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Carbon Capture, Utilization and Storage Market Size Projected to Hit USD 7.39 Billion by 2030

03-13-2025 11:25 AM CET | Chemicals & Materials

Press release from: MAXIMIZE MARKET RESEARCH PVT. LTD

Carbon Capture, Utilization and Storage Market

Carbon Capture, Utilization and Storage Market

Carbon Capture, Utilization and Storage Market volume is near with to grow at a significant pace projected to reach a market size of approximately USD 7.39 Billion by 2030, from USD 2.76 Billion in 2023 at a predicted CAGR of 15.1% during the forecast period. The rising need to limit carbon emissions with stricter environmental regulations is propelling market expansion for CCUS technology. The market is also being driven by the increased adoption of clean energy technologies, and more effective methods of carbon storage and utilization.

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Key growth drivers include:

Government Incentives and Regulations: The introduction of carbon pricing mechanisms along with tax incentives by major economies, is leading to the adoption of CCUS.

Technological Development: Improvements in direct air capture (DAC), carbon mineralization and enhanced oil recovery (EOR) are making CCUS systems more efficient.

High carbon emitting sectors like cement, steel and power generation are now progressively adopting CCUS technologies to achieve their carbon targets.

Additionally, rising investments in carbon offset power plant projects along with the integration of CCUS with green hydrogen production are projected to offer significant opportunities for the emergence of the carbon capture utilization & storage market in the upcoming years. CCUS utilization and storage are also gaining momentum on the back of the push for a circular economy and the growth of the carbon-neutrality targets of multinational corporations.

Market Trends Domestic and Investment (2024)

Government support and private capital have kept the U.S. as one of the biggest CCUS markets in the world. In 2024, $3.5 billionThe Biden Administration also announced additional funding through the Infrastructure Investment and Jobs Act to CCUS projects, so far budgeted at over $3.5 billion dollars. The US Department of Energy (DOE) has similarly taken steps to facilitate the rapid implementation of CCUS with the establishment of industrial hubs geared in part towards the Midwest and the Gulf Coast. Big oil and gas, including ExxonMobil and Chevron, are ramping up big bucks for carbon capture facilities, eyeing up big capture hubs for burying CO2. In addition to that, the 45Q tax credit at a greater scale also enhanced the bankability of CCUS projects, making more favourable conditions for private capital and partnerships to take place.

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Market Segmentation - Dominating Segment

Across the segments, the capture segment, which is represented more than 45% of the CCUS market share. This segment is also projected to dominate the market as the demand for adoption of post-combustion and pre-combustion capture technologies increases in the power generation and industrial sectors. Post-combustion capture technology has been mostly applied in coal and gas power plants because of its exceeding efficiency and affordable cost. In addition, this segment is progressively expanding because of the increasing number of pilot projects and increasingly commercial applications of direct air capture technology.

Competition - 5 Major Competitors in the Market

ExxonMobil Corporation

ExxonMobil is slated as a major CCUS player into this future since it is already investing in large-scale carbon capture hubs. The company subsequently announced in 2024 that it intends to raise its annual CCUS capacity to 10 million tons by 2030. One of the major market milestones is its recent collaboration with industrial partners in the Gulf of Mexico for offshore CO2 storage.

Chevron Corporation

ChevronWhat are the key milestones reached thus far in this sector, including advances in CCUS technology?In the mid-to-late 1970s, Chevron was a pioneer in CCUS technology, with pioneering EOR projects in the United States. Chevron is investing $1.8 billion in growth CCUS infrastructure in 2024, contributing to a carbon capture plant in California.

Royal Dutch Shell

Shell is a first mover in integrated CCUS solutions with flagship projects including the Quest carbon capture and storage (CCS) facility in Canada. HOUSTON (ICIS)--Shell announced the completion of a new offshore CO2 storage project in the North Sea on Tuesday, which will sequester 2.5 million tons of CO2 each year starting in 2024.

TotalEnergies

CCUS has been one of the elements of TotalEnergies decarbonization strategy. The firm has recently announced a CO2 capture and storage project in France aimed at the cement and steel sectors. To improve carbon utilization, TotalEnergies also invests in CO2-to-chemicals technology.

OXY - Occidental Petroleum Corporation

For example, Occidental Petroleum is at the forefront of direct air capture (DAC). The company also announced a funding round in 2024 to expand its Texas DAC plant to be able to capture 1million tons of CO2 annually. In this respect, one of Occidental's top priorities is coupling the carbon capture system with the production of low-carbon hydrogen to gain the best potential carbon reduction benefits.

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Regional Analysis

United States

The US has the largest share of the CCUS market, with around 35% of it. The 45Q tax credit has been expanded in strategic programs with critical federal funding utilized in public-private partnerships. Another factor that solidifies the US market is the existence of major oil and gas companies willing to invest billions in large scale CCUS hubs.

United Kingdom

The demand for CCUS is being driven by the UK government commitment to meeting its target of net-zero by 2050 More than £1 billion is promised under the UKs Net Zero Strategy for CCUS projects, with important initiatives in the North Sea and Humber industrial cluster.

Germany

CCUS investment is also being towed in part by Germany with the country increasingly geared up towards decarbonizing the industrial sector. Evolution of Successful Government Sponsered Pilot Projects and Junction with Major Energy Companies is Driving the Market. There is a special mention of one CCUS integrated with hydrogen production.

France

CCUS Investment France has a large CCUS to meet climate targets of the Paris Agreement. The French authorities have also pledged to support industrial decarbonization sites and are working with Total Energies to create offshore CO2 storage infrastructure.

Japan

CCUS is increasingly seen as essential in Japan, mainly due to the national decarbonization strategy, which has prioritized direct emissions reduction in the power sector and from other heavy industries. Behemoth corporations, such as Mitsubishi Heavy Industries, pave the way for cutting-edge carbon capture techniques. Meanwhile, government policies are also promoting the market through carbon trading and tax incentives.

China

China is the fastest CCUS-developing country in the world, with CCUS capacity reaching more than 20%. Investments in CCUS are the result of the Chinese government's commitment to peak carbon emissions by 2030 and carbon neutrality by 2060. SOEs are joining forces with private firms on big ventures, such as in coal and steel.

Conclusion

Carbon Capture, Utilization and Storage (CCUS) Market growth is encouraged by the continual government support, with improving technological developments and firm investments. With increasing application of CCUS in industrial and power sectors and rapid development of carbon utilization technologies, this will offer great opportunity to market players. The expansion of the market is expected to be driven by several factors, including tax incentives, carbon pricing mechanisms, and joint efforts. Considering that, net-zero emissions as the holy grail of climate change mitigation, CCUS coupled with renewables will drive the evolution of the CCUS markets.

For additional insights, visit:

♦ Geosynthetics Market https://www.maximizemarketresearch.com/market-report/global-geosynthetics-market/30009/ 

♦ Waste Management Market https://www.maximizemarketresearch.com/market-report/waste-management-market/13244/

♦ Solvents Market https://www.maximizemarketresearch.com/market-report/global-solvents-market/54142/

♦ Immersion Cooling Fluids Market https://www.maximizemarketresearch.com/market-report/immersion-cooling-fluids-market/161385/

♦ Silicone Market https://www.maximizemarketresearch.com/market-report/global-silicone-market/73842/

Contact Maximize Market Research:

MAXIMIZE MARKET RESEARCH PVT. LTD.

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Pune, Maharashtra 411041, India.
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sales@maximizemarketresearch.com
www.maximizemarketresearch.com

About Maximize Market Research:

Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.

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