CHICAGO, June 28, 2024 /PRNewswire/ -- The report "CCUS Absorption Market by Absorption Type (Chemical Absorption, Physical Absorption), End-Use Industry (Oil & Gas, Power Generation, Chemical & Petrochemical, Cement, Iron & Steel), and Region - Global Forecast to 2030", is expected to grow at an average CAGR of 26.5%, from USD 0.4 billion in 2024 to USD 1.7 billion in 2030.
The implementation of CCUS absorption by industries is being driven by government support and policy initiatives. In the UK, the government has announced significant public funding for new CCUS projects and is adopting a three-pronged approach, including policy support, industrial hubs with shared CO2 transport and storage infrastructure, and investment in technology innovation. China has been building its domestic CCUS technology capacity since 2007 and has undertaken industry-level pilot projects for carbon capture technologies. India has also set out a roadmap for the adoption of CCUS, involving collaboration between industry partners and the government. These government-led initiatives are crucial for accelerating the deployment of CCUS technologies in various industries.
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Chemical Absorption segment comprise a major share of the CCUS Absorption market, in terms of value and volume.
The chemical absorption process is a widely used technique for capturing CO2 in Carbon Capture, Utilisation and Storage (CCUS) projects. It involves the reversible reaction of CO2 with a chemical solvent, typically an amine-based solution. In this process, the CO2-rich flue gas first undergoes pre-treatment to remove contaminants and cool down the gas. It then enters an absorption column where the CO2 is continuously absorbed by the solvent. The CO2-lean flue gas exits the top of the absorber, while the CO2-rich solvent is transferred to a desorption unit (stripper). In the stripper, the solvent is heated, causing the CO2 to be stripped out, resulting in a pure CO2 stream at the top. The regenerated solvent is then circulated back to the absorber. The captured CO2 can be further processed, compressed, and transported for utilization or storage.
Oil & gas industry is the dominating end-use industry in the global CCUS Absorption market in terms of value
The oil and gas end-use industry dominates the adoption of Carbon Capture, Utilization, and Storage (CCUS) absorption technology. This is due to the industry's significant carbon footprint and the need to reduce emissions to meet environmental regulations and climate change goals. CCUS technology helps the industry by capturing CO2 emissions from natural gas processing plants, which is a major source of emissions. The technology also enables the industry to utilize captured CO2 in various applications, such as enhanced oil recovery (EOR) and enhanced coal bed methane recovery (ECBM). Additionally, CCUS technology can help the industry to store CO2 in geological formations, reducing the risk of leakage and environmental impact. The adoption of CCUS technology by the oil and gas industry is crucial for achieving a low-carbon future and reducing the industry's carbon footprint.
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Asia Pacific to be the fastest-growing region in the CCUS Absorption market during the forecast period
The North American region has dominated the adoption of Carbon Capture, Utilization, and Storage (CCUS) absorption technology. This is due to the region's significant carbon footprint from industries such as oil and gas, power generation, and manufacturing. The US government has been actively encouraging the adoption of CCUS technology through policies and incentives, such as the 45Q tax credit and the Clean Power Plan. As a result, many companies, including ExxonMobil, Chevron, and Occidental Petroleum, have invested heavily in CCUS projects. The region's regulatory environment and technological advancements have also contributed to the widespread adoption of CCUS technology. Additionally, the North American market is expected to continue growing, driven by the increasing focus on reducing CO2 emissions and the development of innovative CCUS technologies.
Some of the key players in the global CCUS Absorption market includes ExxonMobil Corporation (US), Equinor ASA (Norway), Honeywell International Inc. (US), Fluor Corporation (US), Mitsubishi Heavy Industries Ltd. (Japan), Royal Dutch Shell Plc (Britain), TotalEnergies SE (France), BASF SE (Germany), JGC Holdings Corporation (Japan), Schlumberger Ltd. (US), Aker Solutions (Norway), Siemens AG (Germany), Hitachi Ltd. (Japan), General Electric (US), Chevron Ion Clean Energy (US).
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