Carbon Capture, Utilization, and Storage Market Size

The global carbon capture, utilization, and storage market size was valued at $4.69 billion in 2024 and is projected to reach $16.24 billion by 2030, growing at a CAGR of 23.0% during the forecast period.

Carbon Capture, Utilization, and Storage Market Overview

Carbon capture, utilization, and storage (CCUS) is a comprehensive approach aimed at mitigating carbon dioxide (CO2) emissions from industrial processes and power generation. This strategy involves capturing CO2 emissions produced from sources such as power plants, industrial facilities, and natural gas processing plants before they are released into the atmosphere. Once captured, the CO2 can be utilized in various ways, such as enhanced oil recovery, producing chemicals and fuels, or in industrial processes. Alternatively, the captured CO2 can be stored or sequestered underground in geological formations, preventing it from entering the atmosphere and contributing to climate change. CCUS technologies play a critical role in reducing greenhouse gas emissions and transitioning towards a low-carbon future by allowing for the continued use of fossil fuels while mitigating their environmental impact. Additionally, CCUS holds promise as a means of achieving negative emissions by removing CO2 from the atmosphere and storing it long-term, contributing to efforts to combat global warming and meet emissions reduction targets.

Carbon Capture, Utilization, and Storage Market Dynamics

• The carbon capture, utilization, and storage market is expected to witness significant growth in the future due to the increasing global focus on mitigating climate change and reducing greenhouse gas emissions and the rising government policies and regulations incentivizing carbon emissions reduction and promoting CCUS technologies.

• Additionally, the growing demand for clean energy solutions and sustainable development initiatives and the advancements in CCUS technologies are the prominent factors driving the growth of the carbon capture, utilization, and storage market.

• However, the high initial investment and operational costs of CCUS infrastructure and the technological and logistical challenges in capturing, transporting, and storing CO2 emissions are restraining the market growth.

• On the contrary, the expansion of carbon pricing mechanisms and carbon markets and increasing collaborations between industries and governments to develop CCUS projects and infrastructure are creating opportunities for market growth.

By End User, the Oil & Gas Segment is anticipated to Exhibit Significant Growth Rate in the Carbon Capture, Utilization, and Storage Market

The oil & gas segment is expected to grow at a high growth rate in the carbon capture, utilization, and storage market during the forecast period. As the global energy demand continues to rise, fossil fuels remain a crucial component of the energy mix, particularly in sectors such as transportation, heating, and electricity generation. However, the extraction and utilization of oil and gas produce substantial CO2 emissions, contributing significantly to climate change. To address this challenge, the oil and gas industry is increasingly adopting CCUS technologies to capture and store CO2 emissions generated from various processes, including power generation, refining, and natural gas production. Additionally, CCUS offers the opportunity to enhance oil and gas recovery through techniques such as enhanced oil recovery (EOR), where captured CO2 is injected into depleted oil fields to increase production. Furthermore, regulatory pressures, carbon pricing mechanisms, and sustainability initiatives are driving oil and gas companies to invest in CCUS projects as part of their efforts to reduce emissions and mitigate environmental impacts. The demand for CCUS in the oil and gas segment stems from the industry's recognition of the need to balance energy production with environmental responsibility and sustainability goals.

By Geography, North America Constitutes Immense Share with the Carbon Capture, Utilization, and Storage Market

The North America holds a prominent share of the carbon capture, utilization, and storage market during the forecast period. North America is home to a significant number of industrial facilities and power plants, particularly in sectors such as energy production, manufacturing, and refining, which are major sources of CO2 emissions. As a result, there is a pressing need to mitigate these emissions to comply with stringent environmental regulations, reduce carbon footprints, and address climate change concerns. Additionally, North America has abundant geological formations suitable for CO2 storage, such as depleted oil and gas reservoirs and deep saline aquifers, making it an attractive region for CCUS deployment. Moreover, supportive government policies, including tax incentives, grants, and funding programs, encourage the development and deployment of CCUS projects. Furthermore, advancements in CCUS technologies, coupled with collaborations between industry stakeholders, research institutions, and governments, are driving innovation and expanding the market for CCUS solutions in North America.

Key Target Audience:

• Industrial Manufacturers

• Government Agencies and Regulators

• Research Institutions and Academia

• Engineering and Construction Firms

• Carbon Capture Technology Providers

• Investors and Financial Institutions

• Environmental Organizations

List of the Key Players Profiled in the Report Includes: 

• Aker Solutions

• Equinor ASA

• Exxon Mobil Corporation

• Fluor Corporation

• Honeywell International

• JGC Holdings

• Linde Plc

• Mitsubishi Heavy Industries, Ltd

• Royal Dutch Shell

• Schlumberger 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 collaborate on exploring comprehensive carbon capture and storage (CCS) solutions.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Technology: 

• Chemical Looping

• Solvents & Sorbents

• Membranes

• Other Technologies

Market by, Service:

• Capture

• Storage

• Transportation

• Utilization

Market by, End User: 

• Cement

• Chemicals & Petrochemicals

• Iron & Steel

• Oil & Gas

• Power Generation

• Other End Users

Market by, Geography:

The carbon capture, utilization, and storage market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

Scope of the Report:

The report oGlobal Carbon Capture, Utilization, and Storage Market: Industry Analysis, Opportunities and Forecast up to 2030o by Diligence Insights provides a detailed analysis of the present market and future outlook with market estimates and forecasts for all specified segments, encompassing both global and regional perspectives as outlined within the research framework. The study includes historical market data for the years 2022, 2023 and offers revenue estimations for 2024, and project forecasts spanning from 2025 to 2030. It places significant emphasis on the examination of market trends, key industry participants, supply chain developments, technological advancements, pivotal milestones, and prospective strategies. Comprehensive market assessments are carried out across major geographic regions, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. As such, this report constitutes a valuable resource for current industry stakeholders, newcomers to the field, and potential investors.

The study offers an in-depth market analysis, drawing insights from industry experts across the value chain. A special focus has been made on 25 countries, including the United States, Canada, Mexico, the United Kingdom, Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, and South Africa, among others. The market data has been meticulously collected through extensive primary interviews and comprehensive secondary research. Market size determination is rooted in the revenue generated from sales across all the specified segments and sub-segments as defined within the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures.

The report offers insights into the following aspects:

• Analysis of major market trends, factors driving, restraining, threatening, and providing opportunities for the market.

• Analysis of the market structure by identifying various segments and sub-segments of the market.

• Understand the revenue forecast of the market for North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

• Analysis of opportunities by identification of high-growth segments/revenue pockets in the market.

• Understand major player profiles in the market and analyze their business strategies.

• Understand competitive developments such as joint ventures, alliances, mergers and acquisitions, and new product launches in the market.