Carbon Capture, Utilization, and Storage Market Report and Forecast 2024-2032

Market Outlook

According to this report, the carbon capture, utilization, and storage market reached a value of USD 3.53 billion in 2023. Aided by the increasing demand for sustainable solutions to mitigate climate change and the growing applications of carbon capture, utilization, and storage in various sectors, the market is projected to further grow at a CAGR of 14.2% between 2024 and 2032 to reach a value of USD 11.65 billion by 2032.

Carbon capture, utilization, and storage is a set of technologies aimed at reducing carbon dioxide (CO₂) emissions from industrial processes and power generation. It involves capturing CO₂ emissions at their source, transporting them, and either utilizing them in industrial processes or storing them underground to prevent their release into the atmosphere. Carbon capture, utilization, and storage is considered a crucial technology for achieving global climate goals and reducing greenhouse gas emissions.

The increasing focus on reducing greenhouse gas emissions is driving the carbon capture, utilization, and storage market growth. As governments and organisations worldwide strive to meet their climate commitments under the Paris Agreement, there is a growing demand for technologies that can capture and store CO₂ emissions. Carbon capture, utilization, and storage is recognised as a key technology for decarbonising industrial sectors such as cement, steel, and chemicals, which are difficult to decarbonize through other means.

Additionally, the rising investments in sustainable technologies and the growing awareness of climate change are major factors contributing to the growth of the market. Governments and private sector players are increasingly investing in such projects to achieve their sustainability goals and reduce their carbon footprints. This trend is driven by the need to transition to a low-carbon economy and the increasing regulatory pressure to reduce CO₂ emissions.

The expanding applications of carbon capture, utilization, and storage in various sectors also play a significant role in propelling the market. In the oil and gas sector, carbon capture, utilization, and storage is used for enhanced oil recovery (EOR), where CO₂ is injected into oil fields to increase oil production. In the chemical sector, captured CO₂ is used as a feedstock for producing chemicals, fuels, and building materials. The versatility of carbon capture, utilization, and storage in different industrial applications is driving its demand, consequently driving up the carbon capture, utilization, and storage market share.

Technological advancements play a crucial role in the growth of the market. The development of advanced carbon capture technologies, such as solvent-based, membrane-based, and cryogenic capture, is enhancing the efficiency and cost-effectiveness of carbon capture processes. These technologies enable the capture of CO₂ emissions from various industrial sources with high efficiency, reducing the overall cost of carbon capture, utilization, and storage projects.

Moreover, the use of digital technologies, such as artificial intelligence (AI) and machine learning (ML), is driving market growth. These technologies are being used to optimize carbon capture processes, monitor CO₂ storage sites, and predict potential risks. The integration of digital technologies in carbon capture, utilization, and storage projects helps improve operational efficiency, reduce costs, and ensure the safety and reliability of carbon storage.

As per the carbon capture, utilization, and storage market analysis, the Asia Pacific region is expected to witness significant growth during the forecast period, fuelled by the rapid industrialisation and the increasing adoption of carbon capture, utilization, and storage technologies. Countries such as China, Japan, and South Korea are major contributors to the market growth in this region, driven by the rising demand for sustainable solutions and the growing investments in clean energy technologies. Moreover, the increasing awareness of climate change and the expanding middle-class population are contributing to the market growth.

Market Segmentation

The market can be divided based on service, technology, end use, and region.

Market Breakup by Service

• Capture
• Transportation
• Utilization
• Storage

Market Breakup by Technology

• Pre-combustion
• Oxy-combustion
• Post-combustion

Market Breakup by End Use

• Oil and Gas
• Power Generation
• Iron and Steel
• Chemical and Petrochemical
• Cement
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Competitive landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in carbon capture, utilization, and storage market. some of the major players explored in the report are as follows:

• Mitsubishi Heavy Industries, Ltd.
• Shell International Limited
• Exxon Mobil Corporation
• Honeywell International Inc.
• Linde plc
• Aker Solutions ASA
• JGC Holdings Corporation
• Schlumberger Limited
• Equinor ASA
• Dakota Gasification Company
• Others