What is Global Carbon Capture, Utilisation and Storage (CCUS) Market?
The Global Carbon Capture, Utilisation, and Storage (CCUS) market is a rapidly evolving sector focused on mitigating the adverse effects of carbon dioxide (CO2) emissions on the environment. This market encompasses technologies and processes designed to capture CO2 emissions from industrial sources, utilize the captured CO2 in various applications, and store it securely to prevent its release into the atmosphere. The primary goal of CCUS is to reduce greenhouse gas emissions and combat climate change. The market includes a range of stakeholders, including technology providers, industrial companies, and governments, all working together to develop and implement effective CCUS solutions. As awareness of climate change grows and regulatory pressures increase, the demand for CCUS technologies is expected to rise, driving innovation and investment in this critical area.
CO2 Capture, CO2 Utilization, Others in the Global Carbon Capture, Utilisation and Storage (CCUS) Market:
CO2 capture is the first and most crucial step in the CCUS process. It involves the separation of CO2 from other gases produced during industrial processes, such as power generation or manufacturing. There are several methods for capturing CO2, including pre-combustion capture, post-combustion capture, and oxy-fuel combustion. Pre-combustion capture involves converting fossil fuels into a mixture of hydrogen and CO2 before combustion, allowing for easier separation of CO2. Post-combustion capture, on the other hand, involves capturing CO2 from the flue gases produced after combustion. Oxy-fuel combustion uses pure oxygen instead of air for combustion, resulting in a flue gas that is primarily CO2 and water vapor, making it easier to capture the CO2. Once captured, the CO2 can be compressed and transported to a utilization or storage site. CO2 utilization refers to the various ways in which captured CO2 can be used as a raw material in industrial processes. One of the most common applications is in enhanced oil recovery (EOR), where CO2 is injected into oil reservoirs to increase the amount of oil that can be extracted. This not only helps in reducing CO2 emissions but also boosts oil production. CO2 can also be used in the production of chemicals, such as methanol and urea, as well as in the food and beverage industry for carbonation of drinks. Additionally, CO2 can be converted into building materials, such as concrete, through a process known as mineralization. This not only helps in reducing CO2 emissions but also provides a sustainable alternative to traditional building materials. Other applications of CO2 utilization include its use in the production of biofuels, plastics, and synthetic fuels. CO2 storage, the final step in the CCUS process, involves the secure and long-term storage of captured CO2 in geological formations, such as depleted oil and gas fields, deep saline aquifers, and unmineable coal seams. This prevents the CO2 from being released into the atmosphere and contributing to climate change. The storage sites are carefully selected and monitored to ensure that the CO2 remains securely stored and does not pose any risk to the environment or human health. The development of CCUS infrastructure, including capture facilities, transportation networks, and storage sites, requires significant investment and collaboration between various stakeholders, including governments, industry, and research institutions. Despite the challenges, the potential benefits of CCUS in reducing greenhouse gas emissions and combating climate change make it a critical component of global efforts to achieve a sustainable and low-carbon future.
Oil & Gas, Power Generation, Others in the Global Carbon Capture, Utilisation and Storage (CCUS) Market:
The Global Carbon Capture, Utilisation, and Storage (CCUS) market finds significant applications in various sectors, including oil and gas, power generation, and other industries. In the oil and gas sector, CCUS is primarily used for enhanced oil recovery (EOR). In this process, captured CO2 is injected into oil reservoirs to increase the amount of oil that can be extracted. This not only helps in reducing CO2 emissions but also boosts oil production, making it a valuable tool for the oil and gas industry. Additionally, the use of CO2 in EOR can extend the life of mature oil fields, providing a more sustainable approach to oil extraction. In the power generation sector, CCUS is used to capture CO2 emissions from power plants that burn fossil fuels, such as coal and natural gas. By capturing and storing the CO2 produced during power generation, CCUS helps to reduce the carbon footprint of these plants and mitigate their impact on climate change. This is particularly important as the world continues to rely on fossil fuels for a significant portion of its energy needs. The integration of CCUS technologies in power plants can also support the transition to cleaner energy sources by providing a bridge between traditional fossil fuel-based power generation and renewable energy. Other industries that can benefit from CCUS include cement and steel production, where CO2 emissions are a byproduct of the manufacturing process. By capturing and utilizing or storing the CO2 produced in these industries, CCUS can help to reduce their environmental impact and support the transition to more sustainable industrial practices. Additionally, CCUS can be used in the production of biofuels, where CO2 is captured during the fermentation process and used to produce renewable fuels. This not only helps to reduce CO2 emissions but also provides a sustainable alternative to traditional fossil fuels. The development and deployment of CCUS technologies in these various sectors require significant investment and collaboration between governments, industry, and research institutions. Despite the challenges, the potential benefits of CCUS in reducing greenhouse gas emissions and combating climate change make it a critical component of global efforts to achieve a sustainable and low-carbon future.
Global Carbon Capture, Utilisation and Storage (CCUS) Market Outlook:
The global Carbon Capture, Utilisation, and Storage (CCUS) market was valued at $3.8 billion in 2023 and is projected to reach $5.96 billion by 2030, reflecting a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2024 to 2030. This growth is driven by increasing awareness of climate change, regulatory pressures, and the need for sustainable industrial practices. The market includes a range of stakeholders, including technology providers, industrial companies, and governments, all working together to develop and implement effective CCUS solutions. As the demand for CCUS technologies continues to rise, driven by the need to reduce greenhouse gas emissions and combat climate change, the market is expected to see significant innovation and investment. The development of CCUS infrastructure, including capture facilities, transportation networks, and storage sites, requires significant investment and collaboration between various stakeholders. Despite the challenges, the potential benefits of CCUS in reducing greenhouse gas emissions and combating climate change make it a critical component of global efforts to achieve a sustainable and low-carbon future.
| Report Metric | Details |
| Report Name | Carbon Capture, Utilisation and Storage (CCUS) Market |
| Accounted market size in 2023 | US$ 3800 million |
| Forecasted market size in 2030 | US$ 5963.1 million |
| CAGR | 6.1% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | Exxonmobil Corporation, Schlumberger, Huaneng, Linde AG, Halliburton, BASF, General Electric, Siemens, Honeywell UOP, Sulzer, Equinor, NRG, AkerSolutions, Shell, Skyonic Corp., Mitsubishi Hitachi, Fluor, Sinopec |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
