Carbon Capture Utilization and Storage Market to Grow with a CAGR of 4.53% through 2029
Surge in research and development activities is expected to drive the Global
Carbon Capture Utilization and Storage Market growth in the forecast period,
2025-2029
According to TechSci Research report, “Carbon
Capture Utilization and Storage Market - Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029”, the Global
Carbon Capture Utilization and Storage Market stood at USD 3.61 billion in 2023
and is anticipated to grow with a CAGR of 4.53% through 2029.
Initiatives taken by government based on carbon capture utilization and storage
has led to favorable market conditions for the Global Carbon Capture
Utilization and Storage Market. Several factors contribute to the growth of
various carbon capture utilization and storage products.
Many governments set targets and goals for CCUS deployment
as part of their climate change mitigation strategies. These targets may
include the deployment of a certain number of CCUS projects by a specific
timeframe, the reduction of CO2 emissions through CCUS technologies, or the
development of CCUS infrastructure and storage capacity to support emissions
reduction efforts. Governments collaborate with industry stakeholders
through public-private partnerships to support CCUS deployment and investment.
Public-private partnerships involve joint investment, knowledge sharing, and
collaborative research initiatives to drive innovation, scale up CCUS projects,
and address market barriers.
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Technological advancements are driving the development
of modular and mobile carbon capture solutions, offering flexibility and
scalability for a wide range of industrial applications. These innovative
solutions enable rapid deployment of carbon capture facilities, reduce upfront
capital costs, and facilitate the integration of CCUS into existing industrial
processes.
The Global Carbon Capture Utilization and Storage
Market is segmented into technology, application, regional distribution and
company.
Based on its technology, the Oxy-Fuel Combustion Carbon Capture segment is the fastest growing in Global Carbon Capture Utilization and Storage Market. Oxy-fuel combustion involves burning fuel with a mixture of pure oxygen and recycled flue gas instead of air. This creates a highly concentrated stream of CO2, which simplifies the capture process. Compared to traditional air-based combustion, where nitrogen dilutes the CO2 emissions, oxy-fuel combustion produces a flue gas primarily composed of CO2, making capture more efficient. The captured CO2 from oxy-fuel combustion is of higher purity compared to other methods. This high-purity CO2 stream is more suitable for storage and utilization applications, reducing the need for additional purification steps and associated costs. Oxy-fuel combustion typically results in a lower energy penalty compared to other carbon capture technologies like post-combustion capture. This means that less additional energy is required for the capture process, making oxy-fuel a more energy-efficient option.
Based on region, Asia Pacific is the fastest growing region. Asia Pacific is home to rapidly expanding industrial sectors, including manufacturing, energy production, and heavy industry. These industries are significant contributors to carbon dioxide (CO2) emissions. As awareness of climate change increases, there is a greater emphasis on carbon reduction strategies, including CCUS technologies. Many countries in the Asia Pacific region are implementing strict environmental regulations and carbon reduction targets. Governments are incentivizing or mandating the adoption of CCUS technologies as part of broader climate action plans. For instance, countries like China, Japan, South Korea, and Australia have set ambitious goals for reducing greenhouse gas emissions, which drives investments in CCUS. There is a growing trend of investment and funding in CCUS projects in the Asia Pacific region. Both public and private sectors are allocating resources to research, develop, and deploy CCUS technologies. This funding supports the scaling up of CCUS infrastructure and encourages innovation in this sector.
Major companies operating in Global Carbon Capture
Utilization and Storage Market are:
·
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
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“There is increasing interest in the utilization of
captured CO2 as a feedstock for the production of valuable products such as
synthetic fuels, chemicals, building materials, and consumer products. Emerging
carbon utilization markets offer new revenue streams and economic opportunities
while contributing to the reduction of CO2 emissions”, said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based management consulting
firm.
“Carbon Capture Utilization and Storage Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Technology (Pre-Combustion Carbon Capture, Post-Combustion Carbon Capture, Oxy-Fuel Combustion Carbon Capture), By Application (Oil and Gas Industry, Power Industry, Others), By Region and Competition 2019-2029F”, has evaluated
the future growth potential of Global Carbon Capture Utilization and Storage
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Carbon Capture
Utilization and Storage Market.
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