DUBLIN--(BUSINESS WIRE)--The "Carbon Capture Utilization and Storage Market - A Global and Regional Analysis: Focus on Application, Type, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global carbon capture utilization and storage (CCUS) market was valued at $2,100.0 million in 2021 and is expected to reach $12,159.6 million by 2031, growing at a CAGR of 19.2% between 2022 and 2031.
The growth in the global carbon capture utilization and storage market is expected to be driven by an increasing focus on reducing carbon emissions and the growing demand for enhanced oil recovery (EOR). Lack of storage facilities and leakage of CO2 from underground storage are some key restraining factors of the industry.
The global carbon capture utilization and storage market is still in a nascent phase. New capturing technologies such as bio-based capturing and membrane capturing are expected to reduce the carbon capture process cost.
With an increased worldwide focus on achieving net-zero emissions, the shift to eco-friendly industrial practices increases financing opportunities. The shift is more prominent in the oil and gas industry in regions such as North America and the Middle East. The U.S. has the largest carbon capture utilization and storage industry as oil and gas companies use captured carbon for enhanced oil recovery.
Impact of COVID-19
The impact of COVID-19 on carbon capture utilization and storage (CCUS) was limited as it has still not been commercialized. Also, most investments toward CCUS plants were announced prior to the pandemic and are currently in the construction phase.
The new plants, such as the iCORD project in Croatia and Dry Fork Power Plant in the U.S., will start operation in 2025. Therefore, due to the delayed nature of the industry, it did not suffer any significant impact.
Recent Developments in Global Carbon Capture Utilization and Storage Market
- In March 2022, ExxonMobil Corporation announced hydrogen production facility, carbon capture, and storage projects at its integrated refining and petrochemical site in Baytown, Texas, U.S. This would support companies in reducing emissions from local industries and company operations.
- In November 2021, ExxonMobil Corporation and Petronas signed a Memorandum of Understanding (MoU) to collaborate and jointly explore potential carbon capture and storage projects in Malaysia. This MoU would strengthen a decades-long strategic partnership between ExxonMobil and Petronas and has the objective of helping Malaysia reduce emissions and achieve its net-zero ambitions.
- In May 2021, Linde plc was selected by the U.S. Department of Energy's National Energy Technology Laboratory (NETL) to install and test a 200 tons/day CO2 capture large pilot plant at the City Water, Light & Power (CWLP) power plant in Springfield, IL. The project would be executed in collaboration with the BASF, the University of Illinois at Urbana Champaign, ACS, and CWLP. The operation of this facility provides an opportunity to demonstrate economically attractive and innovative capture techniques.
- In May 2021, Linde plc was selected by the U.S. Department of Energy's National Energy Technology Laboratory (NETL) to install and test a 200 tons/day CO2 capture large pilot plant at the City Water, Light & Power (CWLP) power plant in Springfield, IL. The project will be executed in collaboration with the BASF, the University of Illinois at Urbana Champaign, ACS, and CWLP.
- Favorable Government Policies Driving the Deployment of CCUS Technology
- Increasing Demand for CO2 for Enhanced Oil Recovery (EOR)
- Rise in Adoption of Net-Zero Emissions Targets
- High Initial Cost of Carbon Capture Utilization and Storage Process
- CO2 Leakage from the Underground Storage Reservoirs
- Increasing Investment to Setup New Industrial Plants in Growing Economies
- Upcoming Policies Will Create Opportunities for CCUS Technology
- Fluor Corporation
- ExxonMobil Corporation
- Linde plc
- Shell plc
- Mitsubishi Heavy Industries, Ltd
- JGC Holdings Corporation
- Equinor ASA
- Schlumberger Limited
- Aker Carbon Capture
- Carbon Clean Solutions Limited
- Hitachi, Ltd
- Honeywell International Inc
- SeeO2 Energy Inc.
- Neustark AG
- Cemvita Factory Inc.
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