Houston, TX, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Carbon Capture, Utilization, And Storage (CCUS) Technologies Market By Service (Capture, Transportation, Utilization, And Storage), By Technology (Chemical Looping, Solvents & Sorbents, Bio-Energy CCS, And Direct Air Capture), By End-Use (Oil & Gas, Power Generation, Chemicals & Petrochemicals, Cement, Iron & Steel And Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Carbon Capture, Utilization, and Storage (CCUS) Technologies Market size & share in terms of revenue was valued at USD 2500 million in 2022 and it is expected to surpass around USD 7900 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 15.5% during the forecast period 2023 to 2030.”
What is/are Carbon Capture, Utilization, and Storage (CCUS) Technologies? How big is the Carbon Capture, Utilization, and Storage (CCUS) Technologies Industry?
Carbon Capture, Utilization, and Storage (CCUS) Technologies Market/Report/Industry Coverage & Overview:
Carbon Capture, Utilization, and Storage (CCUS) involves the retrieval of CO2, typically from significant emission sources such as industrial facilities or power plants utilizing fossil fuels or biomass. If not immediately utilized, the captured CO2 undergoes compression and transportation, typically by rail, truck, or pipeline, for application in various contexts. Alternatively, it can be injected into deep geological formations such as saline aquifers or depleted oil and gas reservoirs. A primary factor driving revenue growth in the carbon capture, utilization, and storage technologies market is the escalating interest in curbing carbon dioxide (CO2) emissions.
While fossil fuel sources respond more swiftly to fluctuations in electricity demand, nuclear power and renewable energy sources continue to play substantial roles in reducing carbon emissions. Consequently, there is a substantial demand for Carbon Capture and Storage (CCS) as industry experts seek a more sustainable alternative that curbs emissions while bolstering electricity generation. CCS represents a well-established approach to emissions reduction, effectively and permanently removing CO2 from the environment.
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Global Carbon Capture, Utilization, and Storage (CCUS) Technologies Market: Growth Dynamics
The market expansion is being fueled by the increasing demand for electricity.
Despite the emergence of low-cost variable renewable energy sources, coal and gas-powered power plants have remained a consistent source of approximately two-thirds of the world's energy production since 2000. The absolute volume of electricity generated from fossil fuels has risen by 70% since 2000, aligning with the continuous growth in global energy demand. To align with global climate objectives and reduce carbon emissions, there is a rising necessity for carbon capture, utilization, and storage, which is acting as a catalyst for the revenue growth in the global carbon capture, utilization, and storage technologies market.
In response to climate goals, a highly adaptable power system capable of accommodating substantial proportions of variable renewable energy sources is being developed. Coal and gas-fired power plants have traditionally played a crucial role in providing system flexibility by offering attributes like inertia and frequency regulation, which are fundamental for grid stability. With the integration of carbon capture, storage, and utilization technologies, these facilities can maintain these advantages while meeting long-term flexibility requirements, including seasonal variations. Consequently, this is expected to propel market growth throughout the forecast period.
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Carbon Capture, Utilization, and Storage (CCUS) Technologies Market: Opportunities
Government efforts to curb CO2 emissions present an appealing avenue for market expansion.
Global pressures are intensifying for both governments and corporations to meet ambitious emission reduction targets. Carbon Capture, Utilization, and Storage (CCUS) technologies offer a pragmatic path to achieving these goals by capturing and storing CO2 emissions from diverse sources, including factories, power plants, and even direct air capture (DAC) technologies.
For example, as per the United Nations, 110 countries have committed to achieving carbon neutrality by 2050. Furthermore, in May 2020, the International Energy Agency (IEA) reported that three major oil companies—Equinor, Shell, and Total—pledged a substantial investment of USD 700 million in the Northern Light offshore CO2 storage project to mitigate CO2 emissions. Consequently, this is anticipated to present a lucrative opportunity for the growth of the carbon capture, utilization, and storage technologies industry.
Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 2500 million |
| Projected Market Size in 2030 | USD 7900 million |
| CAGR Growth Rate | 15.5% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Captura, CarbonOrO, Carbon Engineering Ltd., Algiecel, Carbyon BV, CarbonCure Technologies Inc., Cambridge Carbon Capture, Carbon Collect, Climeworks, Dimensional Energy, Ebb Carbon, Global Thermostat, Fortera Corporation, Heirloom Carbon Technologies, High Hopes Labs, Liquid Wind AB, LanzaTech, Lithos, Living Carbon, Mars Materials, Mission Zero Technologies, Mercurius, Biorefining, Paebbl, Verdox, and others. |
| Key Segment | By Service, By Technology, By End-use, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Carbon Capture, Utilization, and Storage (CCUS) Technologies Market: Challenges Safety Concerns Hampering Market Progress
One of the primary obstacles to market growth pertains to safety concerns, particularly related to the potential for CO2 leakage when stored underground. Such leaks can result in a range of adverse consequences, including water contamination, soil acidification, alterations in groundwater quality, and cryogenic burns.
Identifying and addressing these potential risks necessitates the careful selection of suitable CO2 storage sites. Underground injection sites can serve as pathways for CO2 to escape, including through poorly maintained well systems and unsealed rock formations.
Leakage through wells presents a significant challenge as it can lead to blowouts or ongoing leaks due to the degradation of cement and well failures. These unexpected events have the potential to cause severe harm to the environment and pose risks to both human and animal life.
Although blowouts are rare, their potential catastrophic impact may constrain the revenue growth potential of the carbon capture, utilization, and storage technologies market. Consequently, this factor is expected to hinder market expansion during the forecast period.
Free Analysis: https://www.zionmarketresearch.com/market-analysis/carbon-capture-utilization-and-storage-ccus-technologies-market
Carbon Capture, Utilization, and Storage (CCUS) Technologies Market: Segmentation Analysis
The global Carbon Capture, Utilization, and Storage (CCUS) Technologies industry is segmented based on service, technology, end-user, and region.
Based on the service, The worldwide market can be categorized into four segments: capture, transportation, utilization, and storage. During the forecast period, the capture segment is anticipated to hold a prominent position. Capture technologies play a vital role in capturing carbon dioxide (CO2) emissions from diverse sources, preventing their release into the atmosphere.
The market is seeing a surge in research and development endeavors, fueling innovation in capture technologies. The emphasis is on crafting solutions that are not only more efficient and cost-effective but also scalable. This drive towards innovation is a key factor propelling market growth.
Based on the technology, the global Carbon Capture, Utilization, and Storage Technologies industry is bifurcated into chemical looping, solvents & sorbents, bio-energy ccs, and direct air capture.
Based on the end-use, the global market is bifurcated into oil & gas, power generation, chemicals & petrochemicals, cement, iron & steel, and others.
The global Carbon Capture, Utilization, and Storage (CCUS) Technologies market is segmented as follows:
By Service
- Capture
- Transportation
- Utilization
- Storage
By Technology
- Chemical Looping
- Solvents & Sorbents
- Bio-Energy CCS
- Direct Air Capture
By End-use
- Oil & Gas
- Power Generation
- Chemicals & Petrochemicals
- Cement
- Iron & Steel
- Others
Browse the full “Carbon Capture, Utilization, And Storage (CCUS) Technologies Market By Service (Capture, Transportation, Utilization, And Storage), By Technology (Chemical Looping, Solvents & Sorbents, Bio-Energy CCS, And Direct Air Capture), By End-Use (Oil & Gas, Power Generation, Chemicals & Petrochemicals, Cement, Iron & Steel And Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/carbon-capture-utilization-and-storage-ccus-technologies-market
Competitive Landscape
Some of the main competitors dominating the global Carbon Capture, Utilization, and Storage (CCUS) Technologies market include -
- Captura
- CarbonOrO
- Carbon Engineering Ltd.
- Algiecel
- Carbyon BV
- CarbonCure Technologies Inc.
- Cambridge Carbon Capture
- Carbon Collect
- Climeworks
- Dimensional Energy
- Ebb Carbon
- Global Thermostat
- Fortera Corporation
- Heirloom Carbon Technologies
- High Hopes Labs
- Liquid Wind AB
- LanzaTech
- Lithos
- Living Carbon
- Mars Materials
- Mission Zero Technologies
- Mercurius
- Biorefining
- Paebbl
- Verdox
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the global Carbon Capture, Utilization, and Storage (CCUS) Technologies market is estimated to grow annually at a CAGR of around 15.5% over the forecast period (2023-2030).
- In terms of revenue, the global Carbon Capture, Utilization, and Storage (CCUS) Technologies market size was valued at around USD 2500 million in 2022 and is projected to reach USD 7900 million, by 2030.
- The global Carbon Capture, Utilization, and Storage (CCUS) Technologies market is expected to be driven by several factors such as increasing CO2 emissions owing to rapid industrialization.
- Based on the service, the capture segment is expected to dominate the market over the forecast period.
- Based on region, North America is expected to hold the largest revenue share over the forecast period.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Carbon Capture, Utilization, and Storage (CCUS) Technologies industry?
- What are the main driving factors propelling the Carbon Capture, Utilization, and Storage (CCUS) Technologies Market forward?
- What are the leading companies in the Carbon Capture, Utilization, and Storage (CCUS) Technologies Industry?
- What segments does the Carbon Capture, Utilization, and Storage (CCUS) Technologies Market cover?
- How can I receive a free copy of the Carbon Capture, Utilization, and Storage (CCUS) Technologies Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Service, By Technology, By End-use, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
North America is expected to hold the largest revenue share during the forecast period
North America is poised to claim the largest share of revenue in the global market for carbon capture, utilization, and storage technologies throughout the forecast period. The expansion of infrastructure for carbon capture, utilization, and storage by several prominent enterprises and manufacturers in this region is expected to invigorate the growth of market revenue.
For instance, in December 2020, the Office of Fossil Energy (FE) within the U.S. Department of Energy (DOE) allocated USD 6.4 million in federal funding for cost-shared research and development projects focusing on Hydrogen fuels, as part of the funding opportunity announcement (FOA) FE-FOA 0002397. These initiatives contribute significantly to propelling market growth in the region.
Meanwhile, the Asia Pacific is poised to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period. The upsurge in investments and corporate expansion aimed at offering cutting-edge and innovative CCS solutions is expected to underpin revenue growth in this region.
For example, China's Sinopec Corp. has constructed the nation's largest carbon capture, utilization, and storage (CCUS) facility, with plans to build two more facilities of comparable capacity by 2025. This is part of China's broader strategy to achieve peak carbon emissions by 2030. At Sinopec's Qilu refinery in eastern Shandong province, carbon dioxide is generated during hydrogen production. This CO2 is collected as part of the new CCUS project, which progressed from planning to implementation in less than a year and involves the injection of captured carbon dioxide into 73 oil wells near the Shengli oilfield. These developments are expected to be key drivers of market growth in the region.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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