Carbon Capture, Utilization, and Storage Market To Grow the Fastest in APAC

The carbon capture, utilization, and storage market will power at a rate of 27.3% by the end of this decade, to touch USD 17,835.6 million by 2030.

The key factors credited for the development of the industry are the increasing emphasis on decreasing carbon emissions accompanied by government initiatives for achieving carbon neutrality by 2050, and the increasing requirement for CO2-EOR methods.

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Pre-combustion technology is the market leader; though, the requirement for post combustion technology will rise significantly at a rate of, of 27.6% in the future.

This growth is because of the increasing power plant count in China and India. This technology is the most feasible for separating CO2 from exhaust gases formed by the combustion of fossil fuels for generation of power.

Power generation sector is the largest end-user, with about 40% share in the past. This is due to the fact that over 40 CCUS power generation projects are currently developed globally, with most projects associated with coal-fired and gas-fired power.

Though, the oil & gas sector will grow the fastest in the years to come, as carbon capture, use, and storage have brought about numerous prospects for example improved oil & gas recovery from declining gas formations, oil & gas refining, ethanol production, low carbon hydrogen generation, and direct-air capture.

The carbon capture, utilization, and storage market of North America had over 35% share and this will continue in the years to come as well as well. This is because of the growing requirement for products and fuels with a lower carbon dioxide footprint and the increasing integration of CCUS projects with planned liquified natural gas projects.

Also, private and public organizations are investing in the growth and commercialization of technologies capturing carbon from flue gas streams, which is supporting the development of the industry.

APAC will grow the fastest in the years to come. This has a lot to do with the presence of many new projects emerging in developing nations, where there are high emissions.

Furthermore, the region has appropriate geology for carbon sequestration, adding advantages for corporations to set up their projects in the region.

China targets to attain carbon neutrality before 2060, and the policies are being framed by the government, resulting in the setup of CCUS plants in the nation.

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For example, in 2021, China had about 6% of the novel project developments. Likewise, the MEE announced its support for CCUS pilot and demonstration projects in free trade zones in 2021, in May.

The governments of various nations are trying to achieve carbon neutrality and this calls for an increase in demand for carbon capture, utilization, and storage. This will continue in the years to come as well.

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