Companies In The Carbon Capture, Utilization, And Storage Market Focus On The Adoption Of Direct Air Capture Technology To Extract CO2 Directly From The Atmosphere

TBRC’s market research report covers carbon capture, utilization, and storage market size, CCUS market forecasts, major CCUS companies and their market share, key strategies to undertake, and more.


LONDON, May 31, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the carbon capture, utilization, and storage market, carbon capture companies are focusing on the usage of direct air capture technology (DAC) to extract CO2 directly from the atmosphere so that it can be permanently stored in deep geological formations or it can be utilized to achieve negative emissions. There are two types of technology approaches used: liquid and solid DAC. The solid DAC method uses solid absorbent filters that chemically bind CO2, and the concentrated CO2 is captured by using heat or by being placed in a vacuum to release CO2 from the absorbents. Liquid DAC systems pass air through chemical solutions (e.g., a hydroxide solution) to remove CO2. The main benefits of DAC include limited land and water footprints and the viability of locating plants on non-arable land close to suitable storage, eliminating the need for long-distance CO2 transport.

For instance, in February 2022, Kyushu University, a national university in Japan, and Sojitz Corporation, a Japan-based trading company, signed a memorandum for the practical implementation and commercialization of DAC to directly capture carbon dioxide emissions from the atmosphere. Kyushu University is engaged in R & D of the world’s first membrane-based DAC technology to capture CO2 through a membrane separation system that will greatly increase the number of possible locations for CO2 capture equipment. As there is no need to release CO2 from an adsorbent as in conventional DAC technology, the energy required for the process can be reduced. Also, in the US, the first large-scale DAC plant is now being developed through a Carbon Engineering and Occidental Petroleum partnership that will capture up to 1 Mt CO2 each year and will be operational in 2024. United Airlines is also investing in DAC as part of its commitment to become carbon neutral by 2050. 

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The global carbon capture, utilization, and storage market size is expected to grow from $1.62 billion in 2021 to $1.91 billion in 2022 at a compound annual growth rate (CAGR) of 17.6%. The global carbon capture, utilization, and storage market size is expected to grow to $3.62 billion in 2026 at a CAGR of 17.4%.

The carbon capture, utilization, and storage technology market is expected to be supported by government initiatives in the forecast period and encourage companies, especially in the oil and gas sector, to make use of carbon capture and storage market. For instance, in February 2022, the US Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) announced up to $96 million in federal funding for projects that will develop point-source carbon capture technologies for natural gas power plants and industrial applications capable of capturing at least 95% of carbon dioxide (CO2) emissions generated. Similarly, in November 2021, the Morrison government in Australia invested $500 million into a new $1 billion fund to help commercialize low-emission technology, including carbon capture and soil carbon. At the United Nations Climate Change Conference in Glasgow (COP26), a group of 50 countries pledged to create climate-resilient and low-carbon health systems in response to mounting evidence of climate change's impact on people's health.

Major players in the carbon capture, utilization, and storage market are Exxon Mobil, Royal Dutch Shell, Aker Solutions, Linde, NRG Energy, Fluor, General Electric, Honeywell, Mitsubishi Heavy Industries, and Dakota Gasification Company.

The global carbon capture, utilization and storage market analysis report is segmented by technology into pre-combustion, post combustion, oxy-fuel combustion; by service into capture, transportation, utilization, storage; by end-use industry into oil and gas, power generation, iron and steel, chemical and petrochemical, cement, others.

North America had the largest CCUS market size in 2021. The regions covered in the global carbon capture, utilization, and storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Carbon Capture, Utilization, And Storage Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide carbon capture, utilization, and storage market overviews, carbon capture, utilization, and storage market analyze and forecast market size and growth for the whole market, carbon capture, utilization, and storage market segments and geographies, carbon capture, utilization, and storage market trends, carbon capture, utilization, and storage market drivers, carbon capture, utilization, and storage market restraints, carbon capture, utilization, and storage market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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