Europe CCUS Absorption Market Size is expected to reach USD 11.6 Billion by 2034 and is growing at a CAGR of 26.1%

CCUS Absorption Market is projected to grow from USD 1.4 billion in 2024 to USD 11.6 billion by 2034, expanding at a CAGR of 26.1% during the forecast period.

The market for carbon capture, utilization, and storage (CCUS) absorption is expanding significantly as more and more companies tackle climate change by using sustainable practices.Driven by rising environmental concerns, stricter emissions regulations, and growing awareness of carbon reduction technologies, the market is poised for substantial expansion. CCUS absorption methods are emerging as critical solutions for capturing CO2 emissions across power generation, manufacturing, and industrial sectors.

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Key Market Drivers:
•Environmental Regulations: Stricter emission standards worldwide are compelling industries to adopt CCUS technologies to meet compliance requirements.
•Technological Advancements: Innovations in absorption materials and processes are enhancing the efficiency and cost-effectiveness of CCUS solutions.
•Industrial Demand: High-emission sectors like power generation, cement, and steel manufacturing are increasingly investing in CCUS to mitigate their carbon footprint.

Major Industry Players:
The following are important businesses in the CCUS absorption market:
• Equinor ASA
• Honeywell International Inc.
• Fluor Corporation
• Mitsubishi Heavy Industries Ltd.
• Royal Dutch Shell Pic
• TotalEnergies SE
• BASF SE
• JGC Holdings Corporation
• Schlumberger Ltd.
• Aker Solutions
• Siemens AG
• Hitachi Ltd.
• General Electric
• Chevron lon Clean Energy

Segmentation:

By Absorption Type:
• Chemical Absorption
• Physical Absorption

By End-Use:
• Oil & Gas
• Power Generation
• Chemical & Petrochemical
• Cement
• Iron & Steel

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Key Highlights:
In February 2024, Veolia carried out a site feasibility study before to starting a pilot project to capture carbon emissions from burning non-recyclable biogenic waste in energy recovery facilities (ERFs) in the UK. In order to create green fuels, the initiative aims to absorb, extract, and purify CO2. Veolia claims that among other synthetic green end products, the process may produce methanol, kerosene, and specialty chemical compounds. The system, which was created by Veolia's in-house design teams utilizing Advanced Amine technology, collects and burns non-recyclable biogenic garbage, which accounts for about 60% of the carbon dioxide emissions generated during the incineration process.

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