Global Carbon Capture Utilization and Storage Market Size Likely to Surpass at a CAGR of 24.5% By 2033

As per the current market research conducted by the CMI Team, the global Carbon Capture Utilization and Storage market size is expected to record a CAGR of 24.5% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 6.9 Billion. By 2033, the valuation is anticipated to reach USD 37.5 Billion.

Carbon Capture Utilization and Storage Market: Overview

According to industry experts at CMI, Carbon Capture, Utilization, and Storage (CCUS) is a group of technologies utilized to absorb carbon dioxide (CO2) emissions from industrial operations such as power generation, oil exploration and mining.

They prevent them from reaching the atmosphere. This is critical in addressing climate change. The CCUS industry is being driven by several factors, including increasing government initiatives for the sustainability of the environment, technological advancements, increasing collaboration among the key market players, rising investment in infrastructure, increasing environmental awareness among the population, and rising utilization of advanced technology. However, a lack of infrastructure and technical challenges are a significant restraint for the industry’s growth.

Carbon Capture Utilization and Storage (CCUS) Market: Growth Factors and Dynamics

Supportive government policies

The supportive government policies drive the sector’s growth. These policies are crucial for developing and deploying Carbon Capture, Utilization, and Storage (CCUS) systems. The government policies aim to promote using CCUS as a primary strategy for mitigating climate change, lowering carbon emissions, and meeting national and international climate targets.

The region’s government offers financial assistance, tax breaks, and regulatory frameworks to influence the expansion of CCUS technologies. For instance, NITI Aayog proposed a CCUS policy to help its adoption on a commercial scale. The potential for India to reach a CCUS capacity of 750 million metric tons per year by 2050.

Increasing collaboration

The growing partnership offers a potential opportunity for sector growth. For instance, in October 2024, ExxonMobil collaborated with the NG3 project. This project aims to gather and store up to 1.2 million metric tons of CO2 yearly. This brings the total amount of CO2 that the oil and gas company has committed to store for customers up to 6.7 million tons annually.

NG3 will collect and process natural gas from eastern Texas and Louisiana before distributing it to markets around the United States Gulf Coast, including for LNG exports. This collaboration is a big step in capturing carbon emissions.

Issue related to technology

The technological challenge is the main impeding factor in adopting this technology broadly. Despite CCUS being an essential technology for meeting global climate ambition, it is more important to overcome this challenge to make it feasible, efficient, and cost-effective.

The storage of captured CO2 in geological formations, including deep saline aquifers or depleted oil and gas reservoirs, requires meticulous site selection. The geological integrity must be evaluated to assure long-term storage stability. CO2 leakage from storage sites might undercut CCUS’s environmental benefits, raise safety issues, and erode public trust in the system.

Report Scope

Carbon Capture Utilization and Storage (CCUS) Market: New Launches and Acquisitions

• In September 2024, Mitsubishi Corporation and Exxon Mobil Corporation signed a project framework agreement. The collaboration aims to produce virtually carbon-free hydrogen.

List of the prominent players in the Carbon Capture Utilization and Storage (CCUS) Market:

• Linde PLC
• JGC HOLDINGS CORPORATION
• Aker Solutions
• Schlumberger Limited
• Halliburton Company
• Honeywell International Inc.
• Royal Dutch Shell PLC
• Exxon Mobil Corporation
• Fluor Corporation
• Mitsubishi Heavy Industries Ltd.
• Others

The Carbon Capture Utilization and Storage (CCUS) Market is segmented as follows:

By Technology

• Pre-Combustion Capture
• Oxy-Fuel Combustion Capture
• Post-Combustion Capture

By Application

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

By Service

• Capture
• Transportation
• Utilization
• Storage

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America