Carbon Capture, Utilization, and Storage Market to Grow by Over $15 Billion by 2030, says P&S Intelligence

NEW YORK, July 21, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, the carbon capture, utilization, and storage market size was $2,037 million in 2021, and it will advance at a rate of over 27%, to reach around $17,836 million by 2030. The main factors responsible for the growth of the industry include the increasing focus on reducing carbon emissions, government initiatives for attaining carbon neutrality by 2050, and increasing demand for CO₂-EOR methods.

The pre-combustion technique dominates the carbon capture, utilization, and storage market; though, the requirement for post-combustion technology is projected to rise at a significant rate, of about 28%, in the coming years. This is credited to the rising count of power plants in developing countries, such as China and India. This technology is the most-feasible method for separating CO₂ from the exhaust gases formed by fossil fuel burning for power generation.

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Power generation is the largest end user category, accounting for approximately 40% share of the market in 2021. This is because over 40 CCUS power generation projects are at present being developed around the world, most of them set to utilize coal and gas.

The oil & gas category will witness the fastest growth in the carbon capture, utilization, and storage market in the coming years, as carbon capture, utilization, and storage have opened numerous opportunities, for example, enhanced oil & gas recovery from declining gas formations, production of ethanol, refining of hydrocarbons, low-carbon hydrogen generation, and direct-air capture

The North American market had an over 35% share of the revenue in 2021, and it will maintain its position in the coming years. This is because of the snowballing need for products and fuels that have a low carbon footprint and the surging incorporation of CCUS projects with planned LPG projects.

The U.S. has the larger share in the carbon capture, utilization, and storage market of the continent because of the incentives of the federal government and its guidelines for CCUS projects. The government gives incentives through the 45Q tax credit, which provides $36 for every ton of CO₂ retained in biological reservoirs and $24 for every ton used in EOR for other purposes, as of 2021. Furthermore, the nation has 12 commercial facilities with a capturing capacity of 20 Mt of CO₂ every year.

Browse detailed report on Carbon Capture, Utilization, and Storage Market Growth and Demand Forecast Report 2030

The Canadian market will progress at a momentous growth rate in the coming years. The increasing investments in CCUS projects, amounting to $257 million in 2020, have majorly driven the market in the country. Moreover, the 2021 Budget of Canada proposed a tax credit for investment in these projects, with an intention of lowering carbon emissions by a minimum of 15 metric tons per year.

Carbon Capture Utilization and Storage Market Report Coverage

By Service

• Capture
• Transportation
• Utilization
• Storage

By Technology

• Pre-Combustion Capture
• Post-Combustion Capture
• Oxy-Fuel Combustion Capture

By End-User Industry

• Power Generation
• Oil and Gas
• Fertilizers
• Chemicals

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence