Carbon Capture, Utilization, and Storage Market – insightSLIC
Carbon Capture, Utilization, and Storage Market – insightSLICE
Carbon Capture, Utilization, and Storage Market Global Sales are Expected to Reach US$ 10.07 Billion by 2032
SANTA ROSA, CALIFORNIA, USA, April 18, 2023/EINPresswire.com/ — The Global Carbon Capture, Utilization, And Storage Market Share, Trends, Analysis and Forecasts, 2019-2032 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global carbon capture, utilization, and storage market size was estimated to be US$ 2.36 Billion in 2022 and is expected to reach US$ 10.07 Billion by 2032 at a CAGR of 15.6%. Carbon Capture, Utilization, and Storage (CCUS) refers to a set of technologies and processes aimed at reducing carbon dioxide (CO2) emissions into the atmosphere by capturing CO2 from sources such as power plants, industrial facilities, and other anthropogenic sources. The captured CO2 is then either utilized in various industrial processes or stored underground in geologic formations, such as depleted oil and gas reservoirs, deep saline aquifers, and unmineable coal seams. The goal of CCUS is to mitigate the impact of CO2 emissions on the environment and combat climate change.
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Growth driving factors of Global Carbon Capture, Utilization, And Storage Market
Government regulations and policies promoting CCUS technology, Rising demand for carbon credits, Growing demand for cleaner energy sources, and Growing investment in CCUS research and development are some of the major factors driving the growth of Global Carbon Capture, Utilization, And Storage Market.
Government regulations and policies promoting CCUS technology: Governments around the world are implementing policies and regulations aimed at reducing greenhouse gas emissions. For example, the European Union has set a target to achieve climate neutrality by 2050, and it is promoting the adoption of CCUS technology as a means to achieve this goal. In the United States, the 45Q tax credit incentivizes investment in CCUS projects by offering a tax credit for the capture, utilization, and storage of carbon dioxide.
Rising demand for carbon credits: The demand for carbon credits is growing as companies seek to offset their carbon emissions. For example, companies that emit large amounts of carbon dioxide can purchase carbon credits generated by CCUS projects, which help them to meet their emissions reduction targets. The Clean Development Mechanism (CDM), established under the United Nations Framework Convention on Climate Change, is one example of a carbon credit program that incentivizes CCUS projects.
Growing demand for cleaner energy sources: The demand for cleaner energy sources is increasing due to growing concerns over the environmental impact of traditional energy sources. For example, the growth of renewable energy sources such as wind and solar power is driving the adoption of CCUS technology, as it provides a way to capture and store carbon emissions from power plants and other industrial processes.
Growing investment in CCUS research and development: Investment in research and development of CCUS technology is increasing as companies seek to improve the efficiency and cost-effectiveness of the technology. For example, the Global Carbon Capture and Storage Institute (GCCSI) is a public-private partnership that brings together government, industry, and research organizations to invest in and accelerate the development of CCUS technology. This increased investment is driving the growth of the CCUS market and leading to advancements in the technology.
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The leading market segments of Global Carbon Capture, Utilization, And Storage Market
On the basis of service type, the capture segment of the Carbon Capture, Utilization, and Storage (CCUS) market is the largest, due to the growing demand for capturing carbon dioxide emissions from power plants and other industrial processes. The capture segment includes various technologies such as pre-combustion capture, post-combustion capture, and oxy-fuel combustion, which are used to separate carbon dioxide from flue gas.
A key trend in the CCUS market is the increasing use of advanced capture technologies, such as solvent-based and membrane-based capture, to improve the efficiency and cost-effectiveness of carbon capture. These technologies have the potential to reduce the energy consumption and cost associated with carbon capture, making CCUS more attractive for a wider range of applications. Additionally, the development of integrated capture and storage systems, which combine capture and storage technologies in a single system, is also a growing trend in the market. These systems offer improved performance and efficiency, as well as reduced costs compared to traditional capture and storage systems.
Based on technology, the Solvents & Sorbents segment of the Carbon Capture, Utilization, and Storage (CCUS) market is the largest, due to the growing use of solvents and sorbents for carbon dioxide capture. Solvents and sorbents are widely used in post-combustion capture processes, where they are used to absorb carbon dioxide from flue gas.
A key trend in the CCUS market is the development of advanced solvents and sorbents, which have improved performance and efficiency compared to traditional solvents and sorbents. For example, the use of amine-based solvents has become increasingly common due to their high CO2 absorption capacity, while the use of solid sorbents, such as metal-organic frameworks (MOFs), is growing due to their high selectivity and stability. Additionally, the integration of solvents and sorbents with other technologies, such as advanced separation and purification technologies, is also a growing trend in the market.
Geographically, North America holds the largest share, due to the presence of a large number of power plants and industrial facilities, as well as supportive government policies and regulations. The United States is a major contributor to the growth of the North America CCUS market, due to the presence of a large number of power plants and industrial facilities, as well as supportive government policies and regulations promoting the adoption of CCUS technology.
A key trend in the North America CCUS market is the increasing use of CCUS technology in the oil and gas sector. The oil and gas sector is a major contributor to greenhouse gas emissions, and the use of CCUS technology is becoming increasingly common as a means of mitigating these emissions. Additionally, the growth of the shale gas industry in the United States is also driving the growth of the North America CCUS market, as shale gas production is often accompanied by large volumes of carbon dioxide emissions.
The key players of the Global Carbon Capture, Utilization, And Storage Market are:
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), and Others.
Market Segmentation
By Service
• Capture
• Transportation
• Utilization
• Storage
By Technology
• Chemical looping
• Solvents & Sorbents
• Bio-Energy CCS
• Direct Air Capture
By End-Users
• Oil & Gas
• Power Generation
• Chemical & Petrochemicals
• Cement
• Iron & Steel
• Other end-user
By Region
• North America
* United States
* Canada
* Rest of North America
• Europe
* Germany
* United Kingdom
* Italy
* France
* Spain
* Rest of Europe
• Asia Pacific
* Japan
* India
* China
* Australia
* South Korea
* Rest of Asia Pacific
• Middle East & Africa
* UAE
* Saudi Arabia
* South Africa
* Rest of the Middle East & Africa
• South America
* Brazil
* Rest of South America
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