Carbon Capture, Utilization, and Storage (CCUS) Market to Reach $7.0 Bn, Globally, by 2030 at 13.8% CAGR: Allied Market Research

PORTLAND, Ore., Jan. 18, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "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." According to the report, the global carbon capture, utilization, and storage (CCUS) market generated $1.9 billion in 2020, and is expected to generate $7.0 billion by 2030, witnessing a CAGR of 13.8% from 2021 to 2030.

Prime Determinants of Growth

Increase in demand of CO₂-EOR techniques, focus on lowering down CO₂ emissions, and supportive government regulations drive the growth of the global carbon capture, utilization, and storage market. However, decline in crude oil prices and expensive nature of some of the carbon capture & sequestration technologies hinder the market of the market to some extent. Contrarily, increase in number of upcoming projects in the Asia-Pacific region and rise in investments in developing innovative capturing techniques and technologies create new opportunities in the coming years.

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Covid-19 Scenario

• Owing to lockdown restrictions implemented by governments of different countries, upcoming carbon capture, utilization, and storage (CCUS) projects have been delayed, which in turn, is expected to impact the growth of the CCUS market up to certain extent.
• The end use industries such as cement plants, chemical plants, and others have been closed down completely or partially during the lockdown. This, in turn, impacted the CCUS market. However, these industries began operating with full capacity post-pandemic and the demand for CCUS services is expected to rise.

The capture segment to maintain its lead position during the forecast period

Based on service, the capture segment accounted for the largest market share in 2020, contributing to more than two-thirds of the global carbon capture, utilization, and storage market, and is estimated to maintain its lead position during the forecast period. This is due to rise in adoption of this service from various end-use industries for lowering down the carbon footprint. However, the storage segment is expected to manifest the largest CAGR of 16.8% from 2021 to 2030, owing to surged volume of carbon capture and rise in need for storing the captured carbon that can be used for further industrial processes. 

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The oil & gas segment to continue its leadership status during the forecast period

Based on end use industry, the oil & gas segment contributed to the highest market share in 2020, holding nearly three-fifths of the global carbon capture, utilization, and storage market, and is projected to continue its leadership status during the forecast period. Moreover, this segment is expected to witness the highest CAGR of 14.2% from 2021 to 2030. This is due to rise in generation and processing of natural gas across the globe. The research also analyzes segments including power generation, iron & steel, chemical & petrochemical, cement, and others.

North America to continue its dominance in terms of revenue by 2030

Based on region, North America held the highest share in terms of revenue in 2020, accounting for more than two-fifths of the global carbon capture, utilization, and storage market, and is expected to continue its dominance in terms of revenue by 2030. This is attributed to availability of multiple large-scale CCUS facilities in the U.S. and Canada. However, Europe is projected to manifest the fastest CAGR of 14.4% during the forecast period, owing to rise in number of CCUS projects in Netherlands and the U.K.

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Leading Market Players

• 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.
• Halliburton

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