Carbon Capture Utilization Storage Ccus Market

Carbon Capture, Utilization & Storage (CCUS) Market- Global Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2017-2027, Segmented By Technology (Pre-Combustion, Oxyfuel-Combustion, Post-Combustion), By Service (Capture, Transport, Utilization, Storage), By Application (Oil & Gas, Power Generation, Chemical & Petrochemical, Iron & Steel, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
- Published Date: November 2021
- Report ID: BWC21167
- Available Format: PDF
- Page: 193
Report Overview
Because of the growing awareness of carbon emissions from the industrial and commercial sectors, the carbon capture, utilization & storage (CCUS) market is gaining significant traction worldwide. Furthermore, expanding investment to reduce CO2 emissions to mitigate climate change is driving market growth.
Global Carbon Capture, Utilization & Storage (CCUS) Market- Industry Trends & Forecast Report 2027
The global carbon capture, utilization & storage (CCUS) market was worth USD 2,837.96 million in 2020 and is further projected to reach USD 5,890.38 million by the year 2027, growing at the CAGR of 11.25% in the forecast period. The increasing awareness towards carbon emissions from the industrial and commercial sector and expanding investment to reduce the CO2 emissions to mitigate the effects of climate change is propelling the growth of the global carbon capture, utilization & storage (CCUS) market.
Source: BlueWeave Consulting
Global Carbon Capture, Utilization & Storage (CCUS) Market- Overview
The carbon capture, utilization & storage (CCUS) market refers to the process of capturing carbon from heavy industries, such as steel and cement production, biomass power plants, to prevent it from entering the atmosphere. The carbon captured is then transported and stored for several decades for various purposes, such as enhanced oil recovery, etc. CCUS, on the other hand, is a pricey procedure with little intrinsic value. As a result, efforts are being made to combine the carbon stored to make high-quality compounds.
Global Carbon Capture, Utilization & Storage (CCUS) Market Forecast, and Trends
Growth Drivers
Increasing Carbon Emission Levels In The Environment
The key driving factor for the global carbon capture, utilization, and storage (CCUS) market is the alarming growth in carbon emissions and greenhouse gases due to human activities. According to the US Environmental Protection Agency, the burning of fossil fuels for electricity, heat, and transportation is the greatest source of greenhouse gas emissions from human activity. According to Forbes, CO2 emissions from the power sector alone are expected to exceed 34 billion tonnes by 2050. As a result, countries are investing in CCUS technology to reduce carbon emissions into the environment, boosting the market growth.
Expanding Government Investments Towards Carbon Capture And Storage
The governments of various countries are investing heavily in carbon capture, use, and storage so that carbon emissions do not hinder economic growth and promote sustainability. For instance, the US Department of Energy recently announced USD 20 million in investments for four projects aimed at making carbon capture, utilization, and storage more widespread in the country. India also announced its ambitious goal of achieving Net Zero Carbon Emission by 2070 in the COP26 global climate summit
Restraints
High Initial Cost Of Carbon Capture, Utilization, And Storage Process
Carbon capture and storage is an expensive procedure that involves plant setup, operational cost, and other maintenance and overhead costs. A major stumbling block to global market growth is the high cost associated with the process. This cost also varies for different sources of CO2 production, such as oil, gas, cement production, etc. Therefore, the market has failed to significantly attract private players and is dependent on existing companies and public entities, which may hinder its growth in the forecast period.
Impact of COVID-19 on Global Carbon Capture, Utilization & Storage (CCUS) Market
The unprecedented outbreak of the COVID-19 pandemic hindered the economic activities of almost all the countries. The pandemic has also directly impacted the growth of the global carbon capture, utilization & storage (CCUS) market by halting the operations of its major end-users. For instance, the operations of the oil & gas industry was temporarily barred in several oil-producing regions due to social distancing norms imposed by the government to curb the virus spread. This led to limited carbon emissions, which further resulted in a sharp decline in the demand for carbon capture and storage.
Global Carbon Capture, Utilization & Storage (CCUS) Market - By Technology
Based on technologies, the global carbon capture, utilization & storage (CCUS) market is categorized into pre-combustion, oxyfuel-combustion, and post-combustion. The post-combustion segment accounts for the largest market share because of the prominent use of fossil fuel and non-renewable resources for power generation and other purposes, such as transport. On the other hand, the oxyfuel-combustion technology segment also covers a substantial share in the market and is projected to witness a high CAGR during the forecast period. This technology is emerging as an efficient and widely accepted process of reducing carbon footprints.
Global Carbon Capture, Utilization & Storage (CCUS) Market - By Service
Based on services, the global carbon capture, utilization & storage (CCUS) market is segmented into capture, transport, utilization, and storage. The capture segment holds the largest share in the market. In order to prevent carbon from getting into the atmosphere, most CCUS facilities are dedicated to this service in order to store the carbon in isolated locations, mostly underground. This service is also emerging as a potential means of limiting carbon pollution in the future.
Global Carbon Capture, Utilization & Storage (CCUS) Market - Regional Insights
Geographically, the global carbon capture, utilization & storage (CCUS) market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. Globally, the Carbon Capture, Utilization & Storage (CCUS) market is dominated by Europe due to continuous development and investments towards sustainable and innovative technologies to limit the amount of carbon emitted into the atmosphere. In addition, Europe has established institutes to study carbon capture and storage, in an effort to formulate strategies for its use to mitigate carbon emissions. The North American market also occupies a substantial share of the market after Europe.
Competitive Landscape
The leading players in the global carbon capture, utilization & storage (CCUS) market are Exxon Mobil Corporation, General Electric, Halliburton, Aker Solutions, Linde AG, Royal Dutch Shell PLC, Equinor, Basin Electric Power Cooperative, Sulzer Ltd., Saipem, Mitsubishi Heavy Industries Ltd., Japan CCUS Co. Ltd., Fluor Corporation, Hitachi Ltd., Air Liquide, NRG Energy, Inc., Southern Energy, Climeworks, Chevron Corporation, and other prominent players.
The market is highly concentrated with the presence of giant industry participants investing huge amounts into plant setup as well as research and development activities. The market players often engage in collaborations to exchange their expertise and material resources. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, joint ventures, etc., are also prominent in this market.
Recent Developments
-
In November 2021, ExxonMobil and Pertamina announced a collaboration to assess the potential for carbon capture, utilization, and storage in Indonesia.
-
In October 2021, Chart Industries, Inc., a global engineered equipment manufacturer for clean energy and industrial gas markets, announced its collaboration with Ionada, an exhaust gas cleaning systems manufacturer, for Carbon Capture and Sequestration (CCUS) projects.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical data – 2017-2020 |
Base Year – 2020 |
|
Forecast – 2021 – 2027 |
|
Facts Covered |
Revenue in USD Million |
Market Coverage |
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
Product Service/Segmentation |
By Technology, By Service, By Application, By Region |
Key Players |
Exxon Mobil Corporation, General Electric, Halliburton, Aker Solutions, Linde AG, Royal Dutch Shell PLC, Equinor, Basin Electric Power Cooperative, Sulzer Ltd., Saipem, Mitsubishi Heavy Industries Ltd., Japan CCUS Co. Ltd., Fluor Corporation, Hitachi Ltd., Air Liquide, NRG Energy, Inc., Southern Energy, Climeworks, Chevron Corporation, and other prominent players. |
By Technology
-
Pre-Combustion
-
Oxyfuel-Combustion
-
Post-Combustion
By Service
-
Capture
-
Transport
-
Utilization
-
Storage
By Application
-
Oil & Gas
-
Power Generation
-
Chemical & Petrochemical
-
Iron & Steel
-
Others
By Region
-
North America
-
Europe
-
Asia-Pacific
-
Latin America
-
Middle East & Africa
- Research Framework
- Research Objective
- Product Overview
- Key Market Segments
- Research Methodology
- Qualitative Research
- Methodology
- Regional Split of Primary & Secondary Research
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Breakdown of Primary Research Respondents, By Industry Participants
- Market Size Estimation
- Assumptions for the Study
- Market Breakdown & Data Triangulation
- Executive Summary
- Industry Insight and Growth Strategy
- Value Chain Analysis
- DROC Analysis
- Market Drivers
- Increasing Carbon Emission Levels In The Environment
- Expanding Government Investments Towards Carbon Capture And Storage
- Market Restraints
- High Initial Cost Of Carbon Capture, Utilization, And Storage Process
- Market Challenges
- Negative Impact of the COVID-19 Pandemic
- Market Opportunity
- Growing Demand For CCUS In The Industrial Sector
- Rising Demand For Advanced Technologies For Carbon Capturing
- Market Drivers
- Recent Developments
- Porter’s Five Forces Analysis
- Bargaining Power of Buyers
- Bargaining Power of Suppliers
- Intensity of Rivalry
- Threat of New Entrants
- Threat of Substitutes
- Global Carbon Capture, Utilization & Storage (CCUS) Market Overview
- Market Size & Forecast by Value, 2017-2027
- Market Size and Forecast, By Segment
- By Technology
- Pre-Combustion
- Oxyfuel-Combustion
- Post-Combustion
- By Service
- Capture
- Transport
- Utilization
- Storage
- By Application
- Oil & Gas
- Power Generation
- Chemical & Petrochemical
- Iron & Steel
- Others
- By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
- By Technology
- North America Global Carbon Capture, Utilization & Storage (CCUS) Market Overview
- Market Size and Forecast
- By Value (USD Million), 2020-2027
- Market Share and Forecast
- By Technology
- By Service
- By Application
- By Country
- U.S.
- Canada
- Market Size and Forecast
- Europe Global Carbon Capture, Utilization & Storage (CCUS) Market Overview
- Market Size and Forecast
- By Value (USD Million), 2020-2027
- Market Share and Forecast
- By Technology
- By Service
- By Application
- By Country
- Germany
- U.K.
- Russia
- France
- Italy
- Spain
- Rest of Europe
- Market Size and Forecast
- APAC Global Carbon Capture, Utilization & Storage (CCUS) Market Overview
- Market Size and Forecast
- By Value (USD Million), 2020-2027
- Market Share and Forecast
- By Technology
- By Service
- By Application
- By Country
- China
- India
- Japan
- South Korea
- Rest of APAC
- Market Size and Forecast
- LATAM Global Carbon Capture, Utilization & Storage (CCUS) Market Overview
- Market Size and Forecast
- By Value (USD Million), 2020-2027
- Market Share and Forecast
- By Technology
- By Service
- By Application
- By Country
- Mexico
- Brazil
- Rest of LATAM
- Market Size and Forecast
- MEA Global Carbon Capture, Utilization & Storage (CCUS) Market Overview
- Market Size and Forecast
- By Value (USD Million), 2020-2027
- Market Share and Forecast
- By Technology
- By Service
- By Application
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- Market Size and Forecast
- Competitive Landscape
- List of Key Players and Their Offerings
- Market Share Analysis (2020)
- Competitive Benchmarking By Operating Parameters
- Impact of COVID-19 on Global Carbon Capture, Utilization & Storage (CCUS) Market
- Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
- Exxon Mobil Corporation
- General Electric
- Halliburton
- Aker Solutions
- Linde AG
- Royal Dutch Shell PLC
- Equinor
- Basin Electric Power Cooperative
- Sulzer Ltd.
- Saipem
- Mitsubishi Heavy Industries Ltd.
- Japan CCUS Co. Ltd.
- Fluor Corporation
- Hitachi Ltd.
- Air Liquide
- NRG Energy, Inc.
- Southern Energy
- Climeworks
- Chevron Corporation
- Other Prominent Players
- Key Strategic Recommendations
List of Figures
Figure 1: Global Carbon Capture, Utilization & Storage (CCUS) Segmentation
Figure 2: Global Carbon Capture, Utilization & Storage (CCUS) Market Value Chain Analysis,
Figure 3: Company Market Share Analysis, 2020
Figure 4: Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Value (USD Million), 2020-2027
Figure 5: Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Technology, By Value, 2020-2027
Figure 6: Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Service, By Value, 2020-2027
Figure 7: Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Application, By Value, 2020-2027
Figure 8: Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Region, By Value, 2020-2027
Figure 9: North America Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Value (USD Million), 2020-2027
Figure 10: North America Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Technology, By Value, 2020-2027
Figure 11: North America Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Service, By Value, 2020-2027
Figure 12: North America Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Application, By Value, 2020-2027
Figure 13: North America Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Country, By Value, 2020-2027
Figure 14: Europe Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Value (USD Million), 2020-2027
Figure 15: Europe Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Technology, By Value, 2020-2027
Figure 16: Europe Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Service, By Value, 2020-2027
Figure 17: Europe Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Application, By Value, 2020-2027
Figure 18: Europe Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Country, By Value, 2020-2027
Figure 19: the Asia-Pacific Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Value (USD Million), 2020-2027
Figure 20: the Asia-Pacific Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Technology, By Value, 2020-2027
Figure 21: the Asia-Pacific Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Service, By Value, 2020-2027
Figure 22: the Asia-Pacific Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Application, By Value, 2020-2027
Figure 23: the Asia-Pacific Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Country, By Value, 2020-2027
Figure 24: Latin America Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Value (USD Million), 2020-2027
Figure 25: Latin America Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Technology, By Value, 2020-2027
Figure 26: Latin America Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Service, By Value, 2020-2027
Figure 27: Latin America Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Application, By Value, 2020-2027
Figure 28: Latin America Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Country, By Value, 2020-2027
Figure 29: Middle East & Africa Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Value (USD Million), 2020-2027
Figure 30: Middle East & Africa Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Technology, By Value, 2020-2027
Figure 31: Middle East & Africa Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Service, By Value, 2020-2027
Figure 32: Middle East & Africa Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Application, By Value, 2020-2027
Figure 33: Middle East & Africa Global Carbon Capture, Utilization & Storage (CCUS) Market Share (%), By Region, By Value, 2020-2027
List of Tables
Table 1: Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Technology, By Value, 2020-2027
Table 2: Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Service, By Value (USD Million), 2020-2027
Table 3: Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Application, By Value (USD Million), 2020-2027
Table 4: Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Region, By Value (USD Million), 2020-2027
Table 5: North America Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Technology, By Value (USD Million), 2020-2027
Table 6: North America Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Service, By Value (USD Million), 2020-2027
Table 7: North America Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Application, By Value (USD Million), 2020-2027
Table 8: North America Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Country, By Value (USD Million), 2020-2027
Table 9: Europe Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Technology, By Value (USD Million), 2020-2027
Table 10: Europe Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Service, By Value (USD Million), 2020-2027
Table 11: Europe Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Application, By Value (USD Million), 2020-2027
Table 12: Europe Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Country, By Value (USD Million), 2020-2027
Table 13: the Asia-Pacific Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Technology, By Value (USD Million), 2020-2027
Table 14: the Asia-Pacific Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Service, By Value (USD Million), 2020-2027
Table 15: the Asia-Pacific Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Application, By Value (USD Million), 2020-2027
Table 16: the Asia-Pacific Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Country, By Value (USD Million), 2020-2027
Table 17: Latin America Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Technology, By Value (USD Million), 2020-2027
Table 18: Latin America Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Service, By Value (USD Million), 2020-2027
Table 19: Latin America Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Application, By Value (USD Million), 2020-2027
Table 20: Latin America Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Country, By Value (USD Million), 2020-2027
Table 21: The Middle-East & Africa Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Technology, By Value (USD Million), 2020-2027
Table 22: The Middle-East & Africa Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Service, By Value (USD Million), 2020-2027
Table 23: The Middle-East & Africa Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Application, By Value (USD Million), 2020-2027
Table 24: The Middle-East & Africa Global Carbon Capture, Utilization & Storage (CCUS) Market Size, By Country, By Value (USD Million), 2020-2027
Table 25: Exxon Mobil Corporation Financial Analysis
Table 26: Exxon Mobil Corporation Business Overview
Table 27: General Electric Financial Analysis
Table 28: General Electric Business Overview
Table 29: Halliburton Corporation Financial Analysis
Table 30: Halliburton Corporation Business Overview
Table 31: Aker Solutions Financial Analysis
Table 32: Aker Solutions Business Overview
Table 33: Linde AG Financial Analysis
Table 34: Linde AG Business Overview
Table 35: Royal Dutch Shell PLC Financial Analysis
Table 36: Royal Dutch Shell PLC Business Overview
Table 37: Equinor Financial Analysis
Table 38: Equinor Business Overview
Table 39: Basin Electric Power Cooperative Financial Analysis
Table 40: Basin Electric Power Cooperative Business Overview
Table 41: Sulzer Ltd. Financial Analysis
Table 42: Sulzer Ltd. Business Overview
Table 43: Saipem Financial Analysis
Table 44: Saipem Business Overview
Table 45: Mitsubishi Heavy Industries Ltd. Financial Analysis
Table 46: Mitsubishi Heavy Industries Ltd. Financial Analysis
Table 47: Japan CCUS Co. Ltd. Financial Analysis
Table 48: Japan CCUS Co. Ltd. Business Overview
Table 49: Fluor Corporation Financial Analysis
Table 50: Fluor Corporation Business Overview
Table 51: Hitachi Ltd. Financial Analysis
Table 52: Hitachi Ltd. Business Overview
Table 53: Air Liquide Financial Analysis
Table 54: Air Liquide Business Overview
Table 55: NRG Energy, Inc. Financial Analysis
Table 56: NRG Energy, Inc. Business Overview
Table 57: Southern Energy Financial Analysis
Table 58: Southern Energy Business Overview
Table 59: Climeworks Financial Analysis
Table 60: Climeworks Business Overview
Table 61: Chevron Corporation Financial Analysis
Table 62: Chevron Corporation Business Overview
Market Segmentation
By Technology
- Pre-Combustion
- Oxyfuel-Combustion
- Post-Combustion
By Service
- Capture
- Transport
- Utilization
- Storage
By Application
- Oil & Gas
- Power Generation
- Chemical & Petrochemical
- Iron & Steel
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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