Carbon, Capture, Utilization, and Storage (CCUS) Market: Current Analysis and Forecast (2022-2028)
Emphasis on Technology (Pre-Combustion Capture, Oxy-Fuel Combustion Capture, Post-Combustion Capture); Source (Oil & Gas, Power Generation, Chemicals, Heavy Industries, Hydrogen); End-User (Biological, Mineralization, Food Processing); and Region/Country
The Carbon Capture, Utilization, and Storage market is expected to grow at a strong CAGR of 13.2% during the forecast period owing to the rising need to achieve a net zero emission target, countries across the globe are working towards capturing carbon emissions through CCUS technology. Moreover, for various industrial processes, such as steel and cement manufacture, CCUS is currently the most effective and efficient technology for achieving significant CO2 emission reductions. The CO2 captured at an industrial facility is compressed and transported by ship or pipeline to a geological formation deep below ground for permanent storage. Alternatively, CO2 can be used to make useful products, such as building materials or consumer goods.
In addition, key players in the market are also launching new products and technology in the market to capture and store carbon efficiently. For instance: in may 2022, Aker Carbon Capture commenced building its Just Catch™ modular carbon capture plant at Twence’s waste-to-energy plant in Hengelo, the Netherlands.
Some of the major players operating in the market include Fluor Corporation, ExxonMobil Corporation, Linde plc, Royal Dutch Shell, Mitsubishi Heavy Industries, Ltd, JGC Holdings Corporation, Equinor ASA, Schlumberger Limited, Aker Carbon Capture, Carbon Clean Solutions Limited.
Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst technology, the post-combustion segment held a dominating share of the market in 2021”
Based on technology, post-combustion caters for an extensive share of the market and is expected to grow at a significant rate in the forecasted period as well. The post-combustion systems are the most mature capture technology and are expected to be retrofitted to modern and efficient thermal power plants. Post-combustion capture can be retrofitted to almost any existing plant with a large and steady source of CO2 by adding the capture process to the exhaust-gas circuit. Moreover, with a soaring need to capture carbon key players are alliancing to develop technological advance post-combustion capture solutions. For instance: RWE Power, BASF, and Linde partnered and joined forces to develop and advance PCC technologies.
“Amongst source, the power generation held the majority share of the market in 2021”
Based on source, the market is segmented into oil and gas, power generation, chemicals, heavy industries, and hydrogen. Power generation caters extensive share of the market and is anticipated to grow at an influential CAGR in the forecasted period as well. Fossil fuels provide most of the world’s electricity, and power generation is the largest emitter of carbon in the entire energy sector creating almost 40% of global energy-related emissions according to IEA. Therefore, the demand for carbon capture technologies becomes more competitive in the power system owing to their flexibility, reliability, and carbon intensity being fully utilized.
Carbon Capture, Utilization, and Storage Market Report Coverage
“North America dominated the Carbon Capture, Utilization, and Storage market in 2021”
North America acquired an extensive share of the CCUS market and is expected to witness an influential CAGR in the forecasted period. It is mainly owing to many CCUS operational projects taking place either in Canada or in the United States. Moreover, favorable government policies, regulations, and investments in achieving net zero emission targets are driving the market. In addition, various ongoing projects in the region are also accelerating the market demand for CCUS. For instance: Petra Nova is a carbon capture facility located in Texas, USA. It captures carbon dioxide (CO2) from a coal-fired power plant and stores it underground. The facility can capture up to 1.6 million metric tons of CO2 per year.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Carbon Capture, Utilization, and Storage market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Carbon Capture, Utilization, and Storage Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Carbon Capture, Utilization, and Storage market were the three major steps undertaken to create and analyze the adoption of Carbon Capture, Utilization, and Storage in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Carbon Capture, Utilization, and Storage market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Carbon Capture, Utilization, and Storage market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Carbon Capture, Utilization, and Storage market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology, Source and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Carbon Capture, Utilization, and Storage market. Further, we conducted factor analysis using dependent and independent variables such as technology, Source and application of the Carbon Capture, Utilization, and Storage market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Carbon Capture, Utilization, and Storage market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Carbon Capture, Utilization, and Storage market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Carbon Capture, Utilization, and Storage market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Carbon Capture, Utilization, and Storage market in terms of technology offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Carbon Capture, Utilization, and Storage market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the technology, Source and application in the global Carbon Capture, Utilization, and Storage market.
The main objective of the Global Carbon Capture, Utilization, and Storage Market Study
The current & future market trends of the global Carbon Capture, Utilization, and Storage market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Carbon Capture, Utilization, and Storage market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the technology, Source and application.
- Define and analysis of the regulatory framework for the Carbon Capture, Utilization, and Storage industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Carbon Capture, Utilization, and Storage market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Carbon Capture, Utilization, and Storage market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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