The report “Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), Technology (Chemical Looping, Solvents & Sorbent, Membrane), End-Use Industry, and Region – Global Forecast to 2030”, is estimated at USD 3.0 billion in 2022 and is projected to reach USD 14.2 billion by 2030, at a CAGR of 21.5% from 2023 to 2030. The increasing use of carbon Capture, Utilization, and Storage in oil & gas industry is one of the most significant factors projected to drive the growth of the carbon Capture, Utilization, and Storage market.
Some of the prominent key players are:
· Royal Dutch Shell (Netherlands)
· Fluor Corporation (US)
· Mitsubishi Heavy Industries, Ltd. (Japan)
· Exxon Mobil Corporation (US)
· Linde Plc (UK)
· JGC Holdings (Japan)
· Schlumberger Ltd (US)
· Aker Solutions (Norway)
· Honeywell International (US)
· Equinor ASA (Norway)
Opportunity: Increasing project announcements in Asia Pacific region to create lucrative opportunities for the market
Current and upcoming projects of carbon capture, utilization, and storage in the Asia Pacific region have created opportunities for market players. China and Australia are the early adopters of carbon capture, utilization, and storage in the region. Other than Australia and China, South Korea and India also focus on adopting carbon capture, utilization, and storage.
Capture service segment comprise a major share of the carbon capture, utilization, and storage market, in terms of value and volume.
Capture is the first stage of the carbon capture, utilization, and storage process. The carbon is separated either precombustion or post-combustion. The separated CO2 is brought to a high purity state and is dehydrated to make it ready for transportation. Usually, the carbon capture, utilization, and storage plant is installed on high emission sources like power plants, natural gas processing facilities, and cement factories. The cost of capturing CO2 is heavily dependent on technical, economic, and financial factors associated with the design and operation of the production process and CO2 capture technology.
Power Generation industry to be the fastest-growing end-use industry segment along with flooring in the global carbon Capture, Utilization, and Storage market in terms of value
Power generation is expected to be the fastest-growing end-use industry for the carbon capture, utilization and storage market. The adoption of carbon capture, utilization, and storage technology in the power generation industry is booming in all regions.
Fossil fuel power plants generate a significant amount of CO2 emissions, which are the main cause of climate change. Among CO2 mitigation options, carbon capture and storage is considered the only technology that can significantly reduce the emissions of CO2 from fossil fuel combustion sources. The existing fleet of fossil fuel combustion power plants currently generates significant amounts of CO2 emissions into the atmosphere (more than 12 billion tons of CO2 per year). According to the International Energy Agency, electricity production from fossil fuels will increase by nearly 30% by 2035, inevitably leading to more CO2 emissions. This is where carbon capture, utilization, and storage will be highly useful to curb these emissions of CO2. There are mainly three technological routes for CO2 capture from power plants: post-combustion, pre-combustion, and oxy-fuel combustion. The prime advantage of post-combustion capture is that it can be integrated into existing power plants without altering the combustion process.
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