Carbon Capture, Utilization, and Storage Market worth $4.9 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Sept. 28, 2022 /PRNewswire/ -- Carbon Capture, Utilization, and Storage Market size is projected to grow from USD 2.4 billion in 2022 to USD 4.9 billion by 2027, at a CAGR of 15.1% during the forecast period, according to a latest updated report by MarketsandMarkets™. The increasing use of carbon Capture, Utilization, and Storage in oil & gas industry is one of the most significant factors projected to drive the growth of the carbon Capture, Utilization, and Storage market.

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Capture service segment comprise a major share of the carbon capture, utilization, and storage market, in terms of value and volume.

Capture is the first stage of the carbon capture, utilization, and storage process. The carbon is separated either precombustion or post-combustion. The separated CO2 is brought to a high purity state and is dehydrated to make it ready for transportation. Usually, the carbon capture, utilization, and storage plant is installed on high emission sources like power plants, natural gas processing facilities, and cement factories. The cost of capturing CO2 is heavily dependent on technical, economic, and financial factors associated with the design and operation of the production process and CO2 capture technology.

Solvents & Sorbernts technology type to be the second dominating segment in the global carbon capture, utilization, and storage market in terms of value and volume

Currently, this technology is majorly used by the oil & gas, chemical, and power generation industry. Solvents & sorbents technology involves the absorption of CO2 from the effluent gas stream emitted from various sources using suitable liquid or solid substances that has the efficiency in absorbing CO2 and does not react with other chemicals in the stream. Solvents are generally used in the liquid state, whereas sorbents are in the solid state. The solvents that have absorbed CO2 from the stream are sent to the processing unit and heated to release the CO2. Further, the released CO2 is captured and sent for storage and utilization. In the case where sorbents are used, the sorbent with captured CO2 is taken to the processing facility, where it is subjected to pressure reduction or heating, upon which it releases the absorbed CO2, which is then captured and stored for other purposes.

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UK to be the fastest-growing country in the carbon Capture, Utilization, and Storage market during the forecast period

The UK is the fastest-growing carbon capture, utilization, and storage market globally. This high growth is due to government regulations and policies to curb carbon emissions. In October 2017, the government announced its new approach toward implementing carbon capture, usage, and storage in the Clean Growth Strategy. It is designed to enable the UK to become a global technology leader for carbon capture, utilization, and storage and expand the deployment of carbon capture, utilization, and storage at a large scale by 2030 under three themes: re-affirming the commitment to deploying carbon capture, utilization, and storage in the UK subject to cost reduction; international collaboration on carbon capture, utilization, and storage; and carbon capture, utilization, and storage innovation.

Some of the key players in the global carbon capture, utilization, and storage market are such as Royal Dutch Shell (Netherlands), Fluor Corporation (US), Mitsubishi Heavy Industries, Ltd. (Japan), Exxon Mobil Corporation (US), and Linde Plc (UK), JGC Holdings (Japan), Schlumberger Ltd (US), Aker Solutions (Norway), Honeywell International (US), Equinor ASA (Norway).

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