ExxonMobil, Halliburton, Equinor, and General Electric Recognized as Leaders in the "Top 17 CCUS Companies, Worldwide 2023" by MarketsandMarkets 360 Quadrant

MarketsandMarkets unveiled 360 Quadrant for the "Top 17 CCUS Companies, Worldwide 2023," classifying industry players ExxonMobil, Halliburton, Equinor, and General Electric into distinct categories that reflect their exceptional contributions to the CCUS arena.

These four companies have solidified their positions in the CCUS quadrant through their substantial contributions to the field. Their relentless efforts in reducing carbon emissions, advancing CCUS technology, and fostering sustainability have earned them recognition in this exclusive quadrant. Their track record of innovation and dedication to environmental goals have positioned them as leaders in the CCUS landscape.

CCUS is a promising technology for significantly reducing carbon dioxide (CO2) emissions from large stationary sources such as industrial plants and power generation facilities. By capturing CO2 at the source before it enters the atmosphere, transporting it via ships, trucks or pipelines, and injecting it underground for safe, permanent storage, CCUS can help address the challenge of decarbonizing high-emitting sectors that rely heavily on fossil fuels. The CCUS Companies Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for CCUS. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 110 companies of which the Top 17 CCUS Companies were categorized and recognized as the quadrant leaders.

The 360 Quadrant efficiently maps the CCUS companies based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the CCUS quadrant. While the top criteria for product footprint evaluation included Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), Technology (Chemical Looping, Solvents and Sorbents, Membrane), and End-Use Industry.

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ExxonMobil, Halliburton, Equinor, and General Electric - The Leaders Explained

ExxonMobil Recognized as Market Leader Among the "Top 17 CCUS Companies, Worldwide 2023" by MarketsandMarkets 360 Quadrant.

ExxonMobil has over 30 years of experience capturing and storing CO2 through its operations. Owing to the company's expertise and market presence, it has been recognized as the "Market Leader" in the " Top 17 CCUS Companies, Worldwide 2023" by MarketsandMarkets 360 Quadrant. The company currently operates one of the largest industrial-scale carbon capture and storage projects in the world at its LaBarge facility in Wyoming, where it has captured and stored nearly 7 million tons of CO2 underground. In February 2022, the company made a final investment decision to expand carbon capture and storage at the LaBarge, Wyoming, facility.

The company offers low carbon solutions for its industrial and commercial customers in various markets for carbon capture and storage (CCS), hydrogen and lower emission fuels. It is an integrated solution provider and its collaboration with Mitsubishi Heavy Industries (MHI) further enables comprehensive end-to-end solutions for post-combustion CO2 capture. ExxonMobil optimizes the design, development, and implementation of comprehensive carbon capture and storage systems across the value chain by leveraging established technology. Beyond its operational expertise, ExxonMobil has significantly ramped up investments and partnerships to advance CCUS technologies and deliver integrated projects at a massive scale. Over the past few years, the company has invested over USD 10 billion towards efforts including expanding carbon capture from industrial operations, creating carbon storage hubs, and developing novel approaches like direct air capture. ExxonMobil is actively collaborating with governments, research institutes and other companies through initiatives in the US, UK, Netherlands, Japan and other countries.

One of ExxonMobil's most ambitious CCUS projects under development is the Net Zero Systems hub in Houston, Texas. Proposed to be one of the largest carbon capture and storage facilities in the world, Net Zero Systems aims to capture 100 million tons of CO2 from industrial facilities annually by 2040. ExxonMobil is effectively bridging technology innovation with real-world project execution to deliver CCUS at the massive scale needed to significantly curb emissions. With the right policy support and market framework, CCUS developed and deployed by companies like ExxonMobil is poised to play a central role in decarbonization plans of energy-intensive industries and heavy-emitting regions worldwide. This recognition from MarketsandMarkets highlights ExxonMobil's leadership position and magnitude of efforts in establishing CCUS as a critical tool to help societies achieve climate goals sustainably.

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Halliburton Recognized as a Contender in " Top 17 CCUS Companies, Worldwide 2023" by MarketsandMarkets 360 Quadrant

Halliburton is a global energy services company with a long history and a significant presence in the oil and gas industry. While the company's primary focus has traditionally been in oilfield services, it has also been actively involved in the emerging field of Carbon Capture, Utilization, and Storage (CCUS) in recent years. The company is recognized among the contenders in the Top 17 CCUS Companies, Worldwide 2023" by MarketsandMarkets 360 Quadrant, owing to its expertise in CCUS domain. This acknowledgment highlights Halliburton's growing involvement in leveraging its expertise to advance CCUS technologies.

The company applies its experience in underground evaluation and EOR to evaluate safe and efficient CCS subsurface storage projects. It offers various services such as CorrosaCem cement system to provide isolation across the injection zones, iCem cementing service, an engineering design tool used to assess specific downhole well variables of a cement application, and coring systems among others. Halliburton is exploring strategic partnerships and bidding on early commercial opportunities globally. For instance, in March 2022, the company collaborated with Energean, an independent E&P company, to evaluate the Prinos area's carbon dioxide (CO2) storage complex.

This recognition by 360 Quadrants recognizes not only the company's substantial market presence but also its well-established brand and an array of tailored products and services designed to meet diverse customer requirements. Although Halliburton may not offer an exhaustive range of offerings compared to market leaders, its undeniable impact and contributions within the CCUS sector are evident. Halliburton's deliberate emphasis on specific technologies and its dedication to achieving leadership within specific segments underscore its position as a significant and forward-looking participant in the field.

Equinor Recognized as an Innovator in " Top 17 CCUS Companies, Worldwide 2023" by MarketsandMarkets 360 Quadrant

Equinor has decades of experience of working on CCS projects and is one of the largest CCS operators worldwide. Its inclusion in the "Top 17 CCUS Companies, Worldwide 2023" reflects its pioneering role in the CCUS industry, where its work has established it as one of the leaders, leaving a substantial mark on the CCUS landscape. The company has been developing CCS technology for more than 20 years and is a part of more than 40 research projects on carbon capture and storage. It has 25 years of experience of offshore CO2 storage in the Sleipner field and 13 years in the Snøhvit field in Norway. The company has played a central role in establishing Northern Lights, the cross-border open-source CO2 transport and storage project.

Equinor dedicates significant R&D expenditures to CCUS innovation through collaborative programs. It focuses on strategies for maintaining oil and gas competitiveness in a low-carbon future, with efforts in the areas of CO2 storage and use, natural gas decarbonization through hydrogen value chains, and low carbon fuel transportation solutions. Recently in August 2023, the company acquired a 25% interest in Bayou Bend CCS LLC, one of the largest CCS solutions in the US. This will strengthen the company's low carbon solutions portfolio and support its ambition to mature and develop 15-30 million tons of equity CO2 transport and storage capacity per year by 2035.

Equinor, as an innovator, offers a robust product portfolio that pushes the industry forward with forward-looking strategies. Although its current market share may be smaller than that of market leaders, Equinor has the potential to ascend and become a notable player, driven by its innovative spirit and commitment to excellence. The company continues to inspire the industry through its innovative approach to CCUS excellence, establishing fresh benchmarks for the future.

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General Electric (GE) Gained Recognition as an Emerging Company in the " Top 17 CCUS Companies, Worldwide 2023" by MarketsandMarkets 360 Quadrant.

General Electric holds a significant position in the global Carbon Capture, Utilization, and Storage (CCUS) industry. The company offers carbon capture solutions through GE Gas Power, a part of GE Vernova and has been actively working on the CCUS solutions in Europe and the US and announced its plans to expand in Asia in November 2022. The company's substantial expertise has earned it recognition as an Emerging Leader among the "Top 17 CCUS Companies, Worldwide 2023. With its comprehensive portfolio of CCUS technologies, GE offers end-to-end solutions that encompass CO2 capture, compression, transportation, utilization, and storage. GE's expertise spans both post-combustion and pre-combustion capture technologies, ensuring a diverse range of options for various industries and applications.

One of GE's notable CCUS solutions is its advanced post-combustion carbon capture technology. This technology enables the capture of CO2 from flue gases emitted by power plants and industrial facilities. By integrating this technology into existing infrastructure, GE empowers these facilities to significantly reduce their carbon emissions while continuing to operate efficiently. GE recognizes the importance of safe and secure CO2 storage as a key component of CCUS. Through its extensive experience in the energy industry, GE has developed reliable and efficient CO2 transportation and storage solutions. These solutions ensure that captured CO2 is transported to suitable geological formations for safe and permanent storage, preventing its release into the atmosphere.

GE's dedication to CCUS is not limited to technology development alone. The company actively collaborates with governments, research institutions, and industry partners to advance CCUS deployment globally. In March 2023, GE and Svante collaborated to develop and evaluate innovative solid sorbent technologies for carbon capture from natural gas power generation. By fostering partnerships and knowledge sharing, GE aims to accelerate the adoption of CCUS and drive the transition to a low-carbon future. The recognition of GE as an emerging company in the "Top 17 CCUS Companies, Worldwide 2023" highlights the company's role in shaping the CCUS landscape. It showcases GE's commitment to providing innovative solutions that contribute to global decarbonization efforts and help combat climate change. GE, with a dedicated focus, offers specialized expertise, precise support, adaptable terms, and competitive pricing in the CCUS sector. While the company may have certain limitations, it stands as the preferred choice for specific use cases due to its strategic approach to expanding sales initiatives and broadening its client base. GE's commitment to addressing specialized requirements and its ongoing growth aligns well with industry dynamics.

As global market dynamics continue to evolve, ExxonMobil, Halliburton, Equinor, and General Electric remain at the forefront of innovation, setting benchmarks for excellence in the CCUS landscape. Their inclusion in the "Top 17 CCUS Companies, Worldwide 2023" by MarketsandMarkets 360 Quadrant reaffirms their commitment to delivering cutting-edge solutions to a dynamic and ever-changing market.

360 Quadrants Scoring Methodology

360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects, and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.

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