Carbon Capture, Utilization, and Storage Market to Reach US$6.6 Bn by 2030 Driven by Rising Focus on Emission Reduction

➤ Overview of the Market

The global carbon capture, utilization, and storage (CCUS) market is emerging as a critical solution in the fight against climate change, enabling industries to reduce carbon emissions while advancing sustainability goals. CCUS technologies capture CO2 emissions from industrial processes, transport them through pipelines or shipping, and either store them underground or repurpose them for commercial use. According to Persistence Market Research, the market is set to expand at a CAGR of 13.2%, growing from US$2.7 Bn in 2023 to US$6.6 Bn by 2030. This growth trajectory is being fueled by stricter environmental regulations, rising global commitments to net-zero targets, and technological advancements in carbon capture efficiency.

Key growth drivers include the energy sector's reliance on CCUS to mitigate emissions from fossil fuel use, as well as its adoption in industries such as cement, steel, and chemicals where decarbonization is otherwise challenging. The capture segment dominates the market as it represents the first and most critical step in the value chain, accounting for the majority of investment and technological innovation. Regionally, North America leads the market, supported by favorable government policies, strong research and development initiatives, and large-scale industrial deployment, particularly in the United States and Canada. These nations benefit from advanced infrastructure, extensive storage capacity, and a robust regulatory framework, making them frontrunners in global CCUS deployment.

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➤ Key Market Insights

• Capture technology remains the dominant segment, driven by growing industrial adoption and regulatory mandates.
• North America holds the largest market share due to policy support, infrastructure readiness, and large CO2 storage potential.
• Utilization of captured CO2 in enhanced oil recovery (EOR) and chemicals is expanding as companies seek economic value from emissions.
• Global investment in CCUS projects is rising, supported by international climate agreements and private sector initiatives.
• Technological innovations in direct air capture and modular storage are expected to transform the competitive landscape.

➤ Why is carbon capture, utilization, and storage important for the future of energy?

Carbon capture, utilization, and storage (CCUS) is vital for the future of energy because it provides a pathway to significantly reduce greenhouse gas emissions while ensuring energy security. For industries such as power, cement, and steel, CCUS offers the ability to continue operations while meeting strict climate targets. Additionally, captured CO2 can be repurposed for enhanced oil recovery, fuels, and building materials, creating economic value. By bridging the gap between fossil fuel reliance and renewable energy adoption, CCUS ensures a more sustainable energy transition, making it an essential tool for global decarbonization strategies.

➤ Market Dynamics

Drivers: The CCUS market is being propelled by international commitments to carbon neutrality, advancements in capture efficiency, and increased investment from both public and private sectors. Industries with hard-to-abate emissions, such as cement and steel, rely heavily on CCUS as a viable solution to meet climate regulations.

Market Restraining Factor: High capital costs associated with developing capture infrastructure, transportation networks, and storage facilities pose a significant barrier. Additionally, public concerns around long-term storage safety and limited awareness in developing regions restrict wider adoption.

Key Market Opportunity: Emerging markets present opportunities for CCUS deployment as industrialization rises and governments adopt stricter emission control policies. Advances in direct air capture (DAC) and bioenergy with carbon capture and storage (BECCS) offer new growth prospects for companies innovating in this space.

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➤ Market Segmentation

The carbon capture, utilization, and storage market can be segmented by technology, application, and end-use industry. By technology, the market is divided into capture, utilization, and storage. The capture segment dominates due to growing technological advancements in post-combustion, pre-combustion, and oxy-fuel combustion capture techniques. Capture technologies are being deployed across energy-intensive industries where carbon output is highest, making them a critical enabler of emission reduction goals.

By application, the market is segmented into enhanced oil recovery (EOR), chemical production, and geological storage. Enhanced oil recovery (EOR) currently accounts for a significant share as it allows oil producers to boost output while simultaneously storing captured CO2. However, the geological storage segment is expected to see rapid growth as global climate policies increasingly focus on long-term carbon sequestration. In terms of end-use industries, power generation leads the market due to reliance on fossil fuels, followed by industries such as cement, iron and steel, and chemicals, which face significant challenges in decarbonization without CCUS.

➤ Regional Insights

North America dominates the global CCUS market, supported by government initiatives like the U.S. 45Q tax credit, large-scale projects in Canada, and significant CO2 storage potential across the region. Europe follows closely, driven by EU decarbonization targets and investments in regional carbon transport infrastructure. East Asia is emerging as a key market, with China ramping up CCUS deployment as part of its carbon neutrality pledge by 2060. Meanwhile, the Middle East shows strong potential, leveraging CCUS for both emissions reduction and enhanced oil recovery. South Asia, Oceania, and Latin America are gradually increasing their participation, though infrastructure development remains limited compared to developed regions.

➤ Competitive Landscape

The CCUS market is moderately consolidated, with leading players focusing on technology development, strategic partnerships, and large-scale project deployments. Companies are investing in pilot programs and scaling up capture efficiency to remain competitive in this evolving landscape.

➤ Company Insights

✦ ExxonMobil Corporation
✦ Royal Dutch Shell plc
✦ Chevron Corporation
✦ General Electric
✦ Linde plc
✦ Schlumberger Limited
✦ Mitsubishi Heavy Industries, Ltd.
✦ Air Liquide
✦ Honeywell International Inc.
✦ Carbon Engineering Ltd.
✦ Aker Solutions ASA

➤ Key Industry Developments

In recent years, the CCUS sector has seen significant project announcements and funding initiatives. For example, ExxonMobil and Shell have partnered with governments to accelerate large-scale CCUS hubs in North America and Europe, focusing on industrial clusters that generate substantial CO2 emissions. Meanwhile, Aker Solutions and Mitsubishi Heavy Industries are enhancing their capture technologies to reduce costs and improve efficiency.

Governments are also playing a pivotal role, with the U.S., EU, and China investing in demonstration projects and infrastructure development. Carbon Engineering's direct air capture technology has gained traction, with partnerships for scaling deployment in North America and Europe. These developments highlight a strong momentum toward achieving net-zero emission targets.

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➤ Innovation and Future Trends

The future of the CCUS market is expected to be shaped by advancements in direct air capture (DAC), which removes CO2 directly from the atmosphere, and bioenergy with carbon capture and storage (BECCS), which combines renewable biomass energy with long-term carbon storage. These innovations will help broaden applications beyond traditional industrial capture, offering solutions for global climate goals.

Another key trend is the integration of CCUS with hydrogen production, particularly blue hydrogen, which utilizes natural gas while capturing associated emissions. As the hydrogen economy grows, CCUS will play a pivotal role in enabling low-carbon energy systems. With increasing investment in modular capture units and digital monitoring systems, the market is set to witness strong innovation-driven growth over the coming decade.

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