Carbon Capture, Utilization, and Storage (CCUS) Market Estimated to Experience a Hike in Growth By 2030
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Carbon Capture, utilization, and storage (CCUS) is an emission reduction process, which is intended to prevent large amounts of carbon dioxide from being released into the environment. The technology involves the collection, transportation, and injection of carbon di oxide so that it would not escape into the atmosphere. The process involves three main steps and technologies such as capture, which includes the separation of CO2 from gases produced by different procedures. Secondly, it involves transport, which is the transportation of the captured CO2 to a suitable site for storage with the help of pipelines, trucks, and ships. The last step is storage, which involves the injection of CO2 into underground rock formations, deep wells, and depleted reservoirs. These are the best storage options for storing huge amounts of CO2 for many years.
Demand for carbon capture, utilization, and storage has witnessed tremendous growth driven by increasing penetration in end-use industries such as oil & gas, power generation, iron & steel, chemical & petrochemical, cement, and others. All industry players are investing heavily to find new commercial avenues for their product segments via investment, contracts, and partnerships. For instance, Shell is a giant MNC and has undertaken several CCSU pilot projects which include the world's largest CCSU project, in Alberta, Canada. As a result of a partnership between Shell, Canada Energy, and Chevron, Quest was formed, which is a fully integrated CCSU project. In the oil sands industry, Quest has come up as the first commercial application of CCSU. It has been designed to capture, transport, and store deep underground above one million tons of carbon dioxide. Chevron is also leading a CCSU project, where natural gas will travel through undersea pipelines to a liquefied natural gas plant at the Gorgon gas fields in Western Australia. Moreover, some of the major factors that drive the demand for carbon capture, utilization, and storage include a growing focus on reducing CO2 emissions, supporting government initiatives, and increasing demand for CO2-EOR techniques. However, the high cost of carbon capture and storage and decreasing crude oil prices are expected to hamper the growth of the carbon capture, utilization, and storage market during the forecast period. Furthermore, a large number of upcoming projects in the Asia-Pacific and Europe region and continuous investments in developing innovative capturing technologies enabling economic operations are expected to provide growth opportunities for the carbon capture, utilization, and storage market during the forecast period.
By service, the global carbon capture, utilization, and storage market size is studied across capture, transportation, utilization, and storage. The capture segment accounted for the largest market share in 2020, owing to an increase in adoption of this service due to a surge in CO2 emission from various industry verticals such as oil & gas, power generation, iron & steel, chemical & petrochemical, and cement. The capture segment dominated the global carbon capture, utilization, and storage market with more than two-thirds of the total market share in 2020.
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By technology, the global carbon capture, utilization, and storage market is studied across pre-combustion capture, oxy-fuel combustion capture, and post-combustion capture. The post-combustion capture segment accounted for the largest market share in 2020, owing to a surge in the adoption of this technology from coal and gas power generation plants across the globe to capture carbon and reduce the carbon footprint. The post-combustion capture segment dominated the global carbon capture, utilization, and storage market with more than two-fifths of the total market share in 2020.
By end-use industry, the global carbon capture, utilization, and storage market are studied across oil & gas, power generation, iron & steel, chemical & petrochemical, cement, and others. The oil & gas segment emerged as a leader in 2020, owing to a surge in consumption of carbon dioxide for enhanced oil recovery. The oil & gas industry segment dominated the global carbon capture, utilization, and storage market with more than half of the total market share in 2020.
Region-wise, the global carbon capture, utilization, and storage market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a major carbon capture, utilization, and storage market share in 2020, and dominated the global market with more than two-fifths of the total market share in 2020.
The major players studied and profiled in the global carbon capture, utilization, and storage industry are Royal Dutch Shell PLC, Fluor Corporation, Mitsubishi Heavy Industries, Ltd., Linde Plc, Exxon Mobil Corporation, JGC Holdings Corporation, Schlumberger Limited, Aker Solutions, Honeywell International Inc., and Halliburton. Other players operating in this market include C-Capture Ltd., Tandem Technical, Carbicrete, Hitachi, Ltd., Siemens AG, General Electric, Total S.A., and Equinor ASA.
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Key findings of the study
• In 2020, North America dominated the global carbon capture, utilization, and storage market with around 42.5% share, in terms of revenue.
• Europe is projected to grow at the highest CAGR of 14.4% in terms of revenue.
• The capture service segment dominated the global carbon capture, utilization, and storage market with 70.0% of the share in terms of revenue.
• The post-combustion capture segment dominated the global carbon capture, utilization, and storage market with around 45.8% of the share in terms of revenue.
• The oxy-fuel combustion capture segment is projected to grow at the highest CAGR of 14.4% in terms of revenue.
• The oil & gas segment dominated the global carbon capture, utilization, and storage market with 57.6% of the share in terms of revenue.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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