According to Stratistics MRC, the Global Carbon Capture, Utilization & Storage market is accounted for $2.98 billion in 2017 and is expected to reach $20.05 billion by 2026 growing at a CAGR of 23.5%.
Increasing emissions of carbon dioxide (CO2), growing environmental concerns and technological advancements in non-power sectors are some of the major factors fuelling the market growth. In addition, growing CO2 enhanced oil recovery techniques provide ample opportunities for the growth of the market. However, high cost of the technology is hampering the market.
CCUS is a process for reducing greenhouse gas emissions into the atmosphere by capturing CO2 from stationary sources and using the CO2 in new applications or storing the CO2 in underground storage sites. Carbon capture is a process designed to separate carbon dioxide (CO2) out of the flue stream produced by coal, natural gas, and petroleum-fired power plants. By isolating the CO2, it can be transported in liquid form to storage in deep geologic formations or, in some cases, utilized in enhanced oil or gas recovery, enhanced coal bed methane recovery, or calcification. The combined capture, storage, and utilization make up CCUS.
By Technology, post-combustion capture segment acquired steady growth due to its usage in various industries, such as natural gas and refinery treatment plants. Based on application, enhanced oil recovery (EOR) segment acquired significant growth owing to rising demand for extracting oil & gas from low permeability and unconventional reserves which include carbonate traps and tight sands.
North America is dominating with the largest market share and the growth of this region can be attributed to rising government support, growing oilfields, increasing demand for clean technology.
Some of the key players in the global market include Dioxide Materials Inc., AkerSolutions, Integrated Carbon Sequestration Pty. Ltd., E3tec Service Llc., Enn Group Co. Ltd. , Lanzatech Inc., Skyonic Corp., Novomer Inc., Carbon Cycle Ltd., Basf SE, Mbd Energy Ltd. , Solidia Technologies Inc., Empower Materials Inc. , Liquid Light Inc, Integrated Carbon Sequestration Pty. Ltd., Joule Unlimited Inc., Schlumberger Limited , Linde AG , Fluor Corporation and Exxonmobil Corporation.
Industrial Separation Capture
OXY-Fuel Combustion Capture
Enhanced oil recovery (eor)
Feedstock for chemicals and polymers
Secondary construction materials
o Rest of Europe
o New Zealand
o South Korea
o Rest of Asia Pacific
o Rest of South America
Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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