USD 2.16 billion
Carbon Capture, Utilization and Storage Market Size, Share, Growth Analysis, By Services(Capture, Transportation, Utilization, and Storage), By Technology(Pre-combustion, Post-combustion, Oxy-combustion, and Industrial Process), By End-Use Industry(Oil & Gas, Power Generation, Chemicals & Petrochemicals, Cement), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15B2116 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
94
|Figures:
76
Carbon Capture, Utilization and Storage Market Insights
Carbon Capture, Utilization and Storage Market size was valued at USD 2.26 billion in 2022 and is expected to rise from USD 2.52 billion in 2023 to reach a value of USD 6.16 billion by 2031, at a CAGR of 11.8% during the forecast period (2024–2031).
Carbon Capture & Storage (CCS) technology is a product of the emerging worry over the impacts of carbon emissions on the environment. Because this technology has the potential of being a comprehensive solution for achieving high CO2 emission reduction targets and climate management that many governments worldwide are setting, most of them are supporting the deployment of technology through demonstration in various sectors of commerce.
CCS technology has been deemed possible in recent decades because of the increasing global concern over the negative effects of carbon emissions. Because carbon capture and storage has been identified as possibly providing a large-scale answer for achieving the high levels of CO2 emission reductions and climate management that are now being advocated by governments and international bodies, many governments are actively supporting the deployment of technology across many industries through pilot projects.
As compared to other fields of application, the demand is expected to grow rapidly in this field since several large-scale development projects of CCUS are being planned. In SkyQuest’s in depth research, we found that the FUTURE Act was developed under the 45Q section of the bill to encourage the capture of carbon dioxide emitted by industrial and power generators for use in EOR. The acronym means “Furthering Capital Carbon Capture, Utilization, Technology, Underground Storage, and Reduced Emissions.” Due to the advancement of shale gas technology and the current government’s negligible interest in carbon capture, the market for CCUS is predicted to grow slowly in the country, thereby propelling North America’s market share in the carbon capture and storage industry.
US Carbon Capture, Utilization and Storage Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Post-combustion
Fastest Growth
Pre-combustion
Growth Rate
12.9% CAGR
Global Carbon Capture and Storage Market ($ Bn)
Country Share for North America Region (%)
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Carbon Capture, Utilization and Storage Market Segmental Analysis
The Carbon Capture, Utilization and Storage Market is segmented based on services, technology, end-use industry, and region. Based on services, the market is segmented into Capture, Transportation, Utilization, and Storage. Based on technology, the market is segmented into pre-combustion, post-combustion, oxy-combustion, and industry processes. Based on end-use industry, the market is segmented into oil & gas, power generation, chemical & petrochemicals, cement, metal production, and others. Based on region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Carbon Capture, Utilization and Storage Market Analysis by Technology
In 2023, post-combustion technology has emerged as the dominating segment with an estimated share of 61.9% within the Carbon Capture, Utilization and Storage Market. This post-combustion technology is the widely preferred option for retrofitting existing power plants and it has the ability to recover CO2 at a rate up to 800 tonnes/day. This technology helps take the CO2 emissions from the flue gases produced during the combustion of fossil fuels in power plants or industrial facilities. Post-Combustion technology market dominance is further strengthened by regulatory pressure to reduce greenhouse gas emissions which leads to addition of CCS solutions across industries not just in some countries but in the whole world. Showing the promising future of post-combustion capture processes and increased investment in research and development, this segment is expected to hold its top position in the CCS market for a long time ahead.
Pre-combustion technology segment is experiencing the fastest growth in recent years. It is driven by the fact that it offers a very effective way of substantially reducing CO2 emissions from several industrial processes. Pre-combustion carbon capture allows the removal of CO2 from a gas mixture before combustion takes place. Operators typically apply this carbon capture in integrated gasification combined cycle (IGCC) power plants. Due to advancement in its process and technique, it is getting adopted in various industries such as power plants that will mainly attribute its dominance in coming years.
Carbon Capture, Utilization and Storage Market Analysis by End-Use Industry
In 2023, the power generation segment had the highest revenue share owing to their high uses in electricity production. Power facilities that burn coal are the main sources of carbon dioxide emissions. Power stations are now subject to regulations, making the use of CCS facilities necessary to reduce carbon emissions to the permitted levels. To possibly allow the ongoing use of coal resources for electricity generation while reducing CO2 emissions, these technologies must be adopted. These reasons are expected to cause the use of CCS technology in the power generation sector to increase throughout the course of the forecast period.
On the other hand, the chemicals and petrochemicals segment has emerged as the fastest-growing segment by end-use industry within the Carbon Capture, Utilization and Storage Market. This trend is driven by intensifying mandatory demands and private businesses' commitment to lowering carbon emissions within the chemical manufacturing process. As people are more aware of the contribution of chemical manufacturing industries to environmental deterioration, companies are starting to introduce CCS technology which aims at capturing and storing CO2 emissions from the operations.
Global Carbon Capture and Storage Market By Technology (%)
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Carbon Capture, Utilization and Storage Market Regional Insights
North America held the largest revenue share in 2023, thus accounting for around 36.69% of the total revenue. This is attributable to the increased oil and gas industry demand and stringent government regulations to reduce carbon emissions. According to the global CCS institute, there are more than 24 facilities worldwide capturing CO2. Of these, 12 can be found in the US. Large industrial base and friendly regulatory structure North America is major player in global CCS sector. Installed capacity and project development determine the North American market leadership in global carbon capture and storage.
Asia Pacific is forecasted to see the highest accelerated growth rate regarding CCS market globally. The requesting market increasingly becomes industry, cities and energy demands in the countries such as China, India and South Korea, the utilization of CCS technology is growing more and requires for the range of carbon emission reduction. Governments with a range of carbon pricing mechanisms and clean energy targets drive investment in CCS technology, those that are power sector, industry and refinery driven. The CCS market in the Asia Pacific region is experiencing tremendous expansion in terms of CCS capacity and projects, resulting in the area becoming a stimulator for the overall development of the CCS market across the globe in the foreseeable future.
Global Carbon Capture and Storage Market By Region
- Largest
- Fastest
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Carbon Capture, Utilization and Storage Market Dynamics
Carbon Capture, Utilization and Storage Market Drivers
Regulatory Mandates and Incentives:
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A restrictive framework for environmental controls and subsidies for low-carbon emissions encouraged the expanding use of carbon capture and storage (CCS) technology. Policies like carbon pricing schemes, emission reduction commitments, and renewable energy obligations encourage industries to implement CCS systems to stay in compliance with regulations and avoid financial penalties. Moreover, government funding and tax incentives are the determinant factors that attract private sector participation and speed up the development of technology, creating a vibrant market.
Technological Advancements and Innovation:
-
Improvements and innovations in the CCS technology continuously serve as a key factor in market growth. Research and development spending is mainly aimed at addressing the technical issues related to improving the operation cost, efficiency and scalability of CCS facilities, which makes them more desirable and attractive. Innovations in the capture technologies i.e. solvents approach, membranes separation, and direct air capture call for less energy input and result in lower cost of deployment of CCS.
Carbon Capture, Utilization and Storage Market Restraints
High Capital Costs and Project Financing Challenges:
-
The huge capital expenditure needed for CCS tech projects stands high as one of the biggest impediments to its market expansion. CCS infrastructure investment involves such things as plant equipment, engineering, and geological storage sites. This can be very challenging from a financial standpoint; this is especially true for smaller companies and emerging economies that might lack the necessary resources. Furthermore, CCS projects' financing issues, including long-term revenue and the availability of funding, bring potential investors' risks and prohibit the development of such projects, leading to a reduction in market size.
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Carbon Capture, Utilization and Storage Market Competitive Landscape
The carbon capture and storage (CCS) market is highly competitive in nature, owing to the presence of several established players and new entrants competing to offer innovative solutions. The competitive landscape in the CCS market is characterized by mergers and acquisitions, partnerships, and collaborations among key players, as well as a focus on research and development of new technologies. Many of the key players in the market are multinational companies with significant resources and expertise in the energy sector, and they are using their scale and capabilities to drive innovation and growth in the CCS market.
Carbon Capture, Utilization and Storage Market Top Player’s Company Profiles
- Shell
- ExxonMobil
- Chevron Corporation
- Total Energies
- BP
- Occidental Petroleum Corporation
- Sinopec
- Eni
- ConocoPhillips
- Equinor
- Air Products and Chemicals, Inc.
- Linde plc
- BASF SE
- Mitsubishi Heavy Industries
- Siemens Energy
- C-Capture
- Carbon Clean Solutions Limited
- Global Thermostat
- Svante Inc.
- Carbon Engineering
Carbon Capture, Utilization and Storage Market Recent Developments
- In September 2023, ADNOC announced to develop a new carbon capture project in the Middle East and North Africa (MENA) region. The pioneering Habshan carbon capture, utilization and storage (CCUS) project will have the capacity to capture and permanently store 1.5 million tonnes per annum (MMtpa) of carbon dioxide (CO2) within geological formations deep underground.
- In February 2023, Weyerhaeuser Company and Lapis Energy LP announced the execution of an exclusive exploration agreement for subsurface carbon dioxide sequestration in Arkansas, Louisiana, and Mississippi. The agreement covers 187,500 acres of subsurface rights owned by Weyerhaeuser and spans five potential sequestration sites, including two locations previously identified by Weyerhaeuser as prospective opportunities for carbon capture and sequestration (CCS) development.
Carbon Capture, Utilization and Storage Key Market Trends
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Increasing Government Support: Governments in different countries do fund and stand the financing of CCS technologies that aid the governments meet their emission reduction targets and fight climate change as part of their efforts. Funds are being provided by both governmental and private sectors through mechanisms such as funding programs, tax credits, and carbon pricing mechanisms to encourage the investment in the CCS infrastructure development and the deployment of carbon capture projects. Apart from that, regulatory frameworks are devised or modified to facilitated permitting and more efficient project approval and environment which is favorable for CCS roll-out.
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Increasing Investment in Research and Development: As CCS demand escalates, companies are investing heavily in research and development of novel technologies improvement to the ecosystem performance and cost effectiveness. Innovations in capture technologies using novel solvents, membrane-based separation systems, and solid adsorbents, whose features pertain to energy requirements decrease, capture efficiency increase, and scalability rate, are being pursued to overcome the obstacles of capture technologies. Besides, R&D activities that are looking into other possible solutions for CO2 besides the CCS are being conducted as well. These solutions are important in increasing the range of options CCS offers and incorporating them into multiple industries.
Carbon Capture, Utilization and Storage Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the global carbon capture and storage (CCS) market has experienced rapid growth due to the rise of concerns on the implication of the carbon emissions on the environment. Governments across the globe are encouraging the introduction of CCS technology into the industry by making regulatory frameworks and financial support, as is clearly seen in the North America and Asia-Pacific region. The market is largely occupied by post-combustion technology, which is facilitated by its simple adaptation into existing plants and the pressure from the regulations to reduce pollutants. The power generation and chemicals/petrochemicals sectors have a strong position as the two largest applications due to the growing demand for cleaner energy and sustainability in global corporations. The North America region is the biggest in revenue share, supported largely by strong oil and gas demand and friendly regulatory environment. Major players such as Shell, ExxonMobil, and Chevron are currently competing, with each of them implementing strategic alliances, integrations and R&D to promote CCS technologies and stay front in the competitive landscape.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.26 billion |
| Market size value in 2031 | USD 6.16 billion |
| Growth Rate | 11.8% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Carbon Capture, Utilization and Storage Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Carbon Capture, Utilization and Storage Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Carbon Capture, Utilization and Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Carbon Capture, Utilization and Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Carbon Capture, Utilization and Storage Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Carbon Capture, Utilization and Storage Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Carbon Capture, Utilization and Storage Market Report Snapshots
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