Carbon Capture Utilization and Storage Market - A Global and Regional Analysis: Focus on Application, Product, and Region - Analysis and Forecast, 2025-2034

The global carbon capture utilization and storage (CCUS) market was $XX billion in 2024, which is expected to grow with a CAGR of XX% and reach $XX billion by 2034. The growth in the global carbon capture utilization and storage market is expected to be driven by an increasing focus on reducing carbon emissions and the growing demand for enhanced oil recovery (EOR). Lack of storage facilities and leakage of CO2 from underground storage are some key restraining factors of the industry.

Carbon Capture Utilization and Storage Market Lifecycle Stage

The global carbon capture utilization and storage market is still in a nascent phase. New capturing technologies such as bio-based capturing and membrane capturing are expected to reduce the carbon capture process cost.

Industrial Impact

With an increased worldwide focus on achieving net-zero emissions, the shift to eco-friendly industrial practices such as low-carbon products, and carbon credits, increases financing opportunities. The shift is more prominent in the oil and gas industry in regions such as North America and the Middle East. The U.S. has the largest carbon capture utilization and storage industry as oil and gas companies use captured carbon for enhanced oil recovery.

The new plants, such as the iCORD project in Croatia and Dry Fork Power Plant in the U.S., will start operation in 2025. Therefore, due to the delayed nature of the industry, it did not suffer any significant impact.

Carbon Capture Utilization and Storage Market Segmentation

Segmentation 1: by Application

• Oil and Gas Industry
• Power Industry
• Others (Cement Industry and Chemical Industry)

Segmentation 2: by Capture Technology

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

Segmentation 3: by Region

• North America - U.S. and Canada
• Europe - Belgium, Norway, Croatia, Iceland, and Rest-of-Europe
• Asia-Pacific - China and Australia
• Middle East- U.A.E., Qatar, and Saudi Arabia
• Rest-of-the-World

Recent Developments in Global Carbon Capture Utilization and Storage Market

• In March 2022, ExxonMobil Corporation announced hydrogen production facility, carbon capture, and storage projects at its integrated refining and petrochemical site in Baytown, Texas, U.S. This would support companies in reducing emissions from local industries and company operations.
• In November 2021, ExxonMobil Corporation and Petronas signed a Memorandum of Understanding (MoU) to collaborate and jointly explore potential carbon capture and storage projects in Malaysia. This MoU would strengthen a decades-long strategic partnership between ExxonMobil and Petronas and has the objective of helping Malaysia reduce emissions and achieve its net-zero ambitions.
• In May 2021, Linde plc was selected by the U.S. Department of Energy’s National Energy Technology Laboratory (NETL) to install and test a 200 tons/day CO2 capture large pilot plant at the City Water, Light & Power (CWLP) power plant in Springfield, IL. The project would be executed in collaboration with the BASF, the University of Illinois at Urbana Champaign, ACS, and CWLP. The operation of this facility provides an opportunity to demonstrate economically attractive and innovative capture techniques.
• In May 2021, Linde plc was selected by the U.S. Department of Energy’s National Energy Technology Laboratory (NETL) to install and test a 200 tons/day CO2 capture large pilot plant at the City Water, Light & Power (CWLP) power plant in Springfield, IL. The project will be executed in collaboration with the BASF, the University of Illinois at Urbana Champaign, ACS, and CWLP.

Demand - Drivers and Limitations

Following are the demand drivers for the global carbon capture utilization and storage market:

• Favorable government policies driving the deployment of CCUS technology
• Increasing demand for CO2 for enhanced oil recovery (EOR)
• Rise in adoption of net-zero targets.

The carbon capture utilization and storage market is expected to face some limitations too due to the following challenges:

• High initial cost of carbon capture utilization and storage process
• CO2 leakage from the underground storage reservoirs

How Can This Report Add Value to an Organization?

Product/Innovation Strategy: The product segment helps the reader understand the different types of technology available for carbon capture and their potential globally. Moreover, the study provides the reader a detailed understanding of the different carbon capture utilization and storage application in industries such as the oil and gas industry, power industry, and others (cement and chemical industry).

Growth/Marketing Strategy: Business expansion, partnership, collaboration, and joint venture are some key strategies adopted by key players operating in the space. For instance, in March 2022, ExxonMobil Corporation announced its plans for a hydrogen production facility and one of the world's largest carbon capture and storage projects at its integrated refining and petrochemical site in Baytown, Texas, U.S. This supports companies' efforts to reduce emissions from local industries and company operations. This project can play an important role in achieving the country’s goal of reducing emissions.

Competitive Strategy: Key players in the global carbon capture utilization and storage market analyzed and profiled in the study involve technology providers and companies capturing, utilizing, and storing carbon. Moreover, a detailed competitive benchmarking of the players operating in the global carbon capture utilization and storage market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the carbon capture utilization and storage market.

Key Carbon Capture Utilization and Storage Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Some prominent names established in carbon capture utilization and storage market are:

• Fluor Corporation
• Exxon Mobil
• Mitsubishi Heavy Industries
• Linde Plc
• Aker Carbon Capture
• Royal Dutch Shell
• Climeworks