North America CCUS Market Size Likely to Surpass at a CAGR of 7.4% By 2033

As per the current market research conducted by the CMI Team, the North America CCUS Market size is expected to record a CAGR of 7.4% from 2023 to 2050. In 2023, the market size is projected to reach a valuation of USD 18.23 Billion. By 2032, the valuation is anticipated to reach USD 50.91 Billion.

North America CCUS Market: Growth Factors and Dynamics

• Increasing Environmental Concerns: The rising awareness of climate change and environmental impact has driven governments and industries in North America to invest in technologies like Carbon Capture Utilization and Storage (CCUS) to reduce carbon emissions and achieve sustainability goals.

• Government Initiatives and Policies: Supportive policies and incentives from governments in North America, including funding and regulatory frameworks, encourage the adoption of CCUS technologies. These initiatives aim to accelerate the deployment of carbon capture solutions in various industries.

• Technological Advancements: Ongoing advancements in CCUS technologies contribute to their increased efficiency, making them more economically viable. Improved capture, utilization, and storage methods attract investments and foster growth in the North American market.

• Collaborations and Partnerships: Collaborations between governments, research institutions, and private sector entities drive innovation and investment in CCUS projects. Partnerships facilitate knowledge exchange, technological development, and the scaling up of carbon capture initiatives.

• Industry Integration and Adoption: Industries, including power generation, manufacturing, and oil and gas, are integrating CCUS solutions into their operations to meet emissions reduction targets. The market experiences growth as more sectors recognize the economic and environmental benefits of carbon capture technologies.

• Rising Investor Interest: Increasing investor interest in sustainable and green technologies has led to greater funding for CCUS projects. As investors prioritize environmentally responsible initiatives, the North America CCUS market is poised for expansion, with financial support driving research, development, and implementation efforts.

• Global Carbon Market Dynamics: The interconnectedness of carbon markets on a global scale plays a significant role in the North America CCUS market. As international agreements and initiatives emphasize carbon reduction, businesses in the region are motivated to adopt CCUS technologies to remain competitive in the global marketplace, fostering growth and innovation in the sector.

• Public Awareness and Support: The pandemic heightened public awareness of environmental issues, leading to increased support for sustainable practices. As communities recognize the importance of addressing climate change, there is a growing demand for and acceptance of CCUS solutions, encouraging both public and private entities to invest in and promote these technologies.

North America CCUS Market: Partnership and Acquisitions

• In 2022, ONGC will partner with Shell for Carbon Capture, Utilization, and Storage (CCUS) studies. The agreement centers on a collaborative CO2 storage study and EOR screening assessment, targeting key basins, such as depleted oil and gas fields and saline aquifers, to advance sustainable energy practices.

• In 2021, Royal Dutch Shell, Equinor ASA, and TotalEnergies invested USD 682.3 million in the Northern Lights carbon capture and storage project in Norway. The collaboration aims to establish a joint-venture company, underlining its commitment to advancing carbon capture, utilization, and storage technologies.

Report Scope

North America CCUS Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the North America Carbon Capture Utilization and Storage (CCUS) Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Temporary Slowdown in Project Implementation: The pandemic caused disruptions in supply chains, restricted workforce mobility, and led to temporary project delays in the CCUS sector. Many ongoing initiatives faced logistical challenges and a slowdown in construction activities.

• Reduced Investment and Funding Challenges: Economic uncertainties during the pandemic led to a reduction in investments and funding for carbon capture projects. Some companies faced financial constraints, affecting the pace of research, development, and deployment of CCUS technologies.

• Government Stimulus Packages and Incentives: Governments in North America introduced stimulus packages and financial incentives to revive the economy. Increased funding for green initiatives, including CCUS projects, encourages industry players to resume and accelerate their efforts.

• Resilience through Diversification: Companies in the CCUS sector diversified their revenue streams and explored new business models to enhance resilience. This adaptability enabled them to weather the immediate impacts of the pandemic and position themselves for recovery.

• Accelerated Digital Transformation: The pandemic accelerated the adoption of digital technologies in the CCUS industry. Remote monitoring, data analytics, and automation became crucial tools for maintaining and optimizing operations, improving efficiency in a post-COVID landscape.

• Renewed Focus on ESG (Environmental, Social, Governance) Priorities: The pandemic reinforced the importance of sustainability and ESG considerations for businesses. Companies, under increasing pressure to meet environmental targets, redirected their focus on CCUS initiatives as integral components of their ESG strategies, driving renewed commitment and investment in carbon capture technologies.

In conclusion, the COVID-19 pandemic has had a mixed impact on the North America CCUS Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the North America CCUS Market:

• ExxonMobil Corporation
• Chevron Corporation
• Occidental Petroleum Corporation
• Royal Dutch Shell plc
• BHP Group Limited
• Air Products and Chemicals, Inc.
• Southern Company
• Linde plc
• Carbon Clean Solutions Limited
• Cenovus Energy Inc.
• Kiewit Corporation
• BP plc
• Equinor ASA
• TotalEnergies SE
• TransAlta Corporation 24M Technologies Inc.
• Battery Resourcers Inc.
• Others

The North America CCUS Market is segmented as follows:

By Service

• Capture
• Transportation
• Utilization
• Storage

By Transportation

• Ships
• Pipelines
• Terminals

By Utilization

• E-fuel
• E-chemical

By Technology

• Pre-combustion Capture
• Oxy-fuel combustion Capture
• Post-combustion Capture

By End Use Industry

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

Regional Coverage:

North America

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