Carbon Capture Utilization and Storage Market is Projected to Grow Further to over USD 8 Billion by 2032

The carbon capture, utilization and storage market size was approximately $3 billion in 2022 and is projected to further grow to more than $8 billion by 2032, at a CAGR of more than 10% over the forecast period.

Carbon Capture Utilization and Storage (CCUS) is a technology that captures carbon dioxide (CO2) emitted from power plants and other industrial facilities and stores it so that it does not enter the atmosphere. CCUS can be used to capture CO2 from the flue gases released when coal is burned or from the exhaust gases of natural gas power plants. CO2 can then be stored underground, in the ocean or in other geological structures.

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CCUS is a promising technology for reducing greenhouse gas emissions as it can capture up to 90% of CO2 emissions from power plants. CCUS can also be used to capture CO2 from other industrial sources, such as cement production and steel manufacturing.

CCUS is still in the early stages of development and has a number of issues that need to be addressed before widespread deployment. For example, the cost of capturing and storing CO2 is currently quite high and better technologies are needed to safely store CO2 in the long term. CCUS also requires significant investments in infrastructure such as pipelines and storage facilities.

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Key drivers and trends

The major trends in carbon capture utilization and storage technologies are increasing capture efficiency, improving storage options, reducing capture and storage costs, and increasing the use of carbon dioxide for other purposes.

The need to reduce greenhouse gas emissions is one of the most important drivers for the carbon capture utilization and storage market. Emissions of greenhouse gases such as carbon dioxide are a major cause of climate change. Carbon capture utilization and storage can help reduce these emissions by capturing carbon dioxide from power plants and other industrial facilities and storing it underground.

The need to find new ways to store carbon dioxide is another driving force for the carbon capture utilization and storage market. Carbon dioxide can be stored underground in depleted oil and gas fields, saline aquifers, or other geological structures. Carbon capture utilization and storage can help reduce the amount of carbon dioxide in the atmosphere and slow climate change.

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Major Players

The carbon capture utilization and storage market report includes players such as C-Capture (UK), Halliburton (US), Siemens Energy, Hitachi, Ltd (Japan), Honeywell International Inc (US), Mirreco (US), SeeO2 Energy Inc. included. (Canada), Neustark AG (Switzerland), CarbonFree (USA), Cemvita Factory Inc. (USA)

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This release was published on openPR.