Carbon Capture, Utilization, and Storage (CCUS) Market to Grow at CAGR 11.8% by 2031 Driven by Enhanced Climate Goals and Investment Incentives
Carbon Capture, Utilization and Storage Market size was valued at USD 2.26 billion in 2022 and is expected to rise from USD 2.52 billion in 2023 to reach a value of USD 6.16 billion by 2031, at a CAGR of 11.8% during the forecast period (2024–2031).
The global Carbon Capture, Utilization and Storage Market is highly favorable for companies like power generation industries and oil & gas industries. Growing focus on lessening CO2 emissions and rising demand for CO2-EOR techniques to reduce the greenhouse impact is making the market progress at an exceptional rate.
Carbon Capture, Utilization and Storage is the sole set of technologies used to reduce emissions in the major sectors and to eliminate Co2 to stabilize the challenging emissions. This is an essential component of the ‘Net’ zero Goals. After many years of slow-moving developments, Carbon Capture, Utilization and Storage (CCUS) is gaining new impetus thanks to enhanced climate goals and improved investment incentives. Power and industrial plants already in place can be replaced with CCUS to enable continuous operation. It proved its efficiency in lowering emissions mainly in the industries that find it difficult to reduce emissions, comprisingsteel, chemicals, and cement.
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Capital Raise Essential for New Companies to Flourish in the Market
CCUS has provided an inclusive strategy to reduce Co2 emissions from power generation and industrial activities. Besides, it creates zero emissions with the help of technologies like direct Air Capture and bioenergy with CCS. Businesses can use CCUS to reduce their carbon footprint and shift towards low-carbon systems by holding CO2 from the air or the circular network concepts, utilizing in numerous applications, and storing it underground safely. The adoption of CCUS holds great potential in multiple industries soon. The market is also witnessingheavy investments with the growing awareness by the government and businesses realizing the importance of concern for climate change. CCUS technology will become an important part of de-carbonization strategies on the global scale in future.
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- A global group of energy and petrochemical companies, Shell, has led Northern Lights, a huge industrial decarbonization plan of action. The company also includes Equinor, and Total Energies with support from the Norwegian government. Known as ‘the only cross-border open-source carbon dioxide transport and storage infrastructure network,’ the project adopts a cutting-edge shipping and subsea storage system to reduce emissions from industrial processes. Northern Lights was financed by the EU in January 2022 to conduct expansion studies.
- ExxonMobil and FuelCell Energy have been developing a system to prevent CO2 from being released into the atmosphere. The device uses carbonated fuel cells to capture CO2 from the plant’s drain. Carbonate fuel cellswill be involved in technologies by ExxonMobil, offeringintegrated CCUS solutionsfor clients. It will deliveralternatives toeconomic de-carbonization,aiming atreceiving net-zero emissions for society.
- The leading industrial group, MHI Group,offers its Groupwide knowledge to the project, helping in the production of a CCUS value chain, spanning water and land. Superior gas handling technologies gathered by Mitsubishi Heavy Industries Engineering, widely used carbon capture techniques and Mitsubishi Shipbuilding Co., Ltd.’s building of liquefied gas carriers.
- In February2024, Fluor Corporation,stated that it had received a license by Chevron New Energies. The deal aims to reduce CO2 emissions at operations in Chevron’s Eastridge Cogeneration inCalifornia, withits exclusive Econamine FG PlusSM carbon capture technology.
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CCUS holds huge potential in the coming years as a key component in energy transition. With innovations, cultivating and deploying 3D experience platform, the public as well as the leaders can wholly realizeCCUS’s promise and guide in a strong and sustainable future.
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