Oil & gas accounted for the largest market share in the global carbon capture, utilization, and storage market

The global carbon capture, utilization, and storage market size is expected to grow from USD 1.6 billion in 2020 to USD 3.5 billion by 2025, at a CAGR of 17.0% during the forecast period. The carbon capture, utilization, and storage market are growing due to the increasing usage of CCSU systems in the oil & gas and power generation sector to reduce harmful carbon emissions.

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Oil & gas is the dominating end-use industry in the carbon capture, utilization, and storage market. The use of CCUS in natural gas processing is one of the major drivers of the CCUS market. Various natural gas processing CCUS projects in MEA, North America, and Europe is key support or the high market size in the oil & gas industry. Increasing usage of EOR in the oil & gas industry is also driving the growth of oil & gas industry in the carbon capture, utilization, and storage market.

In 2019, there were more than 24 million tons of CO2 that was captured, stored, and utilized from the oil & gas industry, and the majority of it was extracted from natural gas processing plants. As per the EIA, natural gas generation will grow at a rate of approximately 2.7% per year between 2012 and 2040, which will account for nearly 30% of the total worldwide energy generation by 2040. The deployment of CCUS in this sector will help in creating a viable pathway for a sustainable environment.

COVID-19 has merely put any effect on the market, which is expected to grow at a significant rate in 2020 as well, owing to continuous investment in the field of carbon capture and sequestration. Currently, CCUS is being largely used across natural gas processing plants and power generation plants. The operations of these plants were not affected by the COVID-19 pandemic; as a result, lockdown imposed due to the pandemic posed very minimal impact on the CCUS market.

Current and upcoming projects of CCUS in the APAC region have created an excellent gateway toward the adoption of CCUS. China and Australia are the early adopters of CCUS in the APAC region. The current line-up of carbon capture and sequestration projects in these countries is expected to create an immense opportunity for the companies operating in the carbon capture, utilization, and sequestration ecosystem. Other than Australia and China, South Korea and India are also focusing on adopting CCUS. For instance, South Korea has already taken a step toward CCUS in the Korea CCS 1&2 project, which is currently in an early development stage and is expected to be operational by 2021. India, in 2016, initiated the operation of a carbon capture and utilization system, which was capable of capturing 60,000 tons of C02 per year from coal-fired power plants.

North America is the largest carbon capture, utilization, and storage market owing to the presence of multiple large-scale CCS facilities in the US and Canada. Century plant, Shute Creek Plant, BPundaryy Dam, Petra Nova Plant, ENID Fertiliser plant are some few projects that are operational in eth US and Canada. The carbon capture, utilization, and storage market in North America is expected to be driven by rising environmental concerns in the region. The US Supreme Court proposed a carbon trading scheme, named the US Clean Power Plan in February 2016. This scheme aims at curbing carbon pollution from power plants in the US. Canada, especially Western Canada, is dependent on fossil fuel industries. According to the US EPA, greenhouse gas emissions caused by human activities increased by 7% in the country from 1990 to 2014. The Canadian government has been taking initiatives to reduce carbon emission levels.

The key players in the global carbon capture, utilization, and sequestration market a Royal Dutch Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries, Ltd. (Japan), Linde PLC (UK), Hitachi, tLd.(Japan), Exxon Mobil Corporation (US), JGC Holdings Corporation (Japan), Honeywell International, Inc. (US), Halliburton (US), and Schlumberger Limited (US).

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North America is expected to account for the largest market share in the carbon capture, utilization, and storage market

 

North America is the largest carbon capture, utilization, and sequestration market owing to the presence of multiple large-scale CCS facilities in the US and Canada. Century plant, Shute Creek Plant, BPundaryy Dam, Petra Nova Plant, ENID Fertiliser plant are some few projects that are operational in eth US and Canada. The carbon capture, utilization, and storage market in North America is expected to be driven by rising environmental concerns in the region. The US Supreme Court proposed a carbon trading scheme, named the US Clean Power Plan in February 2016. This scheme aims at curbing carbon pollution from power plants in the US. Canada, especially Western Canada, is dependent on fossil fuel industries. According to the US EPA, greenhouse gas emissions caused by human activities increased by 7% in the country from 1990 to 2014. The Canadian government has been taking initiatives to reduce carbon emission levels.

The global carbon capture, utilization, and storage market size is expected to grow from USD 1.6 billion in 2020 to USD 3.5 billion by 2025, at a CAGR of 17.0% during the forecast period. The carbon capture, utilization, and storage market are growing due to the increasing usage of CCSU systems in the oil & gas and power generation sector to reduce harmful carbon emissions.

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Capture holds the major share of the carbon capture, utilization, and storage.

Capture is the first stage of the CCUS process and involves capturing CO2 from its emission source. It can be applied to any large-scale emission process, including coal-fired power generation plants; gas and oil production; and manufacturing industries, such as cement, iron, and steel. The capture service segment holds the majority of the share in the CCUS market. Moreover, the high cost of capturing in the power generation, iron & steel, cement, and other sectors is one of the major reasons behind the high market share of the capture segment.

Oil & gas accounted for the largest market share in the global carbon capture, utilization, and storage market in terms of value.

Oil & gas is the dominating end-use industry in the carbon capture, utilization, and sequestration market. Various natural gas processing CCUS projects in MEA, North America, and Europe is key support or the high market size in the oil & gas industry. Increasing usage of EOR in the oil & gas industry is also driving the growth of oil & gas industry in the carbon capture, utilization, and sequestration market

COVID-19 has merely put any effect on the market, which is expected to grow at a significant rate in 2020 as well, owing to continuous investment in the field of carbon capture and sequestration. Currently, CCUS is being largely used across natural gas processing plants and power generation plants. The operations of these plants were not affected by the COVID-19 pandemic; as a result, lockdown imposed due to the pandemic posed very minimal impact on the CCUS market.

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Stringent eco-friendly laws coupled with major companies adopting investment & expansion and parnerships strategies expected to drive the Carbon Capture, Utilization, and Storage Market

Carbon capture, utilization, and storage (also referred to as CCUS) is a process that involves capturing carbon dioxide (CO2), transporting it through pipelines, ships, and other modes of transport and storing it under the Earth’s surface to prevent CO2 emissions. The stringent eco-friendly lawas emphasizing on curbing the CO2 emissions from industrial and power plants, is driving the growth of the market. The global carbon capture, utilization, and storage market size is expected to grow from USD 1.9 billion in 2021 to USD 4.1 billion by 2026, at a CAGR of 17.0% during the forecast period.

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Over the past years, companies have strengthened their position in the global carbon capture, utilization, and sstorage market by adopting expansions as a major strategy. From 2016 to 2021, the partnership was the key strategies adopted by the market players to maintain growth in the global carbon capture, utilization, and storage market.

Royal Dutch Shell is an international energy company that specializes in the exploration, production, refining and marketing of oil and natural gas.

• In July 2021, Royal Dutch Shell, Royal Dutch Shell revealed its plan to invest and expand its presence by 2023 in Alberta, Canada by building a large-scale carbon capture and storage (CCS) project near Edmonton, Alberta. The ammbitious CCS project would capture emissions from Shell’s Scotford refinery and chemical plant. It woul have capacity to store 300 million tonnes of carbon over its lifetime.
• In June 2020, Aker Solutions signed and agreemet with Norcem (a subsidiary of Heidelberg Cement), for engineering, procurement and construction delivery of a CO2 capture, liquification and intermediate storage plant at Norcem’s cement factory in Brevik, Norway. The project is a part of the Norwegian carbon capture demonstration project that would be funded by the Norwegian government.

The key players in the market include Fluor Corpoation (US), Royal Dutch Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries, Ltd. (Japan), Linde PLC (UK), Hitachi, Ltd.(Japan), Exxon Mobil Corporation (US), JGC Holdings Corporation (Japan), Honeywell International, Inc. (US), Halliburton (US), and Schlumberger Limited (US) among others. COVID-19 has majorly affected the commercial sectors CCUS projects, such as cement plants, chemical plants, and others. Moreover, upcoming carbon capture, utilization, and storage projects are expected to delay due to the outbreak of COVID – 19 pandemic.

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