CHICAGO, Feb. 9, 2024 /7Newswire — The report “Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), Technology (Chemical Looping, Solvents & Sorbent, Membranes), End-Use Industry, and Region – Global Forecast to 2030”, for carbon capture, utilization, and storage is expected to grow at an average CAGR of 24.0%, from USD 3.1 billion in 2023 to USD 12.9 billion in 2030.
To minimize carbon emissions into the atmosphere, carbon capture, utilization, and storage techniques are primarily used in the oil and gas, power generation, and chemical and petrochemical sectors. Many countries across the world have proposed deploying this technology to reduce carbon emissions and handle climate change. The market for carbon capture, utilization, and storage is being driven by government initiatives aimed at achieving net zero emissions.
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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.
The first phase in the CCUS process is carbon capture, and it involves separating and extracting carbon from the effluent flue gas stream that originates from a variety of industrial sources, including power plants, petrochemical and chemical companies, iron and steel smelters, and others. Several methods are proposed to remove carbon from the flue gas effluent stream, including Direct Air Capture (DAC), Oxy-Fuel, Pre- and Post-Combustion, and Bio-Energy CCS (BECCS). Several companies use this technology all around the world to reduce their carbon footprint. Adoption of this technique appears to be more expensive since direct air capture significantly deviates from standard practices and removes carbon directly from the atmosphere rather than from industrial sources.
Chemical looping technology type to be the second dominating segment in the global carbon capture, utilization, and storage market in terms of value and volume.
Chemical looping is a technique used in industries to trap CO2 during the thermal fuel conversion process. To create the nitrogen-free flue gas stream, which mostly consists of CO2, H2O, and reduced oxy-carbonates, a sequence of chemical processes are carried out. This extremely low chemical combination flue gas stream is subsequently sent to another operation, where carbon is removed from the residual effluent stream. This method is mostly utilized in the chemical and petrochemical, as well as oil and gas sectors, where the effluent stream’s nitrogen content is considerably higher.
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Oil & gas industry is the dominating end-use industry in the global carbon Capture, Utilization, and Storage market in terms of value.
The carbon capture, utilization, and storage market is dominated by the oil and gas sector. This can be attributed to the industry’s high initial adoption rate, which is expected to continue during the forecast period, due to the fact it is one of the main sources of atmospheric carbon emissions. The CCUS technology is being used in several ongoing projects, including the Century Plant in the United States, the Shute Creek Gas Processing Plant in the United States, the Uthmaniyah Gas Plant in Saudi Arabia, and the Petrobras Santos Basin Plant in Brazil, to lower carbon emissions in their respective locations.
Asia Pacific to be the fastest-growing region in the carbon Capture, Utilization, and Storage market during the forecast period.
The CCUS market is expected to grow at the fastest pace in Asia Pacific. this is mostly because of the significant improvements in technological development that Australia and China have achieved. Businesses were initially hesitant to implement CCUS as it is a capital-intensive task. However, with recent developments in environmental policies and regulations, as well as the ability to combine CCUS with hydrogen generation, companies are now actively involved in the technology’s development. Governments around the Asia-Pacific region constantly encouraging their industrial sector to actively engage in the joint endeavour to reduce climate change through the establishment of tax credit programs.
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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