The “Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), Technology (Chemical Looping, Solvents & Sorbent, Membranes), End-Use Industry, and Region – Global Forecast to 2030” is anticipated to grow at an average CAGR of 24.0%, from USD 3.1 billion in 2023 to USD 12.9 billion in 2030, according to a recently published report by MarketsandMarketsTM.The oil and gas, power generating, and chemical and petrochemical industries are the main industries that use carbon capture, utilization, and storage techniques to reduce carbon emissions into the atmosphere. There have been numerous proposals to implement this technology in order to address climate change and lower carbon emissions worldwide.
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- 312 Market data Tables
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This report also provides a comprehensive analysis of the companies listed below:
The market for carbon capture, utilization, and storage is highly concentrated, with major players holding a substantial share of the market, including Mitsubishi Heavy Industries Ltd. (Japan), Royal Dutch Shell Plc (Netherlands), Fluor Corporation (US), ExxonMobil Corporation (US), and Linde Plc (UK). But a sizeable portion of the market is also accounted for by small businesses. The major companies are always implementing a number of innovations, including contracts & agreements, new product releases, and expansion, in order to strengthen their position in the industry and increase their market share.
Capture service segment comprise a major share of the carbon capture, utilization, and storage market, in terms of value and volume.
The first step in the CCUS process is called carbon capture, and it entails removing carbon from the effluent flue gas stream that comes from a range of industrial sources, such as smelters of iron and steel, power plants, and petrochemical and chemical businesses. A number of techniques, including as Direct Air Capture (DAC), Oxy-Fuel, Pre- and Post-Combustion, and Bio-Energy CCS (BECCS), are suggested to remove carbon from the flue gas effluent stream. This technique is used by numerous businesses worldwide to lessen their carbon footprint. Since direct air capture takes carbon directly from the environment instead of through industrial sources, it substantially deviates from traditional procedures and appears to be more expensive to adopt.