The global CCUS Absorption market size is projected to grow from USD 0.4 Billion in 2024 to USD 1.7 Billion by 2030, at a CAGR of 26.5% during the forecast period. Governments across the globe are playing a crucial role in implementing Carbon Capture, Utilization, and Storage (CCUS) absorption. They are providing policy support, regulatory frameworks, and financial incentives to encourage the adoption of CCUS technology. For instance, the Australian government has implemented regulations to incentivize private sector investment in CCUS to ensure emission reductions.
Similarly, the European Union has identified CCUS as a key strategic net zero technology and is providing funding for CCUS projects under the Innovation Fund and the Connecting Europe Facility. Governments are also creating enabling environments for CCUS projects by establishing carbon pricing systems, providing capital grants and loans, and offering tax credits to address capital and operating costs. Additionally, governments are accelerating administrative and permitting procedures by establishing clear permit approval timelines and designating regulatory agencies as one-stop-shops for all permitting activities. These efforts are crucial for achieving the widespread adoption of CCUS technology and reducing greenhouse gas emissions.
The chemical absorption method is also relatively cost-effective compared to other methods, such as membrane separation and cryogenic distillation. Additionally, the technology has been continuously improved and optimized over the years, making it more efficient and reliable. Key players like ExxonMobil and Chevron have also invested heavily in developing and commercializing chemical absorption technology, further solidifying its position in the market. As a result, chemical absorption is likely to continue dominating the CCUS absorption market, driven by its established presence, cost-effectiveness, and ongoing technological advancements.
Additionally, the increasing focus on renewable energy sources and the need for flexible power generation options are also driving the adoption of CCUS technology in the power sector. Key players in the industry, such as ExxonMobil and Chevron, are actively exploring CCUS technologies to reduce their carbon footprint and meet regulatory requirements. The power generation industry's significant market share in the CCUS market is expected to continue as it plays a vital role in achieving a low-carbon future.
Similarly, the European Union has identified CCUS as a key strategic net zero technology and is providing funding for CCUS projects under the Innovation Fund and the Connecting Europe Facility. Governments are also creating enabling environments for CCUS projects by establishing carbon pricing systems, providing capital grants and loans, and offering tax credits to address capital and operating costs. Additionally, governments are accelerating administrative and permitting procedures by establishing clear permit approval timelines and designating regulatory agencies as one-stop-shops for all permitting activities. These efforts are crucial for achieving the widespread adoption of CCUS technology and reducing greenhouse gas emissions.
Chemical absorption to continue dominatin the CCUS Absorption market
The chemical absorption type is expected to continue holding the largest market share in the CCUS absorption market due to its widespread adoption and proven effectiveness. Chemical absorption involves the use of a solvent to capture CO2 from flue gas, which is a well-established and mature technology. The process is widely used in various industries, including power generation, oil and gas, and chemical processing.The chemical absorption method is also relatively cost-effective compared to other methods, such as membrane separation and cryogenic distillation. Additionally, the technology has been continuously improved and optimized over the years, making it more efficient and reliable. Key players like ExxonMobil and Chevron have also invested heavily in developing and commercializing chemical absorption technology, further solidifying its position in the market. As a result, chemical absorption is likely to continue dominating the CCUS absorption market, driven by its established presence, cost-effectiveness, and ongoing technological advancements.
Power Generation to be the second largest industry in CCUS Absorption market
The power generation end-use industry is poised to continue holding the second largest market share in the CCUS absorption market due to the significant role it plays in reducing greenhouse gas emissions. The industry is a major source of CO2 emissions, and the adoption of CCUS technology is crucial for achieving net-zero emissions. Governments worldwide are implementing policies to reduce emissions from power generation, driving the demand for CCUS solutions.Additionally, the increasing focus on renewable energy sources and the need for flexible power generation options are also driving the adoption of CCUS technology in the power sector. Key players in the industry, such as ExxonMobil and Chevron, are actively exploring CCUS technologies to reduce their carbon footprint and meet regulatory requirements. The power generation industry's significant market share in the CCUS market is expected to continue as it plays a vital role in achieving a low-carbon future.
North America to be the dominating region in CCUS Absorption market in terms of both value and volume.
North America is expected to continue dominating the CCUS Absorption (CCUS) absorption market due to several factors. The region's strong emphasis on curbing carbon emissions and shifting towards cleaner energy sources drives the adoption of CCUS solutions to achieve these goals. The presence of key players like ExxonMobil, Chevron, and Linde, which are actively exploring CCUS technologies, also contributes to the region's dominance. Additionally, the region's extensive programs for research and development, as well as funding incentives in the form of tax credits, support the development and deployment of CCUS projects. Furthermore, the region's regulatory framework, which includes policies like the 45Q tax credit, provides a favorable environment for CCUS projects to thrive. These factors combined ensure that North America will continue to lead the global CCUS market in the coming years.This study has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into the following three categories:
- By Company Type: Tier 1 - 40%, Tier 2 - 33%, and Tier 3 - 27%
- By Designation: C Level - 50%, Director Level - 30%, and Others - 20%
- By Region: North America - 15%, Europe - 50%, Asia Pacific (APAC) - 20%, South America - 10%, and Middle East & Africa (MEA) - 5%
The report provides a comprehensive analysis of company profiles:
ExxonMobil Corporation (US), Equinor ASA (Norway), Honeywell International Inc. (US), Fluor Corporation (US), Mitsubishi Heavy Industries Ltd. (Japan), Royal Dutch Shell Plc (Britain), TotalEnergies SE (France), BASF SE (Germany), JGC Holdings Corporation (Japan), Schlumberger Ltd. (US), Aker Solutions (Norway), Siemens AG (Germany), Hitachi Ltd. (Japan), General Electric (US), Chevron Ion Clean Energy (US).Research Coverage
This report covers the global CCUS Absorption market and forecasts the market size until 2030. It includes the following market segmentation - by Absorption type (Chemical Absorption, Physical Absorption), by End-Use Industry (Oil & Gas, Power Generation, Chemicals & Petrochemicals, Cement, Iron & Steel, and 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 CCUS Absorption market.Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall CCUS Absorption market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.The report provides insights on the following pointers:
- Analysis of key drivers (Growing environmental consciousness to lower carbon footprints, Changing emission standards and regulations across the globe), restraints (High cost of carbon capture and storage, increasing cost for solvents), opportunities (ongoing research and development to create more advanced capture methods, Expanding in the Asia-Pacific region), and challenges (Higher CO2 capture costs, High CAPEX for deployment of CCUS) are influencing the growth of the CCUS Absorption market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the CCUS Absorption market
- Market Development: Comprehensive information about lucrative markets - the report analyses the CCUS Absorption market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the CCUS Absorption market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like ExxonMobil Corporation (US), Equinor ASA (Norway), Honeywell International Inc. (US), Fluor Corporation (US), Mitsubishi Heavy Industries Ltd. (Japan), Royal Dutch Shell Plc (Britain), TotalEnergies SE (France), BASF SE (Germany), JGC Holdings Corporation (Japan), Schlumberger Ltd. (US), Aker Solutions (Norway), Siemens AG (Germany), Hitachi Ltd. (Japan), General Electric (US), Chevron Ion Clean Energy (US), among others in the CCUS Absorption market.
Table of Contents
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Ccus Absorption Market, by Absorption Type
7 Ccus Absorption Market, by End-use Industry
8 Ccus Absorption Market, by Region
9 Competitive Landscape
10 Company Profiles
11 Appendix
Companies Mentioned
- Fluor Corporation
- ExxonMobil Corporation
- Royal Dutch Shell PLC
- Mitsubishi Heavy Industries
- Jgc Holdings Corporation
- Schlumberger Limited
- Aker Solutions
- Equinor
- Honeywell International
- Totalenergies SE
- Basf
- Hitachi
- Siemens
- General Electric
- Chevron Corporation
- Carbon Clean Solutions
- Occidental
- Babcock & Wilcox
- British Petroleum
- Green Power International
- Wolf Midstream
- Sonatrach
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 255 |
| Published | June 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 0.4 Billion |
| Forecasted Market Value ( USD | $ 1.7 Billion |
| Compound Annual Growth Rate | 26.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 22 |
