Carbon Capture, Utilization, and Storage Market | Key players operating in the market include 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", published by MarketsandMarkets, 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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Capture service segment to have the largest market share in the carbon capture, utilization, and storage market during the forecast period.

Capture service is the most important service in the carbon capture, utilization, and storage market and holds the largest market share, by service, in the market. Capture is the first stage of the carbon capture, utilization, and storage process. The carbon is separated either precombustion or post-combustion. The separated CO2 is brought to a high purity state and is dehydrated to make it ready for transportation. Usually, the carbon capture, utilization, and storage plant are installed on high emission sources like power plants, natural gas processing industry, and cement industries. The cost of capturing CO2 is heavily dependent on technical, economic, and financial factors associated with the design and operation of the production process and CO2 capture technology.

Power Generation is predicted to register the largest share in the global carbon capture, utilization, and storage market during the forecast period, in terms of value.

Power generation is the fastest growing industry for carbon capture, utilization, and storage adoption. The power generation industry is growing at the fastest rate in North America due to multiple projects that are yet to be completed. The UK is also actively investing in carbon capture, utilization, and storage projects in the power generation industry.

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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%.

Over the past few years, companies have strengthened their positions in the global carbon capture, utilization, and storage market by adopting strategies, such as new product launch/ development, expansion, agreement/partnership, and acquisition. From 2016 to 2020, new product launch and partnerships have been the key strategies adopted by the market players to maintain their growth in the global carbon capture, utilization, and storage market. For instance, in September 2020, Mitsubishi Shipbuilding Co., Ltd., which is a part of Mitsubishi Heavy Industries, Ltd. (MHI), worked with Nippon Kaiji Kyokai (Japan) and Kawasaki Kisen Kaisha, Ltd. (Japan) to conduct test operations and measurements for a small-scale ship-based CO2 capture demonstration plant. This technology was tested to verify the equipment's use as a marine-based CO2 capture system. Similarly, in July 2020, the Norwegian energy giant, Equinor, announced plans for leading a project to develop one of the UK's and the world's first at-scale facilities to produce hydrogen from natural gas in combination with carbon capture and storage (CCS). The project will be located at Saltend Chemicals Park that will enable industrial customers to switch over to hydrogen fully. Consequently, emissions from Saltend Chemicals Park would reduce nearly by 900,000 tons of CO2 per year, according to Equinor.

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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Equinor ASA conducts operations in the oil & gas industry, such as exploration, production, transport, refining, and marketing petroleum and petroleum-based products. The company engages under the following operating segments: crude oil, natural gas, refined products, natural gas liquids, and others. It is involved in various activities related to fields and platforms, terminals and refineries, trading, transport, & shipping; renewable energy, and decommissioning on the Norwegian Continental Shelf (NCS). Equinor is a leading pioneer in carbon capture, utilization, and storage technology. Projects related to carbon capture, utilization, and storage are also carried out under the same division. The company has been developing carbon capture, utilization, and storage technology for more than 20 years and is a part of around 40 carbon capture, utilization, and storage projects globally.

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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