Growth in the carbon capture utilization and storage (CCUS) market is being driven by the increasing focus on reducing carbon dioxide (CO2) emissions, supportive government initiatives, and increasing demand for CO2 for enhanced oil recovery (EOR). CCUS involves the capture of CO2 from huge point sources, including power generation, cement industries, or other industrial facilities that use fossil fuels or biomass for fuel. The captured CO2 is then compressed and transported by pipeline, ship, rail, or truck to be used in a range of applications or injected into deep geological formations, including saline formations or depleted oil and gas reservoirs, which trap the carbon dioxide for permanent storage. However, in some cases, the captured carbon is utilized to make end products for which CO2 acts as raw materials, such as urea and beverages.
Read Report Overview: Carbon Capture Utilization and Storage Market
The global carbon capture utilization and storage (CCUS) market was valued at $2,100.0 million in 2021 and is expected to reach $12,159.6 million by 2031, growing at a CAGR of 19.2% between 2022 and 2031. The growth in the global carbon capture utilization and storage market is expected to be driven by an increasing focus on reducing carbon emissions and the growing demand for enhanced oil recovery (EOR). Lack of storage facilities and leakage of CO2 from underground storage are some key restraining factors of the industry.
Among different CCUS applications, oil and gas is expected to be the largest application during the forecast period 2022-2031. The growing usage of carbon dioxide for enhanced oil recovery (EOR) in the oil and gas sector is attributed to its acts as utilization as well as storage for the captured carbon. Furthermore, the usage of CCUS to capture CO2 from flue gases before they can be released into the atmosphere and store it in the geological reservoir also fuels the growth of the given application.
Among different types, post-combustion capture led the market in 2021 and is estimated to lead the market during the forecast period 2022-2031. It is a widely utilized process, owing to the benefits such as lower cost of installation, less complexity compared to other carbon capture processes, and easy availability. Post-combustion capture is one of the proven technologies for CO2 capture from flue gases. However, the post-combustion capture research area is further practicing innovative advancements in existing post-combustion carbon dioxide capture systems, which is propelling the growth of the given type.
North America led the carbon capture utilization and storage market in 2021 and is anticipated to uphold its dominance throughout the forecast period, owing to the numerous upcoming projects coupled with improved government initiatives for the development and deployment of CCUS. The CCUS market in North America is majorly driven by increased demand from diverse end use applications and increased environmental restrictions aimed at achieving net-zero emission by 2050, which is anticipated to fuel the growth of the CCUS market during the forecast period 2022-2031.
The market study conducted by BIS Research has considered the definition adopted by International Energy Agency (IEA) “Carbon capture, utilization, and storage, or CCUS, is an important emission reduction technology that can be applied across the energy system. CCUS technologies involve the capture of carbon dioxide (CO2) from fuel combustion or industrial processes, the transport of this CO2 via ships or pipelines, 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.” Market segmentation product (by technology type) and application (by end user) has been considered, and the direct air capture (DAC) technology has been excluded from the study.
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Key Questions Answered by this Report:
- What are some of the major factors and trends that are impacting the carbon capture utilization and storage market?
- How has COVID-19 impacted the carbon capture utilization and storage market across the globe?
- Which are the leading end-use industries that are rapidly adopting the CCUS technology?
- Which CCUS technology (post-combustion, pre-combustion, and oxy-fuel combustion) is majorly preferred by the key end-use industries?
- What are the latest developments in various countries for the development of the carbon capture utilization and storage industry?
- What are the various latest governmental regulations/initiatives toward the deployment of CCUS technology globally?
