scale deployment of low-carbon technologies.

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Royal Dutch Shell Plc, through its subsidiaries, engages in the oil and natural gas exploration, production, refining of petroleum. The company operates its business through five segments: integrated gas, upstream, oil products, chemicals, and corporate. It produces fuels, chemicals, and lubricants. The company owns and operates gasoline filling stations worldwide. It is also investing in power, including low-carbon sources, such as wind and solar; and new fuels for transport, such as advanced biofuels and hydrogen. It is implementing various carbon capture and storage projects at Gorgon (Australia), Quest (Canada), and Northern Lights (Norway). The company is taking an innovative approach and using advanced technologies to help build a sustainable energy future.

ExxonMobil Corporation is a leading global player in the energy and chemical business. The company has the highest carbon capture capacity, nearly double its next competitor and greater than the next five players combined. It has its expertise in all three business divisions: chemical, upstream and downstream operations. The chemical business markets petrochemicals, including a wide variety of performance materials. The upstream business is involved in oil and natural gas exploration. Its downstream business deals in lubricants and derivatives of crude oil. Currently, it has captured 40% of the total global carbon capture, utilization, and storage capacity.

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