DUBLIN--(BUSINESS WIRE)--The "Global Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Storage, Utilization), End-Use Industry (Natural Gas, Power Generation, Hydrogen, Fertilizers, Oil Refining) and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global carbon capture, utilization, and storage market is expected to grow from USD 2.1 billion in 2021 to USD 7.7 billion by 2026, at a CAGR of 29.8% during the forecast period.
Increasing demand from various end-use industries is majorly driving the growth of the market. Carbon capture, utilization, and storage are used in natural gas, power generation, hydrogen, fertilizers, oil reefing, and various other industries. However, the negative impact of the COVID-19 pandemic on the end use industries has affected the carbon capture, utilization, and storage market adversely.
The transportation service is the fastest-growing segment of carbon capture, utilization, and storage in terms of value
The transportation service segment is expected to witness high growth in the carbon capture, utilization, and storage market. Regions like North America and Europe have a wide network of CO2 transportation pipeline infrastructure setup which is boosting the growth of this service segment.
Both US and Canada are actively investing in developing their transportation infrastructure for efficient and economical transport of CO2. Europe is also investing in developing its transportation infrastructure with projects like Northern Lights. COVID-19 pandemic had a minor impact on the implementation of these networks as funding and project implementation had very less variation due to the lockdowns.
The power generation segment to be the fastest-growing end-use industry segment during the forecast period
The power generation end-use industry is expected to increase the demand for carbon capture, utilization, and storage during the forecast period. The industry generates a massive amount of CO2 and hence attracts multiple stakeholders to reduce these emissions which significantly contributes towards the market growth of carbon capture, utilization, and storage. Furthermore, the power generation industry is growing at the fastest rate due to multiple projects that are in various stages of development planned to start operations by the mid-2020s.
Europe to be the fastest-growing region in the carbon capture, utilization, and storage during the forecast period
Europe is projected to be the fastest-growing region in the carbon capture, utilization, and storage and will expand significantly by 2026. This dominance is attributed to the upcoming projects like PORTHOS and CLEAN GAS in the Netherlands and the UK which will drive the carbon capture, utilization, and storage market in the region. The presence of two large-scale natural gas processing carbon capture, utilization, and storage facilities in the economies such as Norway is responsible for the fast growth of the region.
Research Coverage
This report covers the global carbon capture, utilization, and storage and forecasts the market size until 2026. It includes the following market segmentation - By Service (Capture, Transportation, Storage, Utilization), End-Use Industry (Natural Gas, Power Generation, Hydrogen, Fertilizers, Oil Refining, Others), and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America). Porter's Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global Carbon capture, utilization, and storage.
The report provides a comprehensive analysis of company profiles listed below:
- Fluor Corporation (US)
- ExxonMobil Corporation (US)
- Linde plc (UK)
- Royal Dutch Shell plc (Netherlands)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- JGC Holdings Corporation (Japan)
- Schlumberger Limited (US)
- Aker Solutions (Norway)
- Honeywell International Inc. (US)
- Equinor ASA (Norway)
- TotalEnergies SE (France)
- Hitachi, Ltd. (Japan)
- Siemens AG (Germany)
- General Electric (US)
- Halliburton (US)
Market Dynamics
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Drivers
- Growing Focus on Reducing CO2 Emissions
- Increasing Demand for CO2-EOR Techniques
- Rising Environmental Awareness to Increase Natural Gas Demand
-
Restraints
- High Cost of Carbon Capture and Storage
- Safety Concerns at Storage Sites
-
Opportunities
- Continuous Investments in Developing Innovative Capturing Technologies Enable Economic Operations
- Large Number of Upcoming Projects in Asia-Pacific
- Announcement of Large Capacity Hydrogen Projects
-
Challenges
- Reducing CO2 Capturing Costs
- High Initial Investments
Impact of COVID-19
- Shortage of Liquidity
- Delay in Projects
- Increasing Role of Government to Drive Market
Key Markets for Imports/Exports
- US
- China
- Saudi Arabia
- Norway
- Australia
For more information about this report visit https://www.researchandmarkets.com/r/xddlat
