Carbon Capture, Utilization & Storage (CCUS) Market Growth - PowerPoint Presentation

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Global Carbon Capture, Utilization & Storage (CCUS) Market Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2021-2027

Carbon Capture, Utilization & Storage (CCUS) Market- Industry Trends & Forecast Report 2027

A recent study, conducted by the strategic consulting and market research firm 

BlueWeave Consulting, revealed that the global carbon capture, utilization & storage (CCUS) market was worth USD 2,837.96 million in the year 2020. According to the study, the market is estimated to grow at a CAGR of 11.25%, earning revenue of around USD 5,890.38 million by the end of 2027. In highly industrialized countries such as the United States, China, India, etc., the rising carbon emissions are a major contributing factor for the growth of the global carbon capture, utilization, and storage market. Therefore, the government and several private entities are investing heavily in CCUS technology to limit carbon emissions.

Growth Drivers Increasing Carbon Emission Levels In The EnvironmentThe key driving factor for the global carbon capture, utilization, and storage (CCUS) market is the alarming growth in carbon emissions and greenhouse gases due to human activities. According to the US Environmental Protection Agency, the burning of fossil fuels for electricity, heat, and transportation is the greatest source of greenhouse gas emissions from human activity. According to Forbes, CO2 emissions from the power sector alone are expected to exceed 34 billion

tonnes

by 2050. As a result, countries are investing in CCUS technology to reduce carbon emissions into the environment, boosting the market growth.

Restraints High Initial Cost Of Carbon Capture, Utilization, And Storage Process

Carbon capture and storage is an expensive procedure that involves plant setup, operational cost, and other maintenance and overhead costs. A major stumbling block to global market growth is the high cost associated with the process. This cost also varies for different sources of CO2 production, such as oil, gas, cement production, etc. Therefore, the market has failed to significantly attract private players and is dependent on existing companies and public entities, which may hinder its growth in the forecast period.

Impact of COVID-19The unprecedented outbreak of the COVID-19 pandemic hindered the economic activities of almost all the countries. The pandemic has also directly impacted the growth of the global carbon capture, utilization & storage (CCUS) market by halting the operations of its major end-users. For instance, the operations of the oil & gas industry was temporarily barred in several oil-producing regions due to social distancing norms imposed by the government to curb the virus spread. This led to limited carbon emissions, which further resulted in a sharp decline in the demand for carbon capture and storage.

 Regional InsightsGeographically, the global carbon capture, utilization & storage (CCUS) market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. Globally, the Carbon Capture, Utilization & Storage (CCUS) market is dominated by Europe due to continuous development and investments towards sustainable and innovative technologies to limit the amount of carbon emitted into the atmosphere. In addition, Europe has established institutes to study carbon capture and storage, in an effort to formulate strategies for its use to mitigate carbon emissions. The North American market also occupies a substantial share of the market after Europe.

Recent DevelopmentsIn November 2021, ExxonMobil and Pertamina

announced a collaboration to assess the potential for carbon capture, utilization, and storage in Indonesia

.In October 2021, Chart Industries, Inc., a global engineered equipment manufacturer for clean energy and industrial gas markets, announced its collaboration with Ionada, an exhaust gas cleaning systems manufacturer, for Carbon Capture and Sequestration (CCUS) projects.Sample Copy of the Report:https://www.blueweaveconsulting.com/report/carbon-capture-utilization-storage-

ccus

-market/report-sample

Competitive landscapeThe leading  players in the global carbon capture, utilization & storage (CCUS) market are Exxon Mobil Corporation, General Electric, Halliburton, Aker Solutions, Linde AG, Royal Dutch Shell PLC,

Equinor

, Basin Electric Power Cooperative, Sulzer Ltd., Saipem, Mitsubishi Heavy Industries Ltd., Japan CCUS Co. Ltd., Fluor Corporation, Hitachi Ltd., Air Liquide, NRG Energy, Inc., Southern Energy, Climeworks, Chevron Corporation, and other prominent players.

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