Carbon Capture, Utilization & Storage Market to Hit USD 16.5 Billion by 2031 at 24.0% CAGR, Led by North America 45% Share | Key Players: ExxonMobil, Schlumberger, Equinor

The Global Carbon Capture, Utilization and Storage Market reached US$ 3.0 billion in 2023 and is projected to grow significantly, reaching US$ 16.5 billion by 2031, at a strong CAGR of 24.0% during 2024-2031. Growing public awareness of climate change and the critical role of CCUS in reducing carbon emissions is driving widespread adoption. Increasing community engagement, educational initiatives and stakeholder participation are strengthening acceptance and accelerating deployment globally.

Collaborative efforts among governments, industries, research institutions and international organizations are also enhancing technology transfer, capability development and project implementation. As major sectors such as oil and gas, chemicals and power generation continue to produce substantial emissions, the need for scalable CCUS solutions is expanding rapidly. Geological formations, depleted reservoirs and deep aquifers serve as key carbon storage sites, enabling broader rollout of CCUS infrastructures across regions.

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The Carbon Capture, Utilization and Storage (CCUS) Market encompasses technologies that capture CO2 emissions from industrial sources and either convert them into valuable products or securely store them to support large-scale decarbonization and climate mitigation.

Key Developments

United States
✅ October 2025: U.S. energy companies expanded deployment of post-combustion CO2 capture systems at natural gas and coal-fired power plants to meet federal decarbonization mandates.

✅ August 2025: American industrial manufacturers adopted high-efficiency carbon capture technologies for cement, steel, and chemical facilities to reduce hard-to-abate sector emissions.

✅ April 2025: U.S. oil and gas operators accelerated investment in carbon storage hubs, integrating pipeline networks and saline reservoir injection facilities to enhance large-scale CO2 sequestration capacity.

Global
✅ September 2025: European governments launched cross-border CO2 transport and storage initiatives enabling integrated CCUS value chains across North Sea infrastructure.

✅ June 2025: Asia-Pacific industries deployed modular capture units for refineries, fertilizer plants, and LNG terminals, supported by new regional carbon incentive policies.

✅ February 2025: Global engineering firms introduced next-generation sorbents, membranes, and capture solvents designed to lower CCUS operating costs and improve energy efficiency.

Mergers & Acquisitions

United States
✅ May 2025: A leading U.S. energy technology company acquired a carbon capture startup specializing in advanced solvent-based systems to expand its industrial CCUS solutions portfolio.

Global
✅ January 2025: A European carbon management company acquired a CO2 transport and storage technology provider to strengthen its integrated CCUS infrastructure capabilities.

✅ March 2025: An Asian industrial conglomerate formed a strategic alliance with a global engineering firm to co-develop large-scale CCUS projects for heavy industries across APAC markets.

Key Players
ExxonMobil Corporation | Schlumberger | Huaneng | Linde AG | Sulzer | Equinor | NRG | Aker Solutions | Mitsubishi Hitachi | Skyonic Corp.

Key Highlights
• ExxonMobil Corporation - Holds an estimated 17.4% share, driven by large-scale carbon capture initiatives, advanced CCUS technologies, and major project deployments across industrial clusters.

• Schlumberger - Accounts for around 14.1% share, supported by its strong expertise in subsurface engineering, carbon storage solutions, and global partnerships in energy transition projects.

• Huaneng - Maintains approximately 9.3% share, fueled by its pioneering carbon capture power plant projects and expanding initiatives in China's large-scale emission reduction programs.

• Linde AG - Represents nearly 11.8% share, backed by its leadership in gas processing, carbon capture technologies, and strong industrial partnerships across the energy and chemical sectors.

• Sulzer - Holds about 6.7% share, driven by its advanced separation technologies, post-combustion capture solutions, and process optimization systems.

• Equinor - Accounts for around 12.6% share, supported by major CCS projects such as Northern Lights, leadership in offshore storage, and strong government-industry collaborations.

• NRG - Maintains about 7.2% share, recognized for its role in large-scale carbon capture retrofits on power plants and participation in emission reduction initiatives.

• Aker Solutions - Holds an estimated 8.9% share, driven by its expertise in carbon capture plant design, scalable modular technologies, and strategic role in European CCS projects.

• Mitsubishi Hitachi - Represents roughly 7.6% share, supported by its advanced flue-gas carbon capture systems and widespread adoption in industrial and power generation facilities.

• Skyonic Corp. - Accounts for approximately 4.4% share, backed by its innovative carbon mineralization technology and expansion into scalable carbon utilization applications.

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Market Drivers

- Rising global focus on reducing industrial carbon emissions from power, cement, steel, and chemical sectors.

- Increasing government incentives, tax credits, and carbon pricing mechanisms promoting CCUS deployment.

- Growing investments in large-scale carbon capture hubs and shared CO2 transportation infrastructure.

- Expansion of enhanced oil recovery (EOR) projects utilizing captured CO2 for improved extraction productivity.

- Rising corporate sustainability commitments and net-zero targets driving adoption of decarbonization technologies.

- Advancements in solvent-based, membrane-based, and cryogenic CO2 capture technologies improving efficiency.

- Growing role of CCUS in hydrogen production, bioenergy systems, and direct air capture (DAC) solutions.

Industry Developments

- Launch of commercial-scale CCUS projects across power plants, industrial facilities, and energy sectors.

- Strategic collaborations between energy companies, technology providers, and governments to develop carbon capture clusters.

- Increased investments in direct air capture (DAC) facilities and carbon removal startups.

- Expansion of CO2 pipeline networks and geological storage assessment programs.

- Development of carbon-to-value technologies converting CO2 into fuels, chemicals, plastics, and building materials.

- Deployment of modular, scalable CCUS systems suitable for small and medium industrial emitters.

- Introduction of innovative carbon mineralization technologies enabling long-term, stable CO2 storage.

Regional Insights

North America - 45% driven by "strong government incentives including the U.S. 45Q tax credit, rapid expansion of CCUS hubs, and rising industrial decarbonization investments."

Europe - 30% supported by "strict emissions regulations, large-scale carbon capture projects under the European Green Deal, and growing deployment of CO2 transport and storage networks."

Asia Pacific - 20% fueled by "increasing industrial emissions from China, India, and Southeast Asia, rising clean energy commitments, and development of carbon capture projects in power and heavy industries."

Latin America - 3% driven by "emerging CCUS initiatives in the oil and gas sector and growing interest in carbon reduction technologies across industrial operations."

Middle East & Africa - 2% supported by "major energy companies investing in large-scale CCUS for blue hydrogen production and regional efforts to diversify toward low-carbon technologies."

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Key Segments

➥ By Service
Capture services involve the extraction of CO2 from industrial processes and power plants, enabling effective emission reduction at the source. Transportation services facilitate the safe movement of captured CO2 via pipelines, ships, or tankers to designated utilization or storage sites. Utilization services convert CO2 into valuable products such as fuels, chemicals, and building materials, supporting circular carbon economies. Storage services ensure long-term containment of CO2 in geological formations, preventing atmospheric release and enabling large-scale decarbonization.

➥ By Technology
Pre-combustion capture separates CO2 before fuel combustion, offering high efficiency and suitability for integrated gasification systems. Oxy-fuel combustion capture burns fuel in pure oxygen, producing a concentrated CO2 stream that eases the capture process. Post-combustion capture is widely adopted due to its compatibility with existing industrial and power generation infrastructures, making it ideal for retrofitting.

➥ By End-User
Oil & gas companies integrate carbon capture to enhance sustainability and support enhanced oil recovery operations. Power generation facilities adopt CCS technologies to decarbonize electricity production and meet stringent emission regulations. Iron & steel industries implement CCS to mitigate emissions from high-temperature processes essential to metal production. Chemical & petrochemical sectors use CCS to capture CO2 generated during synthesis and refining. The cement industry applies capture technologies to reduce process-related emissions from clinker production. Others include industries such as waste-to-energy and manufacturing, where CCS supports broader climate goals.

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