Carbon Capture, Utilization, And Storage Global Market Opportunities And Strategies To 2031

This report describes and explains the carbon capture, utilization, and storage market and covers 2016 to 2021, termed the historic period, and 2021 to 2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.

The carbon capture, utilization, and storage market reached a value of nearly $2,006.9 million in 2021, having grown at a compound annual growth rate (CAGR) of 4.7% since 2016. The market is expected to grow from $2,006.9 million in 2021 to $3,550.1 million in 2026 at a rate of 12.1%. The market is then expected to grow at a CAGR of 13.8% from 2026 and reach $6,789.5 million in 2031.

Growth in the historic period resulted from the strong economic growth in emerging markets, increase in focus on reducing carbon dioxide (CO2) emissions, increased demand from the medical industry and increase in demand for energy consumption

Going forward, carbon capture providing financially lucrative opportunities, supportive government initiatives, increase in investments, growing demand from the oil and gas industry and implementation of COP26 to limit global warming will drive the growth. Factors that could hinder the growth of the carbon capture, utilization, and storage market in the future include high capital cost and the Russian-Ukrainian war.

The carbon capture, utilization, and storage market is segmented by technology into pre-combustion, post combustion, and oxy-fuel combustion. The post combustion market was the largest segment of the carbon capture, utilization, and storage market segmented by technology, accounting for 53.8% of the total in 2021. Going forward, the oxy-fuel combustion market is expected to be the fastest growing segment in the carbon capture, utilization, and storage market segmented by technology, at a CAGR of 53.8% during 2021-2026.

The carbon capture, utilization, and storage market is segmented by service into capture, transportation, utilization, and storage. The capture market was the largest segment of the carbon capture, utilization, and storage market segmented by service, accounting for 44.9% of the total in 2021. Going forward, the storage market is expected to be the fastest growing segment in the carbon capture, utilization, and storage market segmented by service, at a CAGR of 13.9% during 2021-2026.

The carbon capture, utilization, and storage market is segmented by end-use industry into oil and gas, power generation, iron and steel, chemical and petrochemical, cement, and other end-use industries. The oil and gas market was the largest segment of the carbon capture, utilization, and storage market segmented by end-use industry, accounting for 60.9% of the total in 2021. Going forward, the iron and steel market is expected to be the fastest growing segment in the carbon capture, utilization, and storage market segmented by end-use industry, at a CAGR of 13.9% during 2021-2026.

North America was the largest region in the carbon capture, utilization, and storage market, accounting for 34.3% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the carbon capture, utilization, and storage market will be Asia Pacific, and, Middle East where growth will be at CAGRs of 15.0% and 13.8% respectively. These will be followed by Africa, and, South America where the markets are expected to grow at CAGRs of 13.7% and 12.1% respectively.

Economic and lifestyle changes related to the COVID-19 pandemic and the related containment policies that countries around the world implemented resulted in a large reduction of carbon dioxide emissions. Daily carbon dioxide emissions declined on average by 8.6% between January and April 2020 compared to the same period in 2019. Although there are no real time measures of carbon dioxide emissions and emissions are typically reported on an annual basis, scientists can estimate changes in emissions using information on energy consumption, economic activity and other factors. A study published in Nature Climate Change estimates a drop of up to 17% in daily emissions in early April 2020. At that time, China, the United States, India, and other major carbon-emitting countries were all simultaneously in a high-level of lock-down.

The global carbon capture, utilization, and storage market is fairly concentrated. The top ten competitors in the market made up to 35.59% of the total market in 2021. Major companies are focusing on investing in carbon capture, utilization, and storage projects to reduce carbon emissions. The increasing investments by governments and organizations are an emerging trend in the carbon capture, utilization, and storage market. Shell plc was the largest competitor with 15.02% share of the market, followed by Aker Solutions with 3.91%, Linde PLC with 3.84%, Fluor Corporation with 2.96%, Mitsubishi Heavy Industries, Ltd. with 2.88%, Equinor with 2.18%, Carbon Engineering Ltd. with 1.42%, Schlumberger Limited with 1.32%, Exxon Mobil Corporation with 1.09%, and JGC Holdings Corporation with 0.99%.

The top opportunities in the carbon capture, utilization, and storage market segmented by technology will arise in the post combustion segment, which will gain $754.4 million of global annual sales by 2026. The top opportunities in segment by service will arise in the capture segment, which will gain $630.8 million of global annual sales by 2026. The top opportunities in segment by end-use industry will arise in the oil and gas segment, which will gain $885.5 million of global annual sales by 2026. The carbon capture, utilization, and storage market size will gain the most in the USA at $368.1 million.

Market-trend-based strategies for the carbon capture, utilization, and storage market include focusing on supplying to greenhouses, focusing on investing in AI based technology that will drive innovation, focusing on strategic investing in order to stay competitive in the market, acquiring and partnering with other manufacturers and businesses and focusing on direct air capture technologies to improve capturing efficiencies

Player-adopted strategies in the carbon capture, utilization, and storage market include accelerating transformation into a provider of net-zero emissions energy products, strengthening carbon capture, utilization and storage business by working in collaboration with big companies and strengthening capture technology capabilities.

To take advantage of the opportunities, the publisher reccomends the carbon capture, utilization, and storage companies to focus on carbon dioxide supply to greenhouses, focus on direct air capture, focus on artificial intelligence (AI) in carbon reduction, expand in emerging markets, scale up through partnership and acquisition activity, provide competitively priced offerings, increase carbon pricing, government initiatives, use big data analytics to mitigate carbon emissions and targeting citizens to spread awareness.