Global Carbon Capture, Utilization and Storage Market size and share is currently valued at USD 3.63 billion in 2023 and is anticipated to generate an estimated revenue of USD 22.16 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 22.9% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Market Overview:
The Carbon Capture, Utilization, and Storage (CCUS) market is a vital pillar in the global strategy to combat climate change and achieve net-zero emissions. CCUS involves capturing carbon dioxide (CO₂) emissions from industrial processes, power generation, or directly from the air, and then either utilizing it in various applications or securely storing it underground. This technology is seen as essential for addressing hard-to-abate emissions, supporting cleaner industrial processes, and fostering a sustainable energy transition.
CCUS has gained significant attention as countries and industries strive to meet ambitious carbon reduction targets. It complements renewable energy advancements and other decarbonization strategies, making it a critical element of a comprehensive approach to mitigating climate change.
Market’s Growth Drivers
The growth of the CCUS market is driven by several key factors:
Global Climate Policies and Net-Zero Commitments
The increasing number of countries and organizations committing to net-zero emissions by mid-century is a primary driver for the adoption of CCUS technologies. Stringent climate policies, carbon pricing mechanisms, and emission reduction targets incentivize investment in CCUS projects.
Decarbonization of Hard-to-Abate Sectors
Industries such as cement, steel, chemicals, and aviation face challenges in reducing emissions due to the nature of their processes. CCUS provides a practical solution for these sectors to capture and mitigate emissions without compromising operational efficiency.
Advances in Carbon Utilization Technologies
Innovations in the utilization of captured carbon are unlocking new value chains. CO₂ is being used in applications such as enhanced oil recovery (EOR), the production of synthetic fuels, and the creation of building materials, driving interest and investment in CCUS.
𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
Some of the major players:
- Royal Dutch Shell
- Fluor Corporation
- Mitsubishi Heavy Industries, Ltd
- Exxon Mobil Corporation
- Linde Plc
- JGC Holdings
- Schlumberger Ltd
- Aker Solutions
- Honeywell International
- Equinor ASA
Recent Developments:
- Mitsui & Co. Ltd, Petronas, and TotalEnergies Collaborate on CCS Project in Malaysia (June 2023)
In June 2023, Mitsui & Co. Ltd, Petronas, and TotalEnergies SE entered into a development agreement to collaborate on a Carbon Capture and Storage (CCS) project in Malaysia. This strategic partnership aims to leverage the expertise and resources of the three companies to develop and implement CCS solutions, addressing carbon emissions and supporting sustainable development in the region. The initiative highlights the growing importance of international collaborations in advancing CCUS technologies globally.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
The Carbon Capture, Utilization and Storage Market segmentation divides the market into several segments. The industry segmentation is primarily based on product type, application, end-use, and geographic factors. Besides, the research study covers several sub-segments of the market. An in-depth examination of each market segment and sub-segment has been provided, covering the industry size, growth prospects, industry drivers, and challenges. The detailed market segmentation helps stakeholders identify the diverse needs of different consumer groups in the market. Also, it pinpoints opportunities for targeted marketing and product development strategies.
Carbon Capture, Utilization and Storage Market, Technology Outlook (Revenue – USD Billion, 2019-2032)
- Chemical Looping
- Solvents & Sorbent
- Membranes
Carbon Capture, Utilization and Storage Market, Service Outlook (Revenue – USD Billion, 2019-2032)
- Capture
- Transportation
- Utilization
- Storage
Carbon Capture, Utilization and Storage Market, End-Use Outlook (Revenue – USD Billion, 2019-2032)
- Iron & Steel
- Cement
- Oil & Gas
- Chemical & Petrochemical
- Power Generation
- Others
The Carbon Capture, Utilization, and Storage market is a critical enabler of global decarbonization efforts, offering solutions to some of the most challenging emission sources. With increasing policy support, technological advancements, and growing corporate commitment to sustainability, CCUS is poised to play a transformative role in achieving a low-carbon future. By addressing both current and legacy emissions, the CCUS market is not only mitigating climate change but also unlocking economic and environmental opportunities for a sustainable tomorrow.