Key Highlights
The carbon capture, utilization, and storage market is expected to touch USD 17,835.6 million, powering at more than 27% compound annual growth rate, by 2030.
In carbon capture, utilization, and storage, carbon dioxide is extracted, generally from large point sources like power stations or industrial settings that utilize fossil fuel or biomass as fuel. The collected carbon dioxide is compressed and transferred, through train, truck, or pipeline, if it is not required right away, for utilization in various applications.
It might be pumped into deep geological constructions like depleted oil & gas deposits or saltwater aquifers. The rising attention to decreasing the emissions of carbon dioxide is a major factor boosting the growth of this industry.
Worldwide initiatives and plan declarations are likely to increase, boosting the growth of the industry in the years to come. Carbon capture, usage, and storage initiatives that are presently ongoing or in the works in various places have produced opportunities for global industry players.
Australia and China are two of the early adopters of carbon capture, utilization, and storage. The Middle East, together with China and Australia, is focusing on accepting carbon capture, utilization, and storage.
Market Insights
- North America is the largest contributor to the industry, and it is likely to continue this trend in the years to come.
- This can be mainly attributed to the rising need for fuels and products with a lower carbon dioxide footprint and the increasing incorporation of CCUS plans with strategic liquified natural gas plans in this continent.
- The U.S. is the largest contributor to the industry in North America. This can be ascribed to the national government incentives as well as the rules for CCUS projects.
- APAC is likely to advance at the fastest compound annual growth rate in the years to come. This can be attributed to the fact that most new projects are emerging in emerging economies, where emissions are high.
- China is aiming to attain carbon neutrality before 2060, and the government is framing strategies/rules for the same, leading to the establishment of CCUS plants in this nation.
- The capture service accounts for the largest share of the industry. This is because it is the first phase of the CCUS procedure and is the main cost component in the procedure.
- The need for post-combustion technology is likely to increase at a significant compound annual growth rate, of 27.6%, in the years to come.
- This development is mainly because of the increasing count of power plants in emerging economies like China and India. This technology is the most feasible approach for separating CO2 from exhaust gases created by burning fossil fuels for power creation.
- Power generation end-user is the largest contributor to the industry. This is because over 40 carbon capture, utilization, and storage power generation projects are at present being established around the world, with most projects associated with coal-fired and gas-fired power.
- The carbon capture, utilization, and storage industry is fragmented in nature. Key players in this industry, over the past few years, have been significantly funding in carbon capture projects and increasing their capacities in view to achieve a net-zero energy system.
Source: P&S Intelligence
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