Carbon Capture and Utilization: Storage Technologies Market 2024

"The Business Research Company recently released a comprehensive report on the Global Carbon Capture, Utilization, And Storage Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

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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Major Key Players of the Market:

SAP SE, Amazon Web Services, IBM, Accentur*e plc, Oracle Corporation, ConsenSys, Hewlett Packard Enterprise, Bitfury Group Limited, Infosys, Auxesis Services & Technologies (P) Ltd, DigitalX, Power Ledger, Data61ANZ, Westpac, Lapits, Indra Capital, Hashcash Consultants, L&T Infotech, Hyperlink InfoSystem, Moontek, EvaCodes, Innowise Group, Infograins, Trust Alliance Information Development Inc., Ltd, Shangha, Tech Exactly, Chimpare, SoluLab, Blockchain.com, Elliptic, Zamna, Adhara, Argo Blockchain, Everledger, Travala.com, Coinfirm, Unicsoft, Aspired, ELEKS, Labrys, NaNLABS, Amaris, Say Digital I/O, Artezio, CodeInside, Crypton Studio, IT Test, EVEN Lab, Evrone, Around25, Pixelette Technologies Ltd, RebelDot, Zitec, Agile Freaks, Altasoft Software Solutions, WebitFactory, Microsoft Corporation, Intel, JPMorgan Chase & Co, Akamai Technologies Inc, AlphaPoint, BitOasis, Pyypl, Zone, Gath3r, MidChains, HAYVN, DEFiYIELD, MenaPay, Light Protocol, Afriex, BitPesa, Bitsoko, BTCGhana, Luno, Ice3X, GeoPay, Dash, BitSure, Sava, Standard Bank, Chankura, PayFast.

Carbon Capture, Utilization, And Storage Market 2024 Key Insights:

• 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%.
• Financially Lucrative Opportunities In Carbon Capture Market Driven By Rising Carbon Prices
• Government Initiatives Propel Carbon Capture, Utilization, And Storage Market With Significant Funding And Global Collaborations
• North America was the largest region in the carbon capture, utilization, and storage market in 2023

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