How Has The Computer Vision in Carbon Capture, Utilization, And Storage Market Size Evolved In Recent Years?
The carbon capture, utilization, and storage market has seen considerable growth due to a variety of factors.
• Recently, there has been a swift expansion in the carbon capture, utilization, and storage market. The market size, which stands at $2.78 billion in 2024, is projected to escalate to $3.11 billion in 2025, progressing at a compound annual growth rate (CAGR) of 11.8%.
Factors such as robust economic development in burgeoning markets, a greater emphasis on curtailing carbon dioxide (co2) emissions, a surge in demand within the medical sector, and a rise in energy consumption demands are the major contributors to its growth during the historical period.
What Will Be The Carbon Capture, Utilization, And Storage Market Size In The Future?
The carbon capture, utilization, and storage market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for carbon capture, utilization, and storage is predicted to experience a swift expansion in the coming years, reaching a value of $5.33 billion by 2029. This represents a compound annual growth rate (CAGR) of 14.4%.
Various factors can be attributed to this predicted rise, including lucrative financial opportunities presented by carbon capture, supportive government initiatives, an influx of investments, increasing demand from the oil and gas sector, and the enforcement of COP26 to curb global warming. In the forecasted period, the market trends will be characterized by supply focus on greenhouses, investment attention towards AI-based technology propelling innovation, strategic investing to maintain competitiveness, collaborations and acquisitions with other manufacturers and businesses, and a focus on utilizing direct air capture technologies for enhanced capture efficiency.
What Are The Primary Growth Drivers In The Carbon Capture, Utilization, And Storage Market?
The escalation in industrial emissions is poised to propel the carbon capture, utilization, and storage market. Industrial emissions pertain to the discharge of pollutants like greenhouse gases, particulates, and volatile organic compounds from manufacturing and production activities. The growth in such emissions is propelled by the rising global demand for goods, augmented industrial activities, and inadequate employment of cleaner technologies. CCUS technology is employed across industries to encapsulate and sequester CO2 emissions, thereby mitigating their environmental footprint and ensuring regulatory compliance. For instance, data from Earth System Science Data (ESSD) Copernicus, an interdisciplinary journal based in Germany reveals a projection for global fossil CO2 emissions, inclusive of cement carbonation, to increase by 1.1% in 2023 compared to 2022, amounting to 10.0 Gt C per annum (36.8 Gt CO2 annually). Emissions from coal, oil, and gas are forecasted to be marginally higher than their 2022 levels, rising by 1.1%, 1.5%, and 0.5% respectively. Consequently, the surge in industrial emissions will accelerate the carbon capture, utilization, and storage market.
What are the Market Segments in the Carbon Capture, Utilization, And Storage Market?
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 And Gas, Power Generation, Iron And Steel, Chemical And Petrochemical, Cement, Other End-Use Industries.
Subsegments:
1) By Pre-Combustion: Gasification, Reforming Processes (Steam Methane Reforming), Chemical Looping
2) By Post-Combustion: Amine Absorption, Membrane Separation, Adsorption Techniques
3) By Oxy-Fuel Combustion: Oxy-Fuel Power Generation Systems, Oxygen Production Technologies, Flue Gas Recirculation Systems
Pre-Book The Carbon Capture, Utilization, And Storage Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends are Shaping the Carbon Capture, Utilization, And Storage Market?
Key players in the carbon capture, utilization, and storage industry are zeroing in on tech advancements, such as direct air capture (DAC) technologies, as a means to boost their brand's standing and show their commitment to sustainability. DAC technology involves capturing carbon dioxide straight from the surrounding air via chemical procedures, which can then be stored or used. For instance, ZeoDAC, a US tech company specializing in groundbreaking solutions, unveiled a pioneering carbon capture technology in March 2024. This innovative tech uses advanced solid substances, particularly high-performance zeolites, to effectively seize carbon dioxide straight from the atmosphere. The technology utilizes a temperature-vacuum swing adsorption process, facilitating quick scaling and efficient carbon capture. Furthermore, ZeoDAC's system has the ability to capture water, which allows for the creation of valuable end-products that offer economic benefits while also contributing positively to the environment.
Who Are the Key Players in the Carbon Capture, Utilization, And Storage Market?
Major companies operating in the carbon capture
• utilization
• and storage market include:
• 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
• 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.
What are the Regional Insights into the Carbon Capture, Utilization, And Storage Market?
North America was the largest region in the carbon capture, utilization, and storage market in 2024. 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.
