Carbon Capture, Utilization, and Storage (CCUS) Market by Service (Capture, Transportation, Utilization, and Storage), Technology (Pre-Combustion Capture, Oxy-Fuel Combustion Capture, and Post-Combustion Capture), and End-Use Industry (Oil & Gas, Power Generation, Iron & Steel, Chemical & Petrochemical, Cement, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

Carbon Capture, Utilization, and Storage Market Overview-2030

The global carbon capture, utilization, and storage market was valued at $1.9 billion in 2020, and is projected to reach $7.0 billion by 2030, growing at a CAGR of 13.8% from 2021 to 2030. Carbon capture, utilization, and storage is the process of capturing carbon dioxide from fuel combustion or industrial processes, the transport of this CO2 via ship or pipeline, and either its use as a resource to create valuable products or services or its permanent storage deep underground in geological formations. CCUS technologies also provide the foundation for carbon removal or "negative emissions" when the CO2 comes from bio-based processes or directly from the atmosphere.

COVID-19 pandemic outbreak across the globe has delayed the upcoming carbon capture, utilization, and storage (CCUS) projects amid government imposed lock down measures which is expected to affect the growth of the CCUS market at a very small scale.

The global demand for carbon capture, utilization, and storage market is primarily driven by growing focus on reducing CO2 emissions, supporting government initiatives and increasing demand for CO2-EOR techniques. Rapid industrialization across the globe has led to surge in emission of carbon dioxide. In order to reduce the carbon footprint, governments of various developed and developing countries such as the U.S., the Netherlands, the UK, China, and India, are setting up large number of CO2 capture and storage plants. This factor is expected to drive the growth of carbon capture, utilization, and storage market over the forecast period. In addition, with the technological advancements, offshore oil & gas exploration & production activities are increasing, which in turn is surging the adoption of gas injection enhanced oil recovery (EOR) techniques. This includes use of carbon dioxide for crude oil extraction. Maturing and depleting oil reserves is expected to fuel the adoption of gas injection EOR techniques for both onshore and offshore wells. Hence, this growing demand for CO2 for EOR activities from oil & gas industry is expected to drive the growth of carbon capture, utilization, and storage market during the forecast period.

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However, high cost of carbon capture and storage and decreasing crude oil prices are expected to hamper the carbon capture, utilization, and storage market growth during the forecast period. Furthermore, large number of upcoming projects in Asia-Pacific and Europe region and continuous investments in developing innovative capturing technologies enabling economic operations are expected to provide growth opportunities for the carbon capture, utilization, and storage market during the forecast period.

The global carbon capture, utilization, and storage market size is segmented on the basis of service, technology, end-use industry, and region. By service, it is analyzed across capture, transportation, utilization, and storage. By technology, it is segmented into pre-combustion capture, oxy-fuel combustion capture, and post-combustion capture. By end-use industry, it is divided into oil & gas, power generation, iron & steel, chemical & petrochemical, cement, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major key players operating in the global carbon capture, utilization, and storage industry include Royal Dutch Shell PLC, Fluor Corporation, Mitsubishi Heavy Industries, Ltd., Linde Plc, Exxon Mobil Corporation, JGC Holdings Corporation, Schlumberger Limited, Aker Solutions, Honeywell International Inc., and Halliburton. Other players operating in this market include C-Capture Ltd., Tandem Technical, Carbicrete, Hitachi, Ltd., Siemens AG, General Electric, Total S.A., and Equinor ASA.

Global carbon capture, utilization, and storage (CCUS) market, by region

North America accounted for a major market share in 2020 owing to the growing demand for clean technology, accompanied by the growing use of CO2 in enhanced oil recovery practices, is expected to drive the CCUS market in the countries such as the U.S. and Canada. The U.S. uses 75.0% of the global carbon capture capacity in enhanced oil recovery operations, which accounts for nearly 30 metric tons per annum.

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The country introduced the FUTURE Act (Furthering Capital Carbon Capture, Utilization, Technology, Underground storage, and Reduced Emissions) under 45Q section, to provide incentives for capturing carbon dioxide produced from industrial and power sources to be used in enhanced oil recovery. With the development of shale gas techniques and less interest in the carbon capturing by the new government, it is expected that the market for CCUS is anticipated to grow at a moderate rate in the country, thereby increasing the market share of North America region in carbon capture, utilization, and storage market.

Global carbon capture, utilization, and storage (CCUS) market, by service

The capture service segment accounted for a major share in the carbon capture, utilization, and storage market in 2020. Carbon capture is the first stage of the CCUS process and involves capturing CO2 from its emission source. It can be applied to any large-scale emission process, including coal-fired power generation plants; gas and oil production; and manufacturing industries, such as cement, iron, and steel. The cost of capturing CO2 is heavily dependent on technical, economic, and financial factors associated with the design and operation of the production process, along with the design and operation of the CO2 capture technology.

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Global carbon capture, utilization, and storage (CCUS) market, by technology

The post-combustion capture segment accounted for a major share in the carbon capture, utilization, and storage market in 2020. Post-combustion capture refers to the separation of CO2 from flue gas derived from combusting fossil fuels – coal, natural gas, or oil – in air. The power consumption has been growing at a significant rate in the developing economies such as China and India driven by industrialization, population growth, and growing urbanization. In China, in 2018, the power generated from coal accounted to 4,732 TWh, up from the previous year’s 4,445 TWh. Coal power generation holds 66% share in China’s overall energy mix. In China and India, which have accounted for 85% of new coal power capacity since 2005, the number of permits for new coal plants dropped to record lows, but new plants are still in the pipeline. Therefore, increasing power needs in these countries are expected to increase the number of coals fired power generation plants during the forecast period, which eventually will escalate the adoption of post combustion carbon capture technology in coming years.

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Global carbon capture, utilization, and storage (CCUS) market, by end-use industry

The oil & gas industry accounted for a major carbon capture, utilization, and storage market share in 2020. CCUS is aiding the oil and gas industry to mitigate greenhouse gases out of the atmosphere. Carbon dioxide stored in deep, onshore, or offshore geological formations uses CCUS technologies for enhanced oil recovery that have been developed in the oil and gas industry. In other circumstances, the carbon dioxide is not soluble in the oil. Here, injection of carbon dioxide raises the pressure in the reservoir, helping to sweep the oil toward the production well. In Texas (U.S.), for more than three decades carbon dioxide has been used in enhanced oil recovery projects, EOR constitutes over 20.0% of total oil production, and some fields achieve recoveries of nearly 70.0%. Kyoto Clean Development Mechanism is mostly applied among the OPEC Nations, which support CCUS technology. For instance, Abu Dhabi National Oil Company achieved dramatic reductions in gas flaring, from about 1,500 million cubic feet per day in the early 1980s to less than 200 million cubic feet per day today. This decreased air pollution and augmented the gas availability for export or internal use.

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COVID-19 analysis:

CCUS is primarily used across power plants and natural gas processing plants where COVID-19 has imposed a very minimal impact. However, due to lockdown imposed across various countries, it has impacted commercial sectors, such as cement plants, chemical plants, and others, which play a very small role in the CCUS market and after the reopening of these industries also quickly adapted to changes and started their operations after a couple of months of lockdown. However, the lockdown caused the delay for the upcoming projects, which has affected the growth of the CCUS market at a very small scale.

Key benefits for stakeholders

• The global carbon capture, utilization, and storage market analysis covers in-depth information of major industry participants.
• Porter’s five forces analysis help analyze potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• Major countries have been mapped according to their individual revenue contribution to the regional market.
• The report provides in-depth analysis of the global carbon capture, utilization, and storage market forecast for the period 2021–2030.
• The report outlines the current global carbon capture, utilization, and storage market trends and future scenario of the global carbon capture, utilization, and storage market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets. 
• Key drivers, restraints, & opportunities and their detailed impact analysis are explained in the global carbon capture, utilization, and storage market study.

Key market segments

By Service

• Capture
• Transportation
• Utilization
• Storage

By Technology

• Pre-Combustion Capture
• Oxy-Fuel Combustion Capture
• Post-Combustion Capture

By End-Use Industry

• Oil & Gas
• Power Generation
• Iron & Steel
• Chemical & Petrochemical
• Cement
• Others 

By Region

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Netherlands
  • UK
  • Italy
  • Norway
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • Saudi Arabia
  • UAE
  • Rest of LAMEA