Carbon Capture, Utilization, and Storage (CCUS) Market – Trends Forecast Till 2031

Market Snapshot

Market Overview

The global Carbon Capture, Utilization, and Storage (CCUS) Market size was estimated at USD 3,500 million in 2024 and is projected to reach USD 12,002.1 million in 2031 at a CAGR of 22.8 % during the forecast period 2025-2031.

The Carbon Capture, Utilization, and Storage (CCUS) market focuses on technologies and processes designed to capture carbon dioxide emissions from industrial sources and prevent their release into the atmosphere. These solutions aim to address the global challenge of reducing greenhouse gas emissions, a critical aspect of mitigating climate change. CCUS technologies encompass three primary functions: capture of CO2 from sources like power plants and industrial processes, transportation through pipelines or other means, and storage in geological formations or utilization in various industries such as manufacturing and enhanced oil recovery.

The scope of the CCUS market extends across numerous industries, including power generation, cement, steel, chemicals, and oil and gas. CCUS can be applied at both large-scale facilities, such as power plants, and smaller-scale industrial operations. The market also includes research and development efforts aimed at improving the efficiency and cost-effectiveness of carbon capture processes. Additionally, various storage options, including deep saline aquifers, depleted oil and gas reservoirs, and other geological formations, are being explored to securely store captured CO2 for long periods.

Trends in the CCUS market are driven by growing regulatory pressure and the need for sustainable industrial practices. Governments worldwide are setting ambitious carbon reduction targets and implementing policies to incentivize the deployment of CCUS technologies. The increasing focus on net-zero emissions goals, as well as international climate agreements like the Paris Agreement, are accelerating investments in CCUS. Additionally, technological advancements are helping reduce costs and enhance the feasibility of implementing CCUS at scale, making it a more attractive solution for industries seeking to lower their carbon footprints.

Key drivers of the CCUS market include the urgent need to address climate change, government support through funding and policy frameworks, and advancements in carbon capture technologies. The continued rise in carbon emissions, especially from hard-to-decarbonize sectors, further amplifies the market's importance. Corporate sustainability goals are also influencing investments in CCUS, as companies seek to enhance their environmental credentials. The growing interest in utilizing captured CO2 for commercial purposes, such as in the production of chemicals, fuels, or even carbon-neutral products, also plays a significant role in accelerating the market's growth.

Delvens Industry Expert's Standpoint

Experts in the Carbon Capture, Utilization, and Storage (CCUS) Market highlight several key trends driving growth and innovation. The Carbon Capture, Utilization, and Storage (CCUS) market focuses on technologies designed to capture, transport, and store carbon dioxide emissions from industrial sources to mitigate climate change. It spans industries like power generation, cement, steel, and oil and gas, with growing demand driven by global climate goals, government policies, and regulatory pressures. Technological advancements are improving the efficiency and affordability of CCUS, making it a viable solution for achieving net-zero emissions. Additionally, interest in utilizing captured CO2 for commercial applications further supports market growth, with businesses increasingly investing in CCUS to meet sustainability targets and reduce their carbon footprints.

Market Portfolio

Key Findings

• By service, the CCUS market is divided into four key segments: capture, transportation, utilization, and storage. The capture service segment held the largest market share in 2022, as it represents the first step in the CCUS process, involving the capture of CO2 from its emission source. This service is applicable to a variety of large-scale emission sources, including coal-fired power plants, oil and gas production, and industries such as cement, iron, and steel. The cost of CO2 capture is influenced by technical, economic, and financial factors related to the design and operation of both the production process and the CO2 capture technology.

• By technology, the market is categorized into pre-combustion capture, oxy-fuel combustion capture, and post-combustion capture. In 2022, the post-combustion capture segment held the largest share. This technology involves separating CO2 from flue gas produced by burning fossil fuels such as coal, natural gas, or oil. The demand for power has been increasing significantly in developing economies like China and India, driven by industrialization, population growth, and urbanization. In China, coal-generated power reached 4,732 TWh in 2022, a rise from the previous year's 4,445 TWh. As these countries continue to expand their coal-fired power generation capacity, the adoption of post-combustion carbon capture technology is expected to grow in the coming years.

• By application, the oil and gas industry was the leading contributor to the CCUS market in 2022. This is because the CCUS process helps mitigate greenhouse gas emissions in the sector. CO2 is stored in deep geological formations for enhanced oil recovery (EOR), a technique developed within the oil and gas industry. The injection of CO2 increases reservoir pressure, helping to push oil toward production wells. In Texas, for over 30 years, CO2 has been used in EOR projects, contributing to more than 20% of total oil production, with some fields achieving recoveries of nearly 70%. Additionally, the Kyoto Clean Development Mechanism, widely adopted by OPEC nations, supports CCUS technology, as seen with the Abu Dhabi National Oil Company’s significant reduction in gas flaring

• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America region is projected to hold the largest market share. Factors such as Climate Change Mitigation, Policy Support and Regulations, Energy Transition and Green Energy Demand, Technological Advancements, Industrial Applications, Public Awareness and Corporate Responsibility, Global Collaboration and Investment have triggered the Carbon Capture, Utilization, and Storage (CCUS) Market in the region.

Regional Analysis

North America to Dominate the Market

• North America is the largest market for CCUS (Carbon Capture, Utilization, and Storage) technology, with the U.S. playing a leading role through its pioneering companies and institutional organizations. These companies have over 35 years of experience in implementing CCUS technology, which has contributed to the development of advanced capture and storage solutions. The country’s regulations and policies are designed to encourage industrial adoption by offering technological support and tax incentives. Additionally, numerous oil and gas projects in the region have either implemented or retrofitted CCUS technology, significantly boosting global adoption. Increased public awareness of climate change and a shift towards using green energy to reduce carbon footprints have further accelerated the widespread deployment of CCUS technology.

Competitive Landscape

• FLUOR CORPORATION
• EXXONMOBIL CORPORATION
• LINDE PLC
• ROYAL DUTCH SHELL PLC
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• JGC HOLDINGS CORPORATION
• SCHLUMBERGER LIMITED
• AKER SOLUTIONS
• HONEYWELL INTERNATIONAL
• EQUINOR ASA
• TOTALENERGIES SE
• HITACHI, LTD.
• SIEMENS AG
• GENERAL ELECTRIC
• HALLIBURTON
• CLIMEWORKS AG
• C-CAPTURE LTD.
• TANDEM TECHNICAL
• CARBICRETE
• CARBON CLEAN
• GREEN MINERALS
• NEWLIGHT TECHNOLOGIES, INC.
• CARBONFREE CHEMICALS
• CARBON ENGINEERING, LTD.

Recent Developments

• In July 2023, Fluor Corporation announced a memorandum of understanding (MOU) with Carbfix, a leader in carbon dioxide (CO2) mineral storage, to explore integrated carbon capture and storage (CCS) solutions.

• In June 2023, TotalEnergies SE, Petronas, and Mitsui & Co. Ltd. entered into a development agreement to collaborate on a carbon capture and storage (CCS) project in Malaysia.

• Also, in June 2023, Aker Solutions and Doosan Babcock signed an agreement to jointly execute carbon capture and storage (CCS) projects in the UK.

• In April 2023, Fluor Corporation (NYSE: FLR) signed a licensing agreement with Federated Co-Operatives Limited (FCL) to implement Fluor’s Econamine FG PlusSM carbon capture technology in Saskatchewan, Canada.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Carbon Capture, Utilization, and Storage (CCUS) Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope