The global carbon capture, utilization, and storage market is predicted to be valued at $5,306.7 million by 2028, surging from $1,912.9 million in 2020, at a noteworthy CAGR of 13.7%.

 

Global Carbon Capture, Utilization, and Storage Market Analysis

Growing concerns over reducing the emission of COto lower the atmospheric COconcentration along with meeting the global energy demand are estimated to propel the market size. Lowering the amount of CO2 being released into the atmosphere is possible by implementing the energy efficient systems. The carbon capture, utilization, and storage (CCUS) technology incorporates multiple aspects that can effectively remove or capture COfrom atmosphere or from the flue gas followed by its utilization and efficient storage. In CCUS, the carbon capture process involves the development of sorbents that can bind to the COpresent in the flue gas or atmosphere, which is then captured and compressed. This captured COis then converted into useful chemicals which is of commercial importance such as oil extraction. Thus, the CCUS technology helps in achieving the net zero or negative emission goals. For instance, negative emissions from power generation sector are possible by combining the CCUS systems with bioenergy.

However, high cost associated with carbon capture, storage, and utilization owing to the high cost associated with capturing the COand its compression is predicted to limit the market growth. In addition, the cost of purchasing the equipment and research & development cost involved in the deployment of CCUS for optimizing its design & integration are anticipated to hahamper the CCUS market growth during the forecast period. nweight restrain the CCUS market demand during the forecast period.

Technological advancements in carbon capture, utilization, and storage (CCUS) technologies by startup companies are anticipated to generate excellent growth opportunities. For instance, the direct air capture (DAC) technology developed by Carbon Infinity, the Chinese startup, captures the COfrom the atmosphere. In this solid DAC technology, the solid sorbent filters are used that chemically bind with the CO2. These filters are then heated to release concentrated CO2, which is then captured for further use. This technology will help in eliminating the need for long-distance COtransportation, thereby reducing the land & water usage, and mitigating the effects of climate change. Similarly, the COsequestration monitoring by Silicon Microgravity, the British startup company, is a boon for carbon capture, utilization, and storage technology. For instance, COsequestration monitoring facilitates detecting the leakage at injection or subsurface conditions to prevent its release into the atmosphere.

Explore more Insights, Access an Exclusive PDF Sample of Carbon Capture, Utilization, and Storage Market@ https://www.researchdive.com/download-sample/8524

Global Carbon Capture, Utilization, and Storage Market, Segmentation

The global carbon capture, utilization, and storage market is segmented based on service, technology, end-use, and region.

Service:

The service segment is further classified into capture, transportation, utilization, and storage. Among these, the capture sub-segment is anticipated to have a dominant market share and shall surpass $3,753.2 million by 2028, with an increase from $1,318.3 million in 2020. The carbon capture is an integral step in carbon capture, utilization, and storage technology, in which the COis captured from various sources such as power generation and industrial facilities that rely on fossil fuel or biomass for fuel. Various carbon capture technologies are chemical absorption, oxy-fuel separation, calcium looping, physical separation, membrane separation, chemical looping, direct separation, and others. Among these, the chemical absorption is widely used for small- and large-scale projects in power generation, industrial production, and fuel transformation.  

Technology:

The technology segment is further classified into pre-combustion capture, oxy-fuel combustion capture, and post-combustion capture. Among these, the post-combustion capture is anticipated to have a dominant market share and shall surpass $2,450.4 million by 2028, with an increase from $873.5 million in 2020. The post-combustion capture technology plays an important role in generating electricity from fossil fuel power plants. For instance, the U.S. Energy Information Administration (EIA), the platform that offers energy statistics, stated that more than 60% of electricity generated in the U.S. from fossil fuel-based power plants is produced by deploying the post-combustion capture technology that focuses on reducing the emission of CO2. In post-combustion carbon capture, the COis captured from flue gas which is produced via combustion of fuel such as natural gas or coal.

End-use:

The end-use segment is further classified into oil & gas, power generation, iron & steel, chemical & petrochemical, cement, and others. Among these, the oil & gas sub-segment is estimated to account for dominant market share and shall surpass $2,917.6 million by 2028, with an increase from $1,075.8 million in 2020. The CCUSS technology can traditionally reduce the emissions from oil & gas sector towards net zero emissions. The carbon capture, utilization, and storage technology provides an opportunity to the oil & gas exporters to monetize their business sustainably and to achieve net-zero emissions. In oil & gas sector, the captured COcan be used for enhanced oil recovery and for the manufacturing of fuels and in building materials.

Region:

The carbon capture, utilization, and storage market for the North America region is projected to acquire dominant market share during the forecast period. This region’s market generated a revenue of $807.1 million in 2020 and is projected to reach up to $2,272.9 million by 2028. North America leads the world in the carbon capture, utilization, and storage projects. For instance, as stated on April 24, 2020, the U.S. Department of Energy, established in 1977, announced $131 million investment in various CCUS projects and related activities such as research & development. In addition, in the U.S., tax credit known as Section 45Q was expanded in 2018, to provide significant boost to the CCUS investment plans. For instance, the California Resources Corp., the company engaged in the hydrocarbon exploration in California, has plans to remove the carbon dioxide emissions from the Elk Hills Power Plant which will be utilized for enhanced oil recovery process. This project is currently under development and is estimated to begin its operations in 2024. Also, it is estimated to remove 1.5 million metric tons of COannually. 

Request an On-demand Customized Report of Carbon Capture, Utilization, and Storage Market@ https://www.researchdive.com/request-for-customization/8524

COVID-19 Impact on Carbon Capture, Utilization, and Storage Market

The coronavirus outbreak has led to enormous uncertainty for the deployment of carbon capture, utilization, and storage projects. For instance, before the pandemic hit, many new CCUS projects were announced since 2018 especially in Europe and U.S. However, the COVID-19 pandemic has created vulnerable delays and cancellations of CCUS projects owing to the economic crisis. For instance, the oil & gas companies that are majorly involved in carbon capture, utilization, and storage projects have announced drastic reduction on capital spending in 2020. The CCUS technology is retrofitted in oil & gas sector to capture the COemissions from this sector and reduce its release into the atmosphere. Hence, the clump in the slump in economic activity owing to COVID-19 crisis is estimated to curb the interest in the new CCUS projects in near term.

However, the prospects for CCUS projects are driven by new project development and new funding announcements in 2020. For instance, in April 2020, the U.S. government had announced $85 million in grants with further $46 million grants for the development and deployment of CCUS project in the U.S. Also, an additional $72 million funding was announced in September 2020. These aspects are anticipated to contribute towards sustainable economic recovery plans post-pandemic.

Key Players in the Global Carbon Capture, Utilization, and Storage Market

Some of the leading carbon capture, utilization, and storage market players are

  1. Royal Dutch Shell plc
  2. Fluor Corporation
  3. Mitsubishi Heavy Industries, Ltd.
  4. Linde plc
  5. Exxon Mobil Corporation
  6. JGC Holdings Corporation
  7. Schlumberger Limited
  8. Aker Solutions
  9. Honeywell International Inc.
  10. Halliburton.

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

To Global Information of Carbon Capture, Utilization, and Storage Market, Click Here to Get in Touch with our Expert Analyst@ https://www.researchdive.com/connect-to-analyst/8524

 

About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

Contact:
Mr. Abhishek Paliwal
Research Dive

30 Wall St. 8th Floor, New York NY 10005
(P) +91-(788)-802-9103 (India)
+1-(917)-444-1262 (US)
Toll Free: 1-888-961-4454
E-mail: [email protected]
Website: 
https://www.researchdive.com
Blog:  
https://www.researchdive.com/blog/
LinkedIn: 
https://www.linkedin.com/company/research-dive/
Twitter: 
https://twitter.com/ResearchDive
Facebook: 
https://www.facebook.com/Research-Dive-1385542314927521