Carbon Capture, Utilization, and Storage Market worth $4.9 billion by 2027 | Key players Royal Dutch Shell, Fluor Corp, Mitsubishi Heavy Industries, Exxon Mobil Corp, Linde Plc

According to recent market research the "Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), Technology (Chemical Looping, Solvents & Sorbent, Bio-Energy CCS, Direct Air Capture), End-Use Industry, and Region - Global Forecast to 2027", size is projected to grow from USD 2.4 billion in 2022 to USD 4.9 billion by 2027, at a CAGR of 15.1% during the forecast period. The increasing use of carbon Capture, Utilization, and Storage in oil & gas industry is one of the most significant factors projected to drive the growth of the carbon Capture, Utilization, and Storage market.

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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.

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 is installed on high emission sources like power plants, natural gas processing facilities, and cement factories. 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.

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

Currently, this technology is majorly used by the oil & gas, chemical, and power generation industry. Solvents & sorbents technology involves the absorption of CO2 from the effluent gas stream emitted from various sources using suitable liquid or solid substances that has the efficiency in absorbing CO2 and does not react with other chemicals in the stream. Solvents are generally used in the liquid state, whereas sorbents are in the solid state. The solvents that have absorbed CO2 from the stream are sent to the processing unit and heated to release the CO2. Further, the released CO2 is captured and sent for storage and utilization. In the case where sorbents are used, the sorbent with captured CO2 is taken to the processing facility, where it is subjected to pressure reduction or heating, upon which it releases the absorbed CO2, which is then captured and stored for other purposes.

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The carbon capture, utilization, and storage market is expected to grow rapidly due to the growing need for reducing carbon emissions and achieving a greener and healthier environment. The major driver for the market is the ever-increasing need to curb carbon emissions. The increasing focus of governments of several countries, including the US, Canada, the UK, and Australia, promotes carbon capture, utilization, and storage by offering tax credits and other benefits to fuel the market.

The major factors that impacted the carbon capture, utilization, and storage market are focus on reducing CO2 emissions, increasing demand for CO2 in EOR applications, and continuous research activities in developing newer technologies. High initial investment and storage concerns have a negative impact on the carbon capture, utilization, and storage market. The following section analyses various drivers, restraints, opportunities and challenges in the carbon capture, utilization, and storage market.

The carbon capture, utilization, and storage market is highly consolidated, with major players such as Royal Dutch Shell (Netherlands), Fluor Corporation (US), Mitsubishi Heavy Industries, Ltd. (Japan), Exxon Mobil Corporation (US), and Linde Plc (UK) accounting for a large share of the market. However, small players also account for a significant market share. The key players are continuously adopting several developments, such as expansions, new product launches, and contracts & agreements, to strengthen their foothold in the market and capture additional market share.

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Shell PLC, through its subsidiaries, is involved in the exploration, production, and refinement of oil and gas. Five business segments were used by the company to run its operations: integrated gas, upstream, oil products, chemical, and corporate. It makes lubricants, chemicals, and fuel. The corporation is also investing in energy sources, such as improved biofuels and hydrogen, as well as low-carbon ones like wind and solar power. It actively participates in the Carbon Capture, Utilization, and Storage initiative and has contributed to the development of newer technologies for a sustainable future. At Gorgan (Australia), Quest (Canada), and Northern Lights (Norway), it is aggressively implementing CCUS. Shell Plc caters to its customers across North America, South America, Europe, Asia, and the Middle East & Africa.

Linde plc operates in gas and engineering businesses and engages in the production and distribution of industrial gases. It operates its business through seven end-market segments: healthcare, manufacturing, chemicals & refining, metals, electronics, food & beverages, and others. The company conducts its carbon capture and recovery business through the engineering segment and reduces CO2 emissions. It is also involved in recycling CO2 in greenhouse gases through its Dutch subsidiary, OCAP (Netherlands). Through this subsidiary, the company can reinforce its position in the global energy and environment growth markets as one of the leading suppliers of clean technologies for its clean energy program. Linde plc serves several end-use industries, including chemicals & refining, electronics, food & beverage, healthcare, manufacturing, and primary metals. The company has operations in more than 100 countries serving over 2 million customers. It is also launching various application centers worldwide to expand as one of the leading gas & engineering companies. The company has a presence in the Americas; Europe, the Middle East, and Africa (EMEA); and Asia Pacific (APAC).

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