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Rapid Growth Forecasted: Carbon Capture Market to Reach $5.05B by 2028, Fueled by Lucrative Opportunities and Government Support

04-18-2024 10:43 AM CET | Chemicals & Materials

Press release from: The Business Research Company

Carbon Capture Market Report

Carbon Capture Market Report

The carbon capture, utilization, and storage market size has grown rapidly in recent years. It will grow from $2.57 billion in 2023 to $2.93 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in focus on reducing carbon dioxide (co2) emissions, increased demand from the medical industry and increase in demand for energy consumption.

The carbon capture, utilization, and storage market size is expected to see rapid growth in the next few years. It will grow to $5.05 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to carbon capture providing financially lucrative opportunities, supportive government initiatives, increase in investments, growing demand from the oil and gas industry and implementation of cop26 to limit global warming. Major trends in the forecast period include focusing on supplying to greenhouses, focusing on investing in ai based technology that will drive innovation, focusing on strategic investing in order to stay competitive in the market, acquiring and partnering with other manufacturers and businesses and focusing on direct air capture technologies to improve capturing efficiencies.

Market Overview -
Carbon capture, utilization, and storage refer to technologies that are engaged in providing clean and efficient energy solutions. Carbon capture, utilization, and storage (CCUS) is a set of methods and technologies for removing CO2 from flue gas and the atmosphere, recycling it for use, and establishing safe and long-term storage choices.

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Financially Lucrative Opportunities In Carbon Capture Market Driven By Rising Carbon Prices
Carbon capture provides financially lucrative opportunities and is expected to drive the market going forward. CO2 production through carbon capture costs more than conventional production, making it difficult for companies using this method to compete in the market. However, the increasing carbon price plays a major role in opening up new lucrative opportunities for carbon capture and utilization (CCU). Companies with sustainable practices and products have increased access to various financing options. As carbon pricing increasingly impacts the profitability of these companies and plants, companies that are using CCU technology as leverage have the additional funds to invest in innovation and R&D. For example, in 2022, Stripe, Alphabet, Meta, Shopify, and McKinsey are trying to spur the market for carbon capture. They are launching the Frontier initiative, which plans to purchase $925 million worth of permanent carbon removal from companies that are developing the technology over the next nine years to boost the carbon capture market.

Competitive Landscape -
Major companies operating in the carbon capture, utilization, and storage market report are Shell plc, Aker Solutions, Linde PLC, Fluor Corporation, Mitsubishi Heavy Industries Ltd, Carbon Engineering Ltd, Schlumberger Limited, Exxon Mobil Corporation, GC Holdings Corporation, Praxair Inc, NGK Spark Plug Co Ltd, Taiyo Nippon Sanso, Oxair, Air Products and Chemicals Inc, Yingde Gas Group Co. Ltd, Messer Group, Core Industrial Gases, Supagas, AMCS Corporation, Sinopec Qilu-Shengli Oilfield CCUS, Royal Dutch Shell, Equinor Total Energies, Lukoil, Polish Energy Group, Zeroco2, Terrasigna, NRG Energy, General Electric, Honeywell, Dakota Gasification Company, Chevron, Lanzatech, WIKA Alexander Wiegand SE & Co. KG, Gulf Cryo, Buzwair, Sasol, Air Liquide, Gas Africa Limited, Carbacid Investments Limited, Afrox.

Government Initiatives Propel Carbon Capture, Utilization, And Storage Market With Significant Funding And Global Collaborations
The carbon capture, utilization, and storage market is expected to be supported by government initiatives in the forecast period. For instance, in February 2022, the US Department of Energy's (DOE) Office of Fossil Energy and Carbon Management (FECM) announced up to $96 million in federal funding for projects that will develop point-source carbon capture technologies for natural gas power plant and industrial applications capable of capturing at least 95% of carbon dioxide (CO2) emissions generated. Similarly, in November 2021, the Morrison government in Australia invested $500 million into a new $1 billion fund to help commercialize low-emissions technology, including carbon capture and soil carbon. At the United Nations Climate Change Conference in Glasgow (COP26), a group of 50 countries pledged to create climate-resilient and low-carbon health systems in response to mounting evidence of climate change's impact on people's health.

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https://www.thebusinessresearchcompany.com/report/carbon-capture-utilization-and-storage-global-market-report

Key Segments -
The carbon capture, utilization, and storage market covered in this report is segmented -
1) By Technology: Pre Combustion, Post Combustion, Oxy Fuel Combustion
2) By Services: Capture, Transportation, Utilization, Storage.
3) By End-Use Industry: Oil & Gas, Power Generation, Iron and Steel, Chemical and Petrochemical, Cement, Other End-Use Industries.

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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