Carbon Capture Utilization and Storage Market worth $7.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 17, 2022 /PRNewswire/ -- According to the new market research report "Carbon Capture Utilization and Storage Market by Service (Capture, Transportation, Storage, Utilization), End-Use Industry (Natural Gas, Power Generation, Hydrogen, Fertilizers, Oil Refining) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Carbon Capture, Utilization and Storage Market size is projected to reach USD 7.7 billion by 2026, at a CAGR of 29.8%, during the forecast period.
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The carbon capture, utilization, and storage are used in a number of end-use industries such as natural gas, power generation, hydrogen, fertilizers, oil refining, and others, which helps the market to grow rapidly. In addition to this, the growth of the carbon capture, utilization, and storage market is driven by the increasing adoption of CCUS technology and various large-scale projects like the Petra Nova Carbon Capture Project and Boundary Dam CCS Project.
However, the outbreak of COVID-19 has created ripples in various end-use industries, leading to reduced demand for carbon capture, utilization, and storage. Due to the lockdown scenario in Europe and North America, the demand for carbon capture, utilization, and storage from hydrogen, oil refining, fertilizers, etc declined sharply in the first quarter of 2020.
Capture service segment to have the largest market share in the carbon capture, utilization, and storage market during the forecast period.
Capture service is the most important service in the carbon capture, utilization, and storage market and holds the largest market share, by service, in the market. 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 are installed on high emission sources like power plants, natural gas processing industry, and cement industries. 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.
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Power Generation is predicted to register the largest share in the global carbon capture, utilization, and storage market during the forecast period, in terms of value.
Power generation is the fastest growing industry for carbon capture, utilization, and storage adoption. The industry generates a massive amount of CO2 and hence attracts multiple stakeholders to reduce these emissions. The power generation industry is growing at the fastest rate in North America due to multiple projects that are in various stages of development planned to start operations by the mid-2020s. The UK is also actively investing in carbon capture, utilization, and storage projects in the power generation industry.
North America region to account for the largest market share in the carbon capture, utilization, and storage market during the forecast period.
North America was the largest carbon capture, utilization, and storage market, in terms of value, in 2020. The carbon capture, utilization, and storage market in North America is expected to be driven by rising environmental concerns in the region. The US Supreme Court proposed a carbon trading scheme, the US Clean Power Plan, in February 2016. This scheme aims at curbing carbon pollution from power plants in the US. Canada, especially Western Canada, is dependent on fossil fuel industries. Furthermore, high economic growth, and large-scale carbon capture, utilization, and storage projects are some of the key factors driving the carbon capture, utilization, and storage market in North America.
The key players in the market include Fluor Corporation (US), ExxonMobil Corporation (US), Linde plc (UK), Royal Dutch Shell Plc (Netherlands), Mitsubishi Heavy Industries, Ltd (Japan), JGC Holdings Corporation (Japan), Schlumberger Limited (US), Aker Solutions (Norway), Honeywell International Inc. (US), Equinor ASA (Norway), TotalEnergies SE (France), Hitachi, Ltd (Japan), Siemens AG (Germany), General Electric (US), and Halliburton (US). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the carbon capture, utilization, and storage market.
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