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 Market is at the forefront of global decarbonization strategies, providing innovative solutions to address the pressing need for reducing CO₂ emissions. This market encompasses technologies that capture CO₂ from industrial sources, such as power plants, cement factories, and steel mills, as well as those that directly remove CO₂ from the atmosphere. The captured CO₂ can either be utilized in industries like enhanced oil recovery (EOR), food and beverage, and chemical production or securely stored underground in depleted oil and gas reservoirs or saline aquifers.
Key Trends:
- Expansion of Direct Air Capture (DAC) Technology
Direct air capture technology, which removes CO₂ directly from the atmosphere, is gaining traction as a complementary solution to traditional point-source capture methods. - Integration with Renewable Energy
Combining CCUS with renewable energy sources is creating low-carbon solutions for industries, particularly in the production of green hydrogen and synthetic fuels. - Increased Deployment of Carbon Utilization Applications
Utilizing captured CO₂ in producing building materials, chemicals, and biofuels is becoming a viable market avenue, reducing emissions while creating economic value. - Global Collaboration and Partnerships
Governments and private organizations are forming partnerships to develop large-scale CCUS hubs, which aggregate CO₂ emissions from multiple sources and streamline storage and utilization. - Development of Storage Infrastructure
Significant investments are being made in geological storage infrastructure, particularly in regions with favorable storage capacities, such as depleted oil and gas fields and saline aquifers.
Major Key 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
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞:
Recent Development:
- 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 partnership aims to leverage the combined expertise and resources of the three companies to advance CCS technology and contribute to emission reduction efforts in the region.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
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 poised to play a transformative role in achieving global climate goals. As technology continues to evolve, CCUS is expected to become more accessible and cost-efficient, enabling its adoption across a wider range of industries and regions. Future growth will likely be driven by a combination of supportive policies, private sector investments, and advancements in carbon utilization technologies.