Carbon Capture, Utilization and Storage (CCUS) Industry Sector Growth (2026) | Canada-Alberta Energy Partnership Advances Oil & CCUS Market Development

Market Size and Growth

Carbon Capture, Utilization and Storage Market reached US$ 3.0 Billion in 2023 and is expected to reach US$ 16.5 Billion by 2031, growing with a CAGR of 24.0% during the forecast period 2024-2031.

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Carbon Capture, Utilization and Storage (CCUS) is a set of technologies designed to capture carbon dioxide (CO2) emissions from industrial processes and power generation, then either reuse the captured carbon in commercial applications or permanently store it underground to prevent it from entering the atmosphere.

United States: Recent Industry Developments
✅ February 2026: ExxonMobil advanced large-scale carbon capture projects along the U.S. Gulf Coast, aiming to significantly expand CO2 storage capacity.
✅ January 2026: The U.S. Department of Energy announced additional funding to accelerate industrial CCUS demonstration projects.
✅ December 2025: Occidental Petroleum expanded direct air capture (DAC) operations to support low-carbon fuel production initiatives.

Japan: Recent Industry Developments
✅ February 2026: Mitsubishi Heavy Industries enhanced its post-combustion carbon capture technology for power and industrial plants.
✅ January 2026: JGC Holdings progressed CCUS feasibility studies focused on offshore CO2 storage solutions.
✅ December 2025: Japanese government-backed initiatives promoted cross-border carbon storage partnerships to support 2050 carbon neutrality goals.

Canada Alberta Energy Accord Signals Major Shift in National Strategy

✦ The federal government and Alberta unveiled a landmark agreement supporting a new oil pipeline with Indigenous co-ownership, expanded export access to Asia, and potential fast-track approval as a "project of national interest."

✦ The deal advances the C$16.5B Pathways carbon capture initiative positioned as the world's largest alongside a strengthened industrial carbon pricing framework.

✦ A parallel strategy promotes nuclear power development for data centers and expanded clean electricity transmission across western Canada.

✦ The agreement marks a pivotal reset in federal-provincial energy relations, balancing increased oil production with a 2050 net-zero energy commitment.

Latest Mergers & Acquisitions:

• Eni completes sale of 49.99 % stake in its CCUS business to BlackRock's Global Infrastructure Partners (GIP) - GIP now co-controls Eni's carbon capture, utilization and storage unit, expanding joint CCUS project portfolio across UK, Netherlands and potentially Italy.

Key Players 2026:

ExxonMobil Corporation, Schlumberger, Huaneng, Linde AG, Sulzer, Equinor, NRG, Aker Solutions, Mitsubishi Hitachi, Skyonic Corp

Growth Forecast Projections 2026:

The Global Carbon Capture, Utilization & Storage Market is anticipated to rise at a considerable rate during the forecast period, between 2026 and 2033. In 2025, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Key Market Developments 2026:

✅ February 2026: Energy companies expanded large-scale carbon capture projects integrated with industrial clusters to reduce emissions from cement, steel, and power generation facilities.

✅ January 2026: Strategic partnerships were formed between oil & gas operators and technology providers to enhance CO2 transport and geological storage infrastructure.

✅ December 2025: Investments increased in carbon utilization technologies converting captured CO2 into sustainable fuels, chemicals, and construction materials.

✅ November 2025: Governments strengthened policy frameworks and tax credit incentives to accelerate deployment of commercial-scale CCUS facilities.

✅ October 2025: Industrial players integrated carbon capture units into existing plants to improve operational efficiency while lowering Scope 1 emissions.

✅ August 2025: Cross-border CO2 transport and storage agreements advanced, supporting the development of regional carbon hubs.

✅ June 2025: Financial institutions and climate funds expanded funding mechanisms for CCUS infrastructure, recognizing its critical role in hard-to-abate sectors.

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Major Regional Growth Share 2026:

✅ North America: 32% - Leads globally due to large-scale CCS hubs, strong policy support, and EOR integration.

✅ Europe: 24% - Rapid expansion driven by net-zero mandates and offshore CO2 storage projects.

✅ Asia-Pacific (Including Japan): 20% - Fast-growing region supported by industrial decarbonization and hydrogen initiatives.

✅ Middle East & Africa: 8% - Growth linked to blue hydrogen and oil & gas carbon management projects.

✅ Germany: 4% - Advancing CCUS through industrial emission reduction programs.

✅ United Kingdom: 4% - Expanding carbon capture clusters and North Sea storage developments.

✅ South Korea: 3% - Investing in CCUS for heavy industry and power generation transition.

✅ Canada: 3% - Strong adoption supported by carbon tax frameworks and large-scale storage capacity.

✅ Spain: 2% - Emerging CCUS initiatives aligned with EU climate targets.

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Key Segmentations 2026:

By Service: Capture, Transportation, Utilization, Storage

By Technology: Pre-combustion capture, Oxy-fuel combustion capture, Post-combustion capture

By End-User: Oil & gas, Power generation, Iron & steel, Chemical & petrochemical, Cement, Others

Market Growth Drivers

• Stringent Regulations & Net-Zero Goals: EU targets 50 Mt CO2 capture by 2030, while the U.S., China & Japan aim for net-zero by 2050, accelerating CCUS adoption.

• Massive Funding & Incentives: Over $1.7B (U.S.) for CCUS demos, $1.2B for DAC hubs, and €1.5B EU Innovation Fund de-risk large-scale projects.

• Record Clean Energy Investments: Global clean energy funding surpassed $3 trillion, with significant capital directed toward CCUS infrastructure.

• Technological Advancements: Pre-combustion capture leads with 71.8% market share, while advanced systems achieve up to 99% CO2 capture efficiency.

• Direct Air Capture (DAC) Growth: Large-scale DAC facilities are expanding to enable negative emissions and long-term climate targets.

• Industrial Demand Surge: Chemical & petrochemical sectors hold a major share due to seamless CO2 integration and monetization potential.

• Project Pipeline Expansion: Over 300 CCUS facilities are under development globally, with 40+ in advanced construction stages.

• Corporate & Global Collaboration: More than 20 countries participate in global carbon management initiatives, boosting cross-border CCUS projects.

• New Revenue Streams: CO2 utilization in fuels, chemicals, and construction materials transforms emissions into value-added products.

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