Dublin, May 14, 2024 (GLOBE NEWSWIRE) -- The "Carbon Capture Utilization and Storage Market - Global Industry Size, Share, Trends, Opportunity & Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
Global Carbon Capture Utilization and Storage Market was valued at USD 3.61 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 4.53% through 2029
One of the primary drivers propelling the growth of the global CCUS market is the increasing urgency to reduce greenhouse gas emissions and mitigate climate change. CCUS technologies offer a viable solution for capturing carbon dioxide (CO2) emissions from industrial processes, power plants, and other emission sources, preventing their release into the atmosphere. By capturing and storing CO2 underground or utilizing it for various applications, CCUS helps to curb emissions and mitigate the impact of climate change.
Supportive government policies and incentives play a crucial role in driving investment and growth in the global CCUS market. Many governments worldwide have implemented regulations, carbon pricing mechanisms, and financial incentives to encourage the deployment of CCUS technologies. These policies include carbon capture tax credits, subsidies for CCUS projects, and emissions reduction targets, creating a favorable market environment for CCUS development and deployment.
Advancements in CCUS technologies and innovations in carbon capture, storage, and utilization methods are driving market growth and expanding the capabilities of CCUS systems. Technological advancements such as solvent-based capture, membrane-based capture, and direct air capture (DAC) are improving the efficiency, scalability, and cost-effectiveness of carbon capture technologies, making CCUS more commercially viable.
Growth in Power Industry
One of the primary drivers of growth in the global CCUS market is the power industry's increasing adoption of cleaner energy sources such as natural gas and renewable energy. Natural gas-fired power plants are often equipped with CCUS technologies to capture CO2 emissions, reducing their carbon footprint and enhancing environmental performance. Similarly, CCUS can be integrated with biomass and bioenergy facilities to capture and utilize CO2 emissions, further contributing to emissions reduction efforts in the power sector.
Surge in Technological Advancements
Technological advancements have led to significant progress in carbon capture technologies, making them more efficient, cost-effective, and scalable. Innovations such as solvent-based capture, membrane separation, and solid sorbent capture are revolutionizing the way CO2 is captured from industrial processes and power plants, paving the way for large-scale deployment of carbon capture facilities.
Key Market Challenges
Lack of Infrastructure
One of the primary challenges associated with the lack of infrastructure in the CCUS market is the absence of comprehensive CO2 transport networks. Captured CO2 must be transported from emission sources, such as power plants or industrial facilities, to storage sites or utilization facilities. However, in many regions, the infrastructure for transporting CO2, such as pipelines or shipping routes, is inadequate or nonexistent. Building a network of CO2 transport infrastructure requires significant investment and coordination among stakeholders, which can be a barrier to the deployment of CCUS projects.
Key Market Trends
Rising Focus on Carbon Removal and Negative Emissions
Governments worldwide are increasingly implementing policies and regulations aimed at reducing greenhouse gas emissions and achieving net-zero targets. Many jurisdictions are incorporating carbon removal and negative emissions strategies into their climate action plans, creating a favorable regulatory environment for the development and deployment of CCUS technologies.
There is growing interest from investors, venture capital firms, and government agencies in supporting carbon removal and negative emissions initiatives. Funding opportunities, grants, and financial incentives are being made available to companies and research institutions working on innovative CCUS projects. This influx of investment capital is accelerating the development and commercialization of negative emissions technologies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $3.61 Billion |
| Forecasted Market Value (USD) by 2029 | $4.72 Billion |
| Compound Annual Growth Rate | 4.5% |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Carbon Capture Utilization and Storage Market.
- Fluor Corporation
- ExxonMobil Corporation
- Linde plc
- Shell plc
- Mitsubishi Heavy Industries, Ltd
- JGC Holdings Corporation
- Equinor ASA
- Schlumberger Limited
- Carbon Clean Solutions Limited
- Hitachi, Ltd
Report Scope:
Carbon Capture Utilization and Storage Market, By Technology:
- Pre-Combustion Carbon Capture
- Post-Combustion Carbon Capture
- Oxy-Fuel Combustion Carbon Capture
Carbon Capture Utilization and Storage Market, By Application:
- Oil and Gas Industry
- Power Industry
- Others
Carbon Capture Utilization and Storage Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/75ttwy
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
