Global Carbon Capture, Utilization, and Storage Market (2020 to 2025) - Large Number of Upcoming Projects in APAC Present Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), End-Use Industry (Oil & Gas, Iron & Steel, Cement, Chemical & Petrochemical, Power Generation), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global carbon capture, utilization, and storage market size is expected to grow from USD 1.6 billion in 2020 to USD 3.5 billion by 2025, at a CAGR of 17.0% during the forecast period.

Carbon capture, utilization, and sequestration is extensively used in oil & gas, power generation, fertilizer, and various other sectors. Increasing usage of captured carbon for enhanced oil recovery operations in the oil & gas industry is laying a key role behind the growth of CCUS market.

Capture segment to dominate the market in terms of value.

The Capture segment holds the majority of the share in the CCUS market. Carbon capture is the first stage of the CCUS process and involves capturing CO2 from its emission source. It can be applied to any large-scale emission process, including coal-fired power generation plants; gas and oil production; and manufacturing industries, such as cement, iron, and steel. The cost of capturing CO2 is heavily dependent on technical, economic, and financial factors associated with the design and operation of the production process, along with the design and operation of the CO2 capture technology

Power Generation is the fastest-growing segment in the market in terms of value.

Fossil fuel power plants generate significant amounts of CO2 emissions into the atmosphere, which are believed to be the main cause of climate change. And Power Generation industry is projected to be the fastest-growing segment in the carbon capture, utilization, and sequestration market. Various upcoming CCUS equipped projects in the power generation sector, such as Project TUNDRA (US), Cal Capture Project (US), CLEAN GAS project (UK), and Korea CCS (APAC) are the major driver the behind the high growth in the segment.

Europe is the fastest-growing carbon capture, utilization, and sequestration, in terms of volume.

Europe is projected to be the fastest-growing carbon capture, utilization, and sequestration market during the forecast period. Norway has been very active in curbing carbon emissions since 1990. The upcoming projects in the Netherlands and the UK are also projected to drive the market in the region. Norway Full Chain (Norway), Caledonia Clean (UK), Hynet North West (UK), and Por of Rotterdam (Also known as PORTHOS) (Netherlands) are few projects that are scheduled to start before 2025 an are the major reason behind the high growth of CCUS market in Europe.

Market Dynamics

Drivers

• Growing Focus On Reducing Co2 Emissions
• Government Support
• Increasing Demand For Co2-Eor Techniques

Restraints

• High Cost Of Carbon Capture And Sequestration
• Decreasing Crude Oil Prices

Opportunities

• Large Number Of Upcoming Projects In APAC
• Continuous Investments In Developing Innovative Capturing Technologies Enabling Economic Operations

Challenges

• Reducing Co2 Capturing Costs
• Safety Concerns At Storage Sites

Companies Mentioned

• Royal Dutch Shell Plc
• Fluor Corporation
• Mitsubishi Heavy Industries, Ltd.
• Linde Plc
• Exxon Mobil Corporation
• JGC Holdings Corporation
• Schlumberger Limited
• Aker Solutions
• Honeywell International Inc.
• Halliburton
• Hitachi, Ltd.
• Siemens AG
• General Electric
• Total S.A.
• Equinor ASA
• C-Capture Ltd.
• Tandem Technical
• Carbicrete
• Climeworks Ag
• Carbon Clean
• Newlight Technologies, Inc.
• Electrochaea Gmbh
• Carbonfree Chemicals
• Carbon Engineering, Ltd.
• Green Minerals

For more information about this report visit https://www.researchandmarkets.com/r/mt9tua