Global Carbon Capture, Utilization, And Storage Market Size 2024, Forecast To 2033
11 Mar, 2024
The carbon capture, utilization, and storage market size has grown rapidly in recent years. It will grow from $2.57 billion in 2023 to $2.93 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in focus on reducing carbon dioxide (co2) emissions, increased demand from the medical industry and increase in demand for energy consumption. The carbon capture, utilization, and storage market size is expected to see rapid growth in the next few years. It will grow to $5.05 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to carbon capture providing financially lucrative opportunities, supportive government initiatives, increase in investments, growing demand from the oil and gas industry and implementation of cop26 to limit global warming. Major trends in the forecast period include focusing on supplying to greenhouses, focusing on investing in ai based technology that will drive innovation, focusing on strategic investing in order to stay competitive in the market, acquiring and partnering with other manufacturers and businesses and focusing on direct air capture technologies to improve capturing efficiencies.
Global Carbon Capture, Utilization, And Storage Market Key Driver
Carbon capture presents lucrative financial opportunities, driving the market's trajectory. Despite the higher costs associated with CO2 production through carbon capture compared to conventional methods, the escalating carbon prices create new avenues for carbon capture and utilization (CCU). Companies adopting sustainable practices gain increased access to various financing options. The rising influence of carbon pricing on companies' profitability serves as a catalyst, with those leveraging CCU technology having additional funds for innovation and research and development. Notably, in 2022, major players such as Stripe, Alphabet, Meta, Shopify, and McKinsey are actively participating in the carbon capture market through the Frontier initiative. This initiative plans to invest $925 million in permanent carbon removal from technology-developing companies over the next nine years, thereby boosting the carbon capture market in 2023, 2024, and 2028.
Get A Free Sample Of The Global Carbon Capture, Utilization, And Storage Market ReportGlobal Carbon Capture, Utilization, And Storage Market Segments
The carbon capture, utilization, and storage market covered in this report is segmented –
1) By Technology: Pre Combustion, Post Combustion, Oxy Fuel Combustion
2) By Services: Capture, Transportation, Utilization, Storage.
3) By End-Use Industry: Oil & Gas, Power Generation, Iron and Steel, Chemical and Petrochemical, Cement, Other End-Use Industries.
By Geography:The regions covered in the carbon capture, utilization, and storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the carbon capture, utilization, and storage market in 2023. The regions covered in the carbon capture, utilization, and storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Carbon Capture, Utilization, And Storage Industry Players
Shell plc, Aker Solutions, Linde PLC, Fluor Corporation, Mitsubishi Heavy Industries Ltd, Carbon Engineering Ltd, Schlumberger Limited, Exxon Mobil Corporation, GC Holdings Corporation, Praxair Inc, NGK Spark Plug Co Ltd, Taiyo Nippon Sanso, Oxair, Air Products and Chemicals Inc, Yingde Gas Group Co. Ltd, Messer Group, Core Industrial Gases, Supagas, AMCS Corporation, Sinopec Qilu-Shengli Oilfield CCUS, Royal Dutch Shell, Equinor Total Energies, Lukoil, Polish Energy Group, Zeroco2, Terrasigna, NRG Energy, General Electric, Honeywell, Dakota Gasification Company, Chevron, Lanzatech, WIKA Alexander Wiegand SE & Co. KG, Gulf Cryo, Buzwair, Sasol, Air Liquide, Gas Africa Limited, Carbacid Investments Limited, Afrox.
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Carbon Capture, Utilization, And Storage Market Overview
Carbon capture, utilization, and storage refer to technologies that are engaged in providing clean and efficient energy solutions. Carbon capture, utilization, and storage (CCUS) is a set of methods and technologies for removing CO2 from flue gas and the atmosphere, recycling it for use, and establishing safe and long-term storage choices.
Carbon Capture, Utilization, And Storage Global Market Report 2023 provides data on the global carbon capture, utilization, and storage market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The carbon capture, utilization, and storage market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.