Carbon Capture, Utilization and Storage Market to Reach US$ 16.5 Billion by 2031, Driven by Climate Initiatives and Technological Innovations

The global Carbon Capture, Utilization and Storage (CCUS) Market has reached a valuation of US$ 3.0 billion in 2023 and is projected to escalate to US$ 16.5 billion by 2031, exhibiting a robust CAGR of 24.0% during the forecast period 2024-2031, according to DataM Intelligence. Heightened public awareness of climate change and its consequences has significantly propelled demand for CCUS solutions, which are critical in reducing industrial CO2 emissions. This growing environmental consciousness, coupled with stakeholder engagement and educational campaigns, has fostered greater acceptance and increased adoption of CCUS technologies globally.

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Key growth drivers include expanding government regulations to curb greenhouse gas emissions, increasing industrial CO2 output from sectors such as oil and gas, chemicals, and power generation, and availability of suitable geological formations for storage, such as depleted oil reservoirs and aquifers. North America currently leads the market, bolstered by robust governmental support including funding incentives and an operational network of carbon capture facilities.

Key Highlights from the Report

➤ CCUS market projected to grow from US$ 3.0 billion in 2023 to US$ 16.5 billion by 2031, at 24% CAGR.
➤ North America leads globally with extensive CCS facilities and government-backed incentives.
➤ Technological advances in pre-combustion, oxy-fuel, and post-combustion capture methods enhance effectiveness.
➤ Expansion in utilization markets creating new revenue streams through fuels, chemicals, and construction materials.
➤ Environmental regulations worldwide are tightening, encouraging rapid CCUS adoption among industries.
➤ High capital and operational costs remain significant challenges for wide-scale deployment.

Market Segmentation

The CCUS market is segmented by service type, technology, end-user, and region.

Technology Focus

Major capture technologies include pre-combustion, oxy-fuel combustion, and post-combustion capture. Pre-combustion capture has been widely developed for coal gasification and integrated gasification combined cycle (IGCC) plants, known for its higher CO2 concentration output that facilitates efficient sequestration. Recent product launches like Johnson Matthey's Low Carbon Solutions-which reduce syngas carbon emissions by up to 95%-demonstrate the industry's commitment to improving capture efficiency and economic viability.

End-User Base

Industries such as oil & gas, power generation, and petrochemicals are primary end-users, driven by stringent emission regulations and corporate sustainability mandates. These sectors contribute substantially to global emissions and are key actors adopting CCUS technologies to meet reduction targets.

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Regional Insights

North America: Dominant Market Position

North America is the front-runner in CCUS adoption, fueled by strong federal policies and investment in carbon management programs. The U.S. Department of Energy's Fossil Energy and Carbon Management program has cumulatively received over US$ 9.2 billion since 2010, with dedicated budgets to CCS research and demonstration. Currently, fifteen operational CCS facilities capture approximately 0.4% of the nation's annual CO2 emissions, with over 120 additional projects underway, solidifying the region's leadership in CCUS deployment.

Emerging Growth in Other Regions

Europe and Asia-Pacific are advancing their CCUS markets under ambitious climate policies and increased industrial activities. Asia-Pacific's expanding manufacturing base and China's commitment to carbon neutrality drive investments in advanced carbon capture infrastructure.

Market Dynamics

Market Drivers

Increasing global urgency to mitigate climate change and comply with international emission reduction commitments is fueling CCUS adoption. Governments and corporations are integrating CCUS strategies into sustainability frameworks to achieve net-zero goals, supported by evolving regulatory environments and public acceptance.

Market Restraints

High costs associated with CCUS-including capture facility construction, transport logistics, monitoring, and maintenance-pose major hurdles. Additionally, complex permitting and long development timelines increase project risks and impact investments, particularly for smaller organizations.

Market Opportunities

Technological innovation in carbon utilization, such as conversion of captured CO2 into fuels, chemicals, and construction materials, opens new markets and revenue opportunities. Advances in monitoring, verification, and blockchain for transparency bolster investor confidence. Expansion of CCUS in emerging economies presents further growth potential.

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Reasons to Buy the Report

✔ Comprehensive foresight into market expansion drivers and challenges through 2031.
✔ Detailed technology and service segmentation analysis highlighting growth areas.
✔ Insights into regulatory trends and their impact on global CCUS adoption.
✔ Regional analyses offering key investment and development opportunities.
✔ Profiles and strategic developments of leading industry players worldwide.

Frequently Asked Questions (FAQs)

◆ How big is the global CCUS market in 2023?
◆ What is the projected growth rate (CAGR) for the CCUS market through 2031?
◆ Which technology dominates the carbon capture segment globally?
◆ Which region holds the largest market share in CCUS?
◆ Who are the key players driving innovation in CCUS technologies?

Company Insights
ExxonMobil Corporation

Schlumberger

Huaneng Power International

Linde AG

Sulzer

Equinor ASA

NRG Energy, Inc.

Aker Solutions

Mitsubishi Hitachi Power Systems

Skyonic Corp.

Recent Developments

March 2022: Niti Aayog in India launched a national CCUS policy framework supporting India's net-zero goals by 2070.

January 2023: Petronas and ExxonMobil partnered to advance CCS initiatives in Malaysia, focusing on technical scope, storage assessments, and policy frameworks.

Conclusion
The Global Carbon Capture, Utilization and Storage Market is poised for significant growth as environmental duties and regulatory mandates accelerate the transition to low-carbon economies. North America continues to lead with mature technology and extensive project pipelines, while Asia-Pacific and Europe are rapidly expanding adoption through government collaborations and industry investments. Innovations in capture methods and utilization pathways will be pivotal in making CCUS technologies both economically viable and environmentally sustainable through 2031 and beyond.

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This release was published on openPR.