The global carbon capture, utilization, and storage market is expected to head toward expansion in the coming years, owing to rising industrialization along with soaring investments toward introduction of emission control machinery will create significant market opportunities across various sectors including oil & gas, chemical and power generation across the globe. In addition, increasing industrialization rate coupled with the growing investment toward expansion of manufacturing facilities has raised the deployment of CCUS projects globally. Furthermore, several governmental policies to limit the greenhouse gases emission across the key economic sectors with the participation of regulators will further stimulate the carbon capture, utilization, and storage industry landscape. The global carbon capture, utilization, and storage market was valued at $1.9 billion in 2020, and is projected to reach $7.0 billion by 2030, growing at a CAGR of 13.8% from 2021 to 2030.
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Carbon Capture, utilization, and storage (CCUS) is an
emission reduction process, which is intended to prevent large amounts of
carbon dioxide being released into the environment. The technology involves
collection, transportation and injection of the carbon di oxide so that it
would not escape in the atmosphere. The process involves three main steps and
technologies such as capture, which includes separation of CO2 from gases
produced from different procedures. Secondly, it involves transport, which is
transportation of the captured CO2 to a suitable site for storage with the help
of pipeline, trucks, and ships. The last step is storage, which involves
injection of CO2 into underground rock formation, deep wells, and depleted
reservoirs. These are the best storage options for storing huge amounts of CO2
for many years.
Demand for carbon capture, utilization, and storage has
witnessed tremendous growth driven by increasing penetration in end-use
industries such as oil & gas, power generation, iron & steel, chemical
& petrochemical, cement, and others. All industry players are investing
heavily to find new commercial avenues for their product segments via
investment, contracts, and partnerships. For instance, Shell is a giant MNC and
has undertaken several CCSU pilot projects which include the world’s largest
CCSU project, in Alberta, Canada. As result of a partnership between Shell,
Canada Energy and Chevron, Quest was formed, which is a fully integrated CCSU
project. In the oil sands industry, Quest has come up as the first commercial
application of CCSU. It has been designed to capture, transport and store deep
underground above one million tons of carbon dioxide. Chevron is also leading a
CCSU project, where natural gas will travel through undersea pipelines to a
liquefied natural gas plant at the Gorgon gas fields in the Western Australia.
Moreover, some of the major factors that drive the demand for carbon capture,
utilization, and storage include growing focus on reducing CO2 emissions,
supporting government initiatives and increasing demand for CO2-EOR techniques.
However, high cost of carbon capture and storage and decreasing crude oil
prices are expected to hamper the growth of the carbon capture, utilization,
and storage market during the forecast period. Furthermore, large number of
upcoming projects in Asia-Pacific and Europe region and continuous investments
in developing innovative capturing technologies enabling economic operations
are expected to provide growth opportunities for the carbon capture,
utilization, and storage market during the forecast period.
By service, the global carbon capture, utilization, and
storage market size is studied across capture, transportation, utilization, and
storage. The capture segment accounted for the largest market share in 2020,
owing to increase in adoption of this service due to surge in CO2 emission from
various industrial verticals such as oil & gas, power generation, iron
& steel, chemical & petrochemical, and cement. The capture segment
dominated the global carbon capture, utilization, and storage market with more
than two-third of the total market share in 2020.
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By technology, the global carbon capture, utilization, and
storage market is studied across pre-combustion capture, oxy-fuel combustion
capture, and post-combustion capture. The post-combustion capture segment
accounted for the largest market share in 2020, owing to surge in adoption of
this technology from coal and gas power generation plants across the globe to
capture the carbon and to reduce the carbon foot print. The post-combustion
capture segment dominated the global carbon capture, utilization, and storage
market with more than two-fifths of the total market share in 2020.
By end-use industry, the global carbon capture, utilization,
and storage market is studied across oil & gas, power generation, iron
& steel, chemical & petrochemical, cement, and others. The oil &
gas segment emerged as a leader in 2020, owing to surge in consumption of
carbon dioxide for enhanced oil recovery. The oil & gas industry segment
dominated the global carbon capture, utilization, and storage market with more
than half of the total market share in 2020.
Region-wise, the global carbon capture, utilization, and
storage market is studied across North America, Europe, Asia-Pacific, and
LAMEA. North America accounted for a major carbon capture, utilization, and
storage market share in 2020, and dominated the global market with more than
two-fifths of the total market share in 2020.
The major players studied and profiled in the global carbon
capture, utilization, and storage industry are Royal Dutch Shell PLC, Fluor
Corporation, Mitsubishi Heavy Industries, Ltd., Linde Plc, Exxon Mobil
Corporation, JGC Holdings Corporation, Schlumberger Limited, Aker Solutions,
Honeywell International Inc., and Halliburton. Other players operating in this
market include C-Capture Ltd., Tandem Technical, Carbicrete, Hitachi, Ltd.,
Siemens AG, General Electric, Total S.A., and Equinor ASA.
COVID-19 analysis:
CCUS is primarily used across power plants and natural gas
processing plants where COVID-19 has imposed a very minimal impact. However,
due to lockdown imposed across various countries, it has impacted commercial
sectors, such as cement plants, chemical plants, and others, which plays a very
small role in the CCUS market and after the reopening of these industries also
adapt to the changes quickly and started their operations after a couple of
months of lockdown. However, the lockdown caused the delay for the upcoming
projects, which has affected the growth of the CCUS market at a very small
scale.
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Key findings of the study
- In
2020, North America dominated the global carbon capture, utilization, and
storage market with around 42.5% share, in terms of revenue.
- Europe
is projected to grow at the highest CAGR of 14.4% in terms of revenue.
- The
capture service segment dominated the global carbon capture, utilization,
and storage market with 70.0% of the share in terms of revenue.
- The
post-combustion capture segment dominated the global carbon capture,
utilization, and storage market with around 45.8% of the share in terms of
revenue.
- The
oxy-fuel combustion capture segment is projected to grow at the highest
CAGR of 14.4% in terms of revenue.
- The
oil & gas segment dominated the global carbon capture, utilization,
and storage market with 57.6% of the share in terms of revenue.
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