North America CCUS Market 2024–2033

Reports Description

As per the current market research conducted by the CMI Team, the North America CCUS Market 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.

The North America Carbon Capture Utilization and Storage (CCUS) market involves the capture, utilization, and storage of carbon dioxide emissions to mitigate climate change. Driven by environmental concerns, government initiatives, and technological advancements, the market focuses on reducing carbon footprints across industries.

Key players, such as ExxonMobil, Chevron, and Linde, lead in developing innovative solutions. Recent trends include a heightened emphasis on ESG priorities, increased public awareness, and partnerships for sustainable practices.

The market represents a dynamic landscape where companies collaborate, invest, and implement strategies to advance carbon capture technologies and contribute to global sustainability goals.

North America CCUS Market – Significant Growth Factors

The North America CCUS Market presents significant growth opportunities due to several factors:

• Stringent Environmental Regulations: Increasingly strict environmental regulations and carbon reduction targets set by governments drive industries to adopt CCUS technologies to achieve compliance and mitigate their carbon footprints.

• Growing Corporate Emphasis on ESG Goals: The rising importance of Environmental, Social, and Governance (ESG) considerations compels corporations to integrate CCUS initiatives into their sustainability strategies, fostering increased adoption and investment.

• Advancements in CCUS Technologies: Ongoing technological innovations, such as more efficient capture methods and enhanced storage techniques, propel the development and deployment of advanced CCUS solutions, making them more cost-effective and scalable.

• Government Incentives and Funding: Substantial government incentives, grants, and funding programs aimed at supporting carbon capture initiatives provide financial impetus for companies to invest in and accelerate the implementation of CCUS projects.

• Expansion of Carbon Capture in Industrial Sectors: The opportunity to expand CCUS applications beyond power generation to industrial sectors, such as manufacturing and refining, presents a significant avenue for market growth, as these sectors contribute significantly to carbon emissions.

• International Collaboration and Partnerships: Opportunities lie in fostering international collaborations and partnerships, enabling the exchange of knowledge, technologies, and investments in CCUS projects, thereby contributing to a more globally integrated approach towards carbon reduction and storage.

• Strategic Partnerships for Funding and Innovation: Collaborations and partnerships within the industry and with research institutions were strengthened to pool resources, share expertise, and secure funding for CCUS projects. Joint ventures and alliances helped overcome financial challenges and fostered innovation in the sector.

North America CCUS Market – Mergers and Acquisitions

The North America CCUS Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the North America Carbon Capture Utilization and Storage (CCUS) Market include:

• In 2023, Carbfix hf. expands globally with a new carbon capture plant in Iceland, set to capture 3,000 tons of carbon annually. The initiative underscores the company’s commitment to sustainable practices, contributing to environmental efforts and fostering carbon capture technology advancements.

• In 2022, Shell PLC acquires Sprang Energy, a renewable energy firm focused on reducing carbon emissions. The strategic takeover aims to enhance Shell’s carbon capture and storage capabilities, fortifying its commitment to sustainable practices and reinforcing its position in the market.

• In 2020, ExxonMobil and FuelCell Energy ink a USD 60 million, two-year joint-development deal to advance carbonate fuel cell technology for industrial CO2 capture. The collaboration targets optimizing core technology, process integration, and the large-scale deployment of carbon capture solutions, reinforcing their commitment to sustainable practices.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the North America CCUS Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

North America CCUS Market – Significant Threats

The North America CCUS Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Economic Viability and Cost Challenges: The high upfront costs and operational expenses associated with Carbon Capture Utilization and Storage (CCUS) technologies pose a significant threat. Economic viability remains a challenge, especially in industries facing financial constraints, hindering widespread adoption.

• Uncertain Regulatory Landscape: Rapidly evolving and uncertain regulatory frameworks can pose challenges for CCUS projects. Ambiguous policies or inconsistent regulations may create barriers to investment and hinder the development of a stable market environment.

• Public Opposition and Social Acceptance: Public resistance to the storage of captured carbon dioxide, concerns about potential environmental risks, and issues related to social acceptance can impede the progress of CCUS projects. Overcoming negative perceptions and garnering public support is crucial for success.

• Competition from Renewable Energy Sources: The increasing prominence of renewable energy sources, such as solar and wind power, poses a threat to CCUS adoption. These alternatives may divert attention and investment away from carbon capture technologies, impacting their market share and growth potential.

• Limited Infrastructure and Storage Capacity: The lack of sufficient infrastructure, including pipelines and storage facilities, poses a threat to the scalability of CCUS projects. Expanding storage capacity and transportation networks for captured carbon dioxide is essential for the widespread deployment of CCUS technologies.

Report Scope

Category-Wise Insights

By Service

• Capture: The process of capturing carbon dioxide emissions from industrial processes or power plants. Advancements in capture technologies focus on enhancing efficiency and reducing costs, driven by increased demand for sustainable solutions and stringent emission reduction goals in North America.

• Transportation: The movement of captured carbon dioxide from the source to utilization or storage sites. Growing emphasis on developing efficient and cost-effective transportation infrastructure to support the expanding Carbon Capture Utilization and Storage (CCUS) market in North America.

• Utilization: The conversion of captured carbon dioxide into valuable products or services. Increasing interest in utilizing captured CO2 for the production of fuels, chemicals, and materials, aligning with sustainability goals and driving innovation in the North American CCUS market.

• Storage: The secure and permanent storage of captured carbon dioxide underground to prevent its release into the atmosphere. Rising investments in geological storage projects and exploration of novel storage methods to ensure safe and effective long-term carbon sequestration in North America.

By Transportation

• Ships: Ships transport captured carbon dioxide from industrial sites to storage or utilization locations. An emerging trend involves the optimization of shipping routes, enhancing efficiency, and reducing emissions, contributing to sustainable transportation in the carbon capture process.

• Pipelines: Pipelines facilitate the efficient and cost-effective transportation of captured carbon dioxide over long distances. A growing trend involves expanding pipeline infrastructure to connect industrial sources with storage or utilization sites, ensuring a reliable and interconnected network.

• Terminals: Terminals act as crucial nodes in the CCUS transportation chain, serving as points for loading and unloading captured carbon dioxide. The current trend includes the development of strategically located terminals to enhance logistics, storage capacity, and connectivity within the North American CCUS infrastructure.

By Utilization

• E-Fuel: E-fuel, derived from capturing and utilizing carbon emissions, is gaining traction. In North America, a trend involves using renewable energy to convert captured CO2 into synthetic fuels, addressing energy storage challenges and promoting sustainable alternatives, aligning with the region’s commitment to carbon-neutral practices.

• E-Chemical: E-chemical utilization in the North America CCUS market focuses on transforming captured carbon into chemicals, reducing greenhouse gas emissions. A key trend involves the development of innovative processes to convert CO2 into valuable chemical products, fostering sustainable practices and circular economy initiatives in the region.

By Technology

• Pre-combustion Capture: Pre-combustion capture involves capturing carbon dioxide before the combustion process, often in gasification of fossil fuels. This method separates CO2 from other gases, reducing emissions. Increasing adoption driven by its efficiency in capturing carbon at the source, aligning with stringent emission reduction targets.

• Oxy-fuel Combustion Capture: Oxy-fuel combustion capture involves burning fuel in oxygen-rich environments, simplifying carbon capture. The resulting flue gas is primarily composed of CO2, facilitating separation and storage. Growing interest due to its potential for high-purity CO2 capture and the feasibility of retrofitting existing facilities.

• Post-combustion Capture: Post-combustion capture involves capturing CO2 from flue gases after combustion, often in power plants. This method allows for retrofitting existing facilities to reduce emissions. Widely adopted due to its applicability to existing infrastructure, fostering flexibility in implementing carbon capture technologies.

By End Use Industry

• Oil & Gas: Involves capturing and storing carbon emissions from oil and gas operations. Growing emphasis on reducing emissions in the oil and gas sector, driven by regulatory pressure and corporate sustainability goals, leading to increased adoption of CCUS technologies.

• Power Generation: Involves capturing and storing carbon emissions from power plants. Integration of CCUS in power generation to meet stringent emission standards, with a focus on enhancing energy security and reducing the carbon footprint of electricity production.

• Iron & Steel: Involves capturing and storing carbon emissions from iron and steel manufacturing processes. Rising demand for sustainable steel production, driving investments in CCUS technologies to reduce emissions and comply with environmental regulations.

• Chemical & Petrochemical: Involves capturing and storing carbon emissions from chemical and petrochemical manufacturing processes. Adoption of CCUS to mitigate emissions in chemical and petrochemical industries, addressing environmental concerns and ensuring compliance with regulations.

• Cement: Involves capturing and storing carbon emissions from cement manufacturing. Increasing focus on decarbonizing the cement industry, with CCUS technologies seen as a critical solution to reduce emissions and achieve sustainability targets.

• Others: Encompasses diverse industries adopting CCUS technologies for emission reduction. Diverse applications of CCUS in sectors like refining, manufacturing, and bioenergy, reflect a broadening market scope driven by a collective effort to address climate change across industries.

Competitive Landscape – North America CCUS Market

The North America Carbon Capture Utilization and Storage (CCUS) Market is highly competitive, with a large number of manufacturers and retailers operating. Some of the key players in the market include:

• 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

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

Several new players have entered the North America CCUS Market with a focus on innovation. Companies like Redwood Materials have adopted advanced recycling technologies for retired batteries.

Dominating the market are established players such as Gopher Resource LLC, known for efficient recycling processes, and Lithium Werks BV, a key player in the development of second-life battery applications.

These dominant players leverage their experience, robust R&D capabilities, and strategic partnerships to pioneer technological advancements, shaping the market landscape and driving sustainable growth in repurposing retired electric vehicle batteries for various applications across North America.

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