Carbon Capture Utilization and Storage (CCUS) Market Size, Trends and Insights 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), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Linde PLC
- JGC HOLDINGS CORPORATION
- Aker Solutions
- Schlumberger Limited
- Halliburton Company
- Others
Reports Description
As per the current market research conducted by the CMI Team, the global Carbon Capture Utilization and Storage (CCUS) market 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 (CCUS) Market: Overview
CCUS refers to a set of technologies that allow for the reduction of carbon dioxide (CO2) emissions from significant point sources like power plants, refineries, and other industrial sites, as well as the removal of existing CO2 from the atmosphere.
The CCUS is projected to be important in attaining global climate targets. Leading organizations, such as the International Energy Agency (IEA), International Renewable Energy Agency (IRENA), Intergovernmental Panel on Climate Change (IPCC), and Bloomberg New Energy Finance (BNEF), have produced long-term energy outlooks that rely on the rapid expansion of CCUS to limit global temperature rise to 1.5°C.
Several factors, such as climate change mitigation goals, supportive government policies and regulations, corporate sustainability initiatives, technological advancements, rising investment in infrastructure, and many others, drive the CCUS market. However, the high operational and capital cost was a significant restraint for the industry expansion.
- According to the International Energy Agency, in 2023, the announced capture capacity for 2030 increased by 35%, while the announced storage capacity rose by 70%. This brings the total amount of CO2 that could be captured in 2030 to around 435 million tonnes (Mt) per year and announced storage capacity to around 615 Mt of CO2 per year.
- The IEA’s Net Zero Emissions by 2050 (NZE) Scenario envisions capturing and storing around 1 billion tonnes of CO2 annually by 2030.
- According to the Press Information Bureau, India has updated its NDC targets for achieving 50% of its total installed capacity from non-fossil-based energy sources, a 45% reduction in emission intensity by 2030 and taking steps towards achieving Net Zero by 2070, the role of Carbon Capture, Utilisation, and Storage (CCUS) becomes vital as reduction strategy to achieve decarbonization from the hard-to abate sectors.
Carbon Capture Utilization and Storage (CCUS) Market: Growth Factors
Rising concern about CO2 emission
The population’s reliance on fossil fuels for energy is the primary source of carbon emissions into the atmosphere. Carbon capture, usage, and storage technology extract CO2 from various sources and transport it to designated storage or use locations. Carbon dioxide capture, utilization, and storage technology can potentially reduce greenhouse gas emissions from industrial sources.
The increased concern about climate change has positively impacted the implementation of carbon capture, utilization, and storage technologies. For instance, the US government issued an executive order demanding 100% carbon-free power generation by 2030.
Technological advancements
With technical improvements, offshore oil and gas exploration and production operations are rising, driving up the use of gas injection enhanced oil recovery (EOR) techniques. This involves the use of carbon dioxide during crude oil extraction.
The maturing and declining oil reserves will likely drive the implementation of gas injection EOR techniques for both onshore and offshore wells. As a result, the increased need for CO2 for EOR activities in the oil and gas industry will likely fuel the growth of the carbon capture, utilization, and storage (CCUS) market over the forecast period.
Carbon Capture Utilization and Storage (CCUS) Market: Recent Development
The Carbon Capture Utilization and Storage (CCUS) industry adopted several strategies, which include product launches, acquisitions, collaboration, expansion, and others. Some of the company strategies include:
- In June 2023, Exxon Mobil Corporation announced publicly that it is investing in another carbon capture project located in the Gulf Coast region to recover approximately one million tons of CO2 annually. Therefore, by improving current installations and forming alliances, this program will help to strengthen all of the carbon capture that is now in place in the region.
- In August 2023, Mitsubishi Heavy Industries Ltd. began an innovative pilot project employing its advanced carbon capture technology at one of the Japanese coal-fired power plants. This program aims to demonstrate how effective their capture technology is and assert their dominance in CCUS solutions to reduce CO2 emissions by 90%.
This product launch, expansion, and collaboration strategies have expanded the company’s market presence in the carbon capture utilization and storage (CCUS) industry and given it a competitive edge.
Carbon Capture Utilization and Storage (CCUS) Market: Challenge
High capital investment
Carbon collection, utilization, and storage equipment requires significant capital investments and is more expensive to operate and maintain. This has made the industries reticent to invest in technology. Because most plants are not designed to incorporate such capture technology, their adoption hurts the plant’s overall efficiency.
The cost of carbon capture, utilization, and storage encompasses the entire value chain, from carbon capture at the source to transportation, storage, and end-use application sectors. This requires an increase in income to recover the earlier investments.
For example, deploying an air separator unit for oxy-fuel technology and a CO2 scrubber for post-combustion increases the initial capital cost and later operating and maintenance expenses. Significant financial resources are required for the initial inquiry, site evaluation, and site preparation at carbon storage sites.
Carbon Capture Utilization and Storage (CCUS) Market: Category-Wise Insights
By Technology:
The post-combustion capture segment is expected to dominate the market. Post-combustion capture can be integrated into existing power plants and industrial sites without the need to rebuild the equipment completely. This makes it a cost-effective and feasible solution for decreasing emissions from outdated infrastructure.
Besides, the oxyfuel combustion capture segment is growing at a rapid rate. The fundamental advantage of oxy-fuel combustion is the high concentration of CO2 in the exhaust gases. This makes it easier and more economical to extract CO2 from other gases, simplifying the capture process compared to post-combustion capture.
By Application:
The oil and gas segment is expected to dominate the market. CO2 captured in the oil and gas industry is increasingly used for Enhanced Oil Recovery (EOR), a significant revenue-generating technology. The use of CO2 in EOR is one of the most established techniques of CO2 usage, and its ongoing rise in the oil and gas sector contributes to the overall revenue growth of the CCUS market.
Besides, the power generation segment is growing at a rapid rate. To tackle climate change, governments worldwide are establishing aggressive targets for reducing CO2 emissions. The power generation industry accounts for a significant amount of worldwide CO2 emissions, making CCUS an essential technology for meeting these targets. Thereby driving the industry growth.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 6.9 Billion |
| Projected Market Size in 2033 | USD 37.5 Billion |
| Market Size in 2023 | USD 4.2 Billion |
| CAGR Growth Rate | 24.5% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Technology, Application, Service and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your research requirements. |
Carbon Capture Utilization and Storage (CCUS) Market: Regional Analysis
North America will dominate the Carbon Capture Utilization and Storage (CCUS) market. The regional expansion is driven by an increase in demand for clean technologies and the increased usage of CO2 in improved oil recovery techniques. The United States uses 75.0% of the global carbon capture capacity in enhanced oil recovery activities, accounting for about 30 metric tons annually.
However, the Asia Pacific is growing significantly in the global Carbon Capture Utilization and Storage (CCUS) industry. The growing energy demand and favorable government initiatives drive the industry expansion.
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
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Carbon Capture Utilization and Storage (CCUS) Market, (2024 – 2033) (USD Billion)
- 2.2 Global Carbon Capture Utilization and Storage (CCUS) Market: snapshot
- Chapter 3. Global Carbon Capture Utilization and Storage (CCUS) Market – Industry Analysis
- 3.1 Carbon Capture Utilization and Storage (CCUS) Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Rising concern about CO2 emission
- 3.2.2 Technological advancements
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Technology
- 3.7.2 Market Attractiveness Analysis By Application
- 3.7.3 Market Attractiveness Analysis By Service
- Chapter 4. Global Carbon Capture Utilization and Storage (CCUS) Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Carbon Capture Utilization and Storage (CCUS) Market: Company Market Share, 2023
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaboration, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Carbon Capture Utilization and Storage (CCUS) Market – Technology Analysis
- 5.1 Global Carbon Capture Utilization and Storage (CCUS) Market Overview: By Technology
- 5.1.1 Global Carbon Capture Utilization and Storage (CCUS) Market Share, By Technology, 2023 and 2033
- 5.2 Pre-Combustion Capture
- 5.2.1 Global Carbon Capture Utilization and Storage (CCUS) Market by Pre-Combustion Capture, 2024 – 2033 (USD Billion)
- 5.3 Oxy-Fuel Combustion Capture
- 5.3.1 Global Carbon Capture Utilization and Storage (CCUS) Market by Oxy-Fuel Combustion Capture, 2024 – 2033 (USD Billion)
- 5.4 Post-Combustion Capture
- 5.4.1 Global Carbon Capture Utilization and Storage (CCUS) Market by Post-Combustion Capture, 2024 – 2033 (USD Billion)
- 5.1 Global Carbon Capture Utilization and Storage (CCUS) Market Overview: By Technology
- Chapter 6. Global Carbon Capture Utilization and Storage (CCUS) Market – Application Analysis
- 6.1 Global Carbon Capture Utilization and Storage (CCUS) Market Overview: By Application
- 6.1.1 Global Carbon Capture Utilization and Storage (CCUS) Market Share, By Application, 2023 and 2033
- 6.2 Oil and Gas
- 6.2.1 Global Carbon Capture Utilization and Storage (CCUS) Market by Oil and Gas, 2024 – 2033 (USD Billion)
- 6.3 Power Generation
- 6.3.1 Global Carbon Capture Utilization and Storage (CCUS) Market by Power Generation, 2024 – 2033 (USD Billion)
- 6.4 Iron and Steel
- 6.4.1 Global Carbon Capture Utilization and Storage (CCUS) Market by Iron and Steel, 2024 – 2033 (USD Billion)
- 6.5 Chemical and Petrochemical
- 6.5.1 Global Carbon Capture Utilization and Storage (CCUS) Market by Chemical and Petrochemical, 2024 – 2033 (USD Billion)
- 6.6 Cement
- 6.6.1 Global Carbon Capture Utilization and Storage (CCUS) Market by Cement, 2024 – 2033 (USD Billion)
- 6.7 Others
- 6.7.1 Global Carbon Capture Utilization and Storage (CCUS) Market by Others, 2024 – 2033 (USD Billion)
- 6.1 Global Carbon Capture Utilization and Storage (CCUS) Market Overview: By Application
- Chapter 7. Global Carbon Capture Utilization and Storage (CCUS) Market – Service Analysis
- 7.1 Global Carbon Capture Utilization and Storage (CCUS) Market Overview: By Service
- 7.1.1 Global Carbon Capture Utilization and Storage (CCUS) Market Share, By Service, 2023 and 2033
- 7.2 Capture
- 7.2.1 Global Carbon Capture Utilization and Storage (CCUS) Market by Capture, 2024 – 2033 (USD Billion)
- 7.3 Transportation
- 7.3.1 Global Carbon Capture Utilization and Storage (CCUS) Market by Transportation, 2024 – 2033 (USD Billion)
- 7.4 Utilization
- 7.4.1 Global Carbon Capture Utilization and Storage (CCUS) Market by Utilization, 2024 – 2033 (USD Billion)
- 7.5 Storage
- 7.5.1 Global Carbon Capture Utilization and Storage (CCUS) Market by Storage, 2024 – 2033 (USD Billion)
- 7.1 Global Carbon Capture Utilization and Storage (CCUS) Market Overview: By Service
- Chapter 8. Carbon Capture Utilization and Storage (CCUS) Market – Regional Analysis
- 8.1 Global Carbon Capture Utilization and Storage (CCUS) Market Regional Overview
- 8.2 Global Carbon Capture Utilization and Storage (CCUS) Market Share, by Region, 2023 & 2033 (USD Billion)
- 8.3. North America
- 8.3.1 North America Carbon Capture Utilization and Storage (CCUS) Market, 2024 – 2033 (USD Billion)
- 8.3.1.1 North America Carbon Capture Utilization and Storage (CCUS) Market, by Country, 2024 – 2033 (USD Billion)
- 8.3.1 North America Carbon Capture Utilization and Storage (CCUS) Market, 2024 – 2033 (USD Billion)
- 8.4 North America Carbon Capture Utilization and Storage (CCUS) Market, by Technology, 2024 – 2033
- 8.4.1 North America Carbon Capture Utilization and Storage (CCUS) Market, by Technology, 2024 – 2033 (USD Billion)
- 8.5 North America Carbon Capture Utilization and Storage (CCUS) Market, by Application, 2024 – 2033
- 8.5.1 North America Carbon Capture Utilization and Storage (CCUS) Market, by Application, 2024 – 2033 (USD Billion)
- 8.6 North America Carbon Capture Utilization and Storage (CCUS) Market, by Service, 2024 – 2033
- 8.6.1 North America Carbon Capture Utilization and Storage (CCUS) Market, by Service, 2024 – 2033 (USD Billion)
- 8.7. Europe
- 8.7.1 Europe Carbon Capture Utilization and Storage (CCUS) Market, 2024 – 2033 (USD Billion)
- 8.7.1.1 Europe Carbon Capture Utilization and Storage (CCUS) Market, by Country, 2024 – 2033 (USD Billion)
- 8.7.1 Europe Carbon Capture Utilization and Storage (CCUS) Market, 2024 – 2033 (USD Billion)
- 8.8 Europe Carbon Capture Utilization and Storage (CCUS) Market, by Technology, 2024 – 2033
- 8.8.1 Europe Carbon Capture Utilization and Storage (CCUS) Market, by Technology, 2024 – 2033 (USD Billion)
- 8.9 Europe Carbon Capture Utilization and Storage (CCUS) Market, by Application, 2024 – 2033
- 8.9.1 Europe Carbon Capture Utilization and Storage (CCUS) Market, by Application, 2024 – 2033 (USD Billion)
- 8.10 Europe Carbon Capture Utilization and Storage (CCUS) Market, by Service, 2024 – 2033
- 8.10.1 Europe Carbon Capture Utilization and Storage (CCUS) Market, by Service, 2024 – 2033 (USD Billion)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Carbon Capture Utilization and Storage (CCUS) Market, 2024 – 2033 (USD Billion)
- 8.11.1.1 Asia Pacific Carbon Capture Utilization and Storage (CCUS) Market, by Country, 2024 – 2033 (USD Billion)
- 8.11.1 Asia Pacific Carbon Capture Utilization and Storage (CCUS) Market, 2024 – 2033 (USD Billion)
- 8.12 Asia Pacific Carbon Capture Utilization and Storage (CCUS) Market, by Technology, 2024 – 2033
- 8.12.1 Asia Pacific Carbon Capture Utilization and Storage (CCUS) Market, by Technology, 2024 – 2033 (USD Billion)
- 8.13 Asia Pacific Carbon Capture Utilization and Storage (CCUS) Market, by Application, 2024 – 2033
- 8.13.1 Asia Pacific Carbon Capture Utilization and Storage (CCUS) Market, by Application, 2024 – 2033 (USD Billion)
- 8.14 Asia Pacific Carbon Capture Utilization and Storage (CCUS) Market, by Service, 2024 – 2033
- 8.14.1 Asia Pacific Carbon Capture Utilization and Storage (CCUS) Market, by Service, 2024 – 2033 (USD Billion)
- 8.15. Latin America
- 8.15.1 Latin America Carbon Capture Utilization and Storage (CCUS) Market, 2024 – 2033 (USD Billion)
- 8.15.1.1 Latin America Carbon Capture Utilization and Storage (CCUS) Market, by Country, 2024 – 2033 (USD Billion)
- 8.15.1 Latin America Carbon Capture Utilization and Storage (CCUS) Market, 2024 – 2033 (USD Billion)
- 8.16 Latin America Carbon Capture Utilization and Storage (CCUS) Market, by Technology, 2024 – 2033
- 8.16.1 Latin America Carbon Capture Utilization and Storage (CCUS) Market, by Technology, 2024 – 2033 (USD Billion)
- 8.17 Latin America Carbon Capture Utilization and Storage (CCUS) Market by Application, 2024 – 2033
- 8.17.1 Latin America Carbon Capture Utilization and Storage (CCUS) Market, by Application, 2024 – 2033 (USD Billion)
- 8.18 Latin America Carbon Capture Utilization and Storage (CCUS) Market, by Service, 2024 – 2033
- 8.18.1 Latin America Carbon Capture Utilization and Storage (CCUS) Market, by Service, 2024 – 2033 (USD Billion)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Carbon Capture Utilization and Storage (CCUS) Market, 2024 – 2033 (USD Billion)
- 8.19.1.1 The Middle-East and Africa Carbon Capture Utilization and Storage (CCUS) Market, by Country, 2024 – 2033 (USD Billion)
- 8.19.1 The Middle-East and Africa Carbon Capture Utilization and Storage (CCUS) Market, 2024 – 2033 (USD Billion)
- 8.20 The Middle-East and Africa Carbon Capture Utilization and Storage (CCUS) Market, by Technology, 2024 – 2033
- 8.20.1 The Middle-East and Africa Carbon Capture Utilization and Storage (CCUS) Market, by Technology, 2024 – 2033 (USD Billion)
- 8.21 The Middle-East and Africa Carbon Capture Utilization and Storage (CCUS) Market, by Application, 2024 – 2033
- 8.21.1 The Middle-East and Africa Carbon Capture Utilization and Storage (CCUS) Market, by Application, 2024 – 2033 (USD Billion)
- 8.22 The Middle-East and Africa Carbon Capture Utilization and Storage (CCUS) Market, by Service, 2024 – 2033
- 8.22.1 The Middle-East and Africa Carbon Capture Utilization and Storage (CCUS) Market, by Service, 2024 – 2033 (USD Billion)
- Chapter 9. Company Profiles
- 9.1 Linde PLC
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 JGC HOLDINGS CORPORATION
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Aker Solutions
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 Schlumberger Limited
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 Halliburton Company
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 Honeywell International Inc.
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Royal Dutch Shell PLC
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Exxon Mobil Corporation
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 Fluor Corporation
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 Mitsubishi Heavy Industries Ltd.
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.11 Others.
- 9.11.1 Overview
- 9.11.2 Financials
- 9.11.3 Product Portfolio
- 9.11.4 Business Strategy
- 9.11.5 Recent Developments
- 9.1 Linde PLC
List Of Figures
Figures No 1 to 29
List Of Tables
Tables No 1 to 77
Prominent Player
- 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
FAQs
The key factors driving the Market are Rising concern about CO2 emission, Technological advancements.
The “Oil and Gas” had the largest share in the global market for Carbon Capture Utilization and Storage (CCUS).
The “Pre-Combustion Capture” category dominated the market in 2023.
The key players in the market are 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.
“North America” had the largest share in the Carbon Capture Utilization and Storage (CCUS) Market.
The global market is projected to grow at a CAGR of 24.5% during the forecast period, 2024-2033.
The Carbon Capture Utilization and Storage (CCUS) Market size was valued at USD 6.9 Billion in 2024.