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Carbon Capture, Utilization, and Storage Market

Market Study on CCUS: Witnessing a Growing Focus on Reduced Carbon Footprint, PMR Foresees Various Opportunities for CCUS Players in the Upcoming Years.

A Detailed Analysis of the Carbon Capture, Utilization, and Storage Market Based on Growing Technological Advancements, Collaborations, and Increasing Oil & Gas Exploration Activities

Carbon Capture, Utilization, and Storage Market

The global carbon capture, utilization, and storage market is forecast to expand at a CAGR of 13.2% and thereby increase from a value of US$2.7 Bn in 2023, to US$6.6 Bn by the end of 2030.


Key Insights

Carbon capture, utilization, and storage market Size (2023E)

US$2.7 Bn

Projected Market Value (2030F)

US$6.6 Bn

Global Market Growth Rate (CAGR 2023 to 2030)


Historical Market Growth Rate (CAGR 2018 to 2022)


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Market Introduction and Definition

The carbon capture, utilization, and storage market is driven by the imperative to mitigate carbon emissions and combat climate change. The market encompasses technologies designed to capture CO2 emissions from industrial processes and power generation, utilizing and storing the captured carbon to prevent its release into the atmosphere. The market revolves around implementing comprehensive strategies to reduce greenhouse gas emissions, where carbon capture involves the extraction of CO2 from industrial flue gases.

Utilization involves repurposing captured carbon for various applications, while storage entails the secure storage of CO2 in geological formations to prevent its release. Key growth drivers include heightened global environmental concerns, stringent emission reduction targets, and increased regulatory initiatives promoting sustainable practices. The economic condition plays a pivotal role as governments and industries recognize the economic benefits of investing in CCUS technologies. It facilitates compliance with emissions regulations, fosters innovation, and opens avenues for economic development.

Technology adoption is a critical aspect, with continuous advancements in carbon capture methods, storage technologies, and innovative utilization strategies. The market's evolution hinges on the scalability, efficiency, and cost-effectiveness of CCUS technologies. The integration of CCUS with industrial processes, such as enhanced oil recovery and production of synthetic fuels, further enhances its economic viability.

In summary, the CCUS market outlook is optimistic, driven by a confluence of environmental consciousness, regulatory imperatives, and economic considerations. Continued technological innovation and strategic investments are expected to propel CCUS into a pivotal role in the global effort to address climate change and achieve sustainable development goals.

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Market Growth Drivers

Environmental Concerns, and Stringent Regulations

Several key factors are propelling higher growth in the CCUS market. Foremost is the global imperative to combat climate change, driving increased focus on reducing carbon emissions from industrial processes and power generation. Stringent regulatory measures and environmental targets set by governments and international agreements are compelling industries to adopt CCUS technologies to meet emission reduction goals. The rising demand for carbon dioxide (CO2) in Enhanced Oil Recovery (EOR) is a pivotal factor driving the growth of the Carbon capture, utilization, and storage market.

The injection of CO2 in EOR enhances oil recovery from mature fields, providing an economically viable and environmentally sustainable solution. This trend aligns with the global push for sustainable energy practices, making CO2 utilization in EOR a key driver for the expanding CCUS market. Moreover, the economic landscape plays a crucial role, with governments recognizing the economic benefits of investing in CCUS technologies. The potential for job creation, technological innovation, and the establishment of a sustainable industry contribute to its appeal.

Additionally, the growing demand for cleaner energy sources and the transition towards a low-carbon economy are fueling investments in CCUS as a viable solution to decarbonize various sectors. Technological advancements and innovation in CCUS methods are also pivotal in driving market growth. Ongoing research and development efforts are focused on improving the efficiency, scalability, and cost-effectiveness of carbon capture and storage technologies.

As these technologies become more refined and economically viable, their adoption is expected to accelerate. In essence, the intersection of environmental concerns, regulatory imperatives, economic incentives, and technological advancements creates a conducive environment for the growth of the CCUS market, positioning it as a critical component of the global strategy to address climate change and achieve sustainable development objectives.

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Market Restraints

Prohibitive Costs

Several factors might influence the performance of the CCUS market. Regulatory frameworks and government policies play a crucial role, affecting the pace of project development and funding. The cost of implementing CCUS technologies, technological advancements, and public perception of carbon capture's efficacy also contribute.

Additionally, fluctuations in energy prices and the overall economic environment can impact investment decisions in CCUS projects. Addressing these factors requires a balanced approach, combining effective policies, technological innovation, and economic considerations to ensure the sustainable growth of the CCUS market.

Complexity in Implementation

The CCUS market faces several challenges. High upfront costs and the complexity of implementing CCUS infrastructure pose significant barriers. Insufficient policy frameworks and regulatory uncertainties hinder long-term investment confidence. Additionally, the lack of a standardized global carbon pricing mechanism limits financial incentives. Public perception and community acceptance, especially concerning undergrou nd storage, present social challenges. Continuous efforts are required to address these hurdles, emphasizing the need for supportive policies, cost reduction strategies, and effective communication to overcome challenges and unlock the full potential of CCUS technologies.

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Investments in Newer Technologies, and Firm Initiatives for Reduced Greenhouse Gas Emissions

The CCUS market holds promising opportunities for revenue growth. First and foremost, increased collaboration between governments, industries, and research institutions can drive the development of advanced CCUS technologies. Investing in research and development initiatives, pilot projects, and demonstration facilities creates a conducive environment for innovation and market expansion. Governments can further incentivize private sector involvement through subsidies, tax credits, and other financial mechanisms, fostering a supportive ecosystem for CCUS implementation.

Moreover, the integration of CCUS technologies with industrial processes, such as cement and steel manufacturing, can create synergies and enhance revenue streams. The monetization of captured carbon dioxide through its use in value-added products, like chemicals and fuels, presents an active opportunity for market growth. Collaborative efforts to establish a robust carbon utilization industry can not only reduce greenhouse gas emissions but also generate new revenue streams.

Furthermore, international cooperation and partnerships can play a pivotal role in expanding the CCUS market. Shared research initiatives, knowledge exchange, and joint projects can accelerate the deployment of CCUS on a global scale. This collaborative approach fosters a more efficient transfer of technology and best practices, facilitating market growth in diverse regions. Active opportunities for revenue generation in the CCUS market lie in fostering technological innovation, incentivizing private sector participation, exploring carbon utilization avenues, and promoting international collaboration to create a sustainable and thriving CCUS industry.

Analyst’s Viewpoint

With the increasing global focus on decarbonization and addressing climate change concerns, CCUS is anticipated to play a pivotal role in achieving carbon neutrality goals. The market is expected to witness substantial growth, driven by heightened investments in clean energy initiatives and stringent emission reduction targets set by governments and industries worldwide. As technology advancements continue, CCUS is likely to evolve, becoming more efficient and cost-effective, further bolstering its adoption across various sectors.

Governments' and corporations' growing commitment to sustainability, coupled with financial incentives and supportive policies, will fuel the expansion of CCUS technologies. The market's future is also influenced by collaborations between industries, research institutions, and governments to develop innovative CCUS solutions. Analysts foresee the CCUS market contributing significantly to creating a more sustainable and low-carbon future, with increased deployment across diverse industries, including power generation, oil and gas, and industrial manufacturing.

Supply-side Dynamics

The availability and development of advanced capture technologies, including post-combustion, pre-combustion, and oxy-fuel capture, play a crucial role. The market's growth is tied to the continuous innovation and improvement of these technologies to enhance efficiency and reduce costs. The supply side is impacted by the development and accessibility of suitable storage sites for captured carbon dioxide. The identification and establishment of secure geological storage locations are pivotal to the successful implementation of CCUS projects. Regulatory frameworks and government support for permitting and licensing processes also contribute to the supply side dynamics.

Additionally, the supply chain for CCUS involves the manufacturing and deployment of carbon capture equipment, transportation infrastructure for captured CO2, and storage facilities. The growth of the market is closely linked to the capacity and capabilities of companies involved in these aspects of the supply chain. Furthermore, partnerships and collaborations between technology providers, engineering firms, and energy companies are essential for advancing CCUS projects. The ability of these entities to work together seamlessly, sharing knowledge and resources, is a critical aspect of the supply side dynamics.

Market Segmentation

Which Technology is the Largest Segment Globally?

The Carbon Capture Technology Segment Leads the Way

Capture technology dominates CCUS market by revenue due to its pivotal role in capturing carbon dioxide emissions from various industrial processes. It serves as the initial and crucial step in the CCUS chain, preventing greenhouse gases from entering the atmosphere. Growing regulatory pressure, increased emphasis on emission reduction, and the rising adoption of carbon capture technologies across industries contribute to the prominence of capture technology. As industries strive for sustainability, the demand for efficient carbon capture solutions is expected to remain high, sustaining the dominance of this segment in revenue generation.

Capture technology is anticipated to grow at the fastest rate in the carbon capture, utilization, and storage market. With a focus on reducing carbon emissions, capture technologies play a pivotal role in capturing CO2 emissions from various sources, addressing environmental concerns, and promoting sustainable practices in industries like power generation and manufacturing. This increased emphasis on carbon capture aligns with global efforts to combat climate change.

Which is the Dominant End-use Industry?

Oil & Gas Industry to be the Largest End-use Segment

The oil and gas industry dominates the CCUS market by revenue due to its significant carbon emissions and the strategic imperative to reduce environmental impact. As a major emitter of greenhouse gases, the industry faces stringent regulations and increasing pressure to mitigate carbon footprints. CCUS technologies offer a viable solution for capturing and storing carbon emissions, aligning with sustainability goals. The industry’s commitment to environmental responsibility and the imperative to address climate change drive substantial investments in CCUS, making it the largest revenue-contributing segment in the market.

Power generation is expected to grow rapidly in the carbon capture, utilization, and storage market due to increased emphasis on reducing carbon emissions from the power sector. Governments worldwide are implementing stringent regulations, encouraging the adoption of CCUS technologies to capture and store CO2 emissions from power plants. This growth is driven by the need for sustainable energy practices and addressing environmental concerns, making power generation a key focus for CCUS implementation.

Top Regional Markets

North America Remains the Clear Leader with Rising Investments in Private Sector, and Government Support

North America emerges as a dominating region in the CCUS market due to several factors. The region exhibits a strong commitment to environmental sustainability, with governments implementing stringent emission reduction policies. The presence of advanced technological infrastructure, coupled with supportive regulatory frameworks and increasing investments in carbon capture initiatives, positions North America as a leader in the CCUS market.

Growing awareness of climate change and the need for sustainable practices further contribute to the region's dominance, as businesses and industries prioritize carbon reduction strategies, making North America a key hub for CCUS advancements.

MEA Turns Highly Attractive Owing to Rich Oil and Gas Reserves

Middle East, and Africa presents significant opportunities for CCUS manufacturers. The region, characterized by a robust oil and gas industry, is increasingly focusing on sustainable practices to reduce carbon emissions. Governments and industries in the Middle East, and Africa are exploring CCUS technologies to mitigate environmental impact while continuing energy production.

As global awareness and regulations push for carbon reduction, manufacturers in the region have an opportunity to contribute to and benefit from the implementation of CCUS solutions, aligning with the evolving sustainability landscape in the Middle East, and Africa.

Competitive Intelligence and Business Strategy

Competitive intelligence in the CCUS market is shaped by the active participation of key players employing strategic initiatives to establish dominance. Leading companies such as Schlumberger Limited, Aker Solutions, Mitsubishi Heavy Industries, Ltd., and Fluor Corporation are pivotal players employing diverse strategies. Strategic investments in research and development to enhance capture technologies, storage solutions, and utilization methods characterize the competitive landscape. Collaborations and partnerships are common as companies seek to leverage complementary strengths and foster innovation. For instance, Aker Solutions has engaged in partnerships to strengthen its position in the CCUS value chain.

Market players are also focusing on expanding their geographical presence, targeting regions with significant potential for CCUS implementation. Business strategies encompass securing contracts for large-scale projects and forming alliances with governments and industry stakeholders to create an ecosystem conducive to CCUS development. Moreover, an emphasis on sustainable and environmentally responsible practices is a prevailing trend among key players. The integration of CCUS solutions into broader sustainability portfolios aligns with global initiatives to address climate change.

Companies are positioning themselves as leaders in providing comprehensive carbon management solutions to industries with high emissions. Competitive intelligence in the CCUS market revolves around technological innovation, strategic collaborations, geographical expansion, and a commitment to sustainability. As the market continues to evolve, companies adopting flexible and comprehensive strategies are likely to maintain a competitive edge.

Key Recent Developments


Aker Solutions, an engineering and technology firm, initiated a collaboration with Cognite, a software provider, to bolster its digital capabilities. The collaboration is designed to capitalize on Cognite's proficiency in digital solutions and Aker Solutions' engineering expertise, with the goal of advancing digitalization in the energy sector.

Market Impact: Aker Solutions' collaboration with Cognite enhances its digital capabilities, fostering innovation in the energy sector by integrating digital solutions with engineering expertise. This synergy positions Aker Solutions at the forefront of digitalization, driving efficiency and technological advancements.

(Source: Aker Solutions)

In 2020, ExxonMobil, and Global Thermostat expanded their collaborative development agreement after a 12-month technical evaluation. The evaluation aimed to assess the feasibility and scalability of Global Thermostat's technology, which directly captures carbon dioxide (CO2) from the air.

Market Impact: ExxonMobil's expanded agreement with Global Thermostat signifies a strategic commitment to exploring scalable solutions for carbon capture technology. This move reflects ExxonMobil's dedication to environmental sustainability, aligning with the global push for carbon dioxide reduction and innovative approaches to addressing climate change challenges.

(Source: ExxonMobil)

Carbon Capture, Utilization, and Storage Market Report Scope



Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Service
  • Technology
  • End Use Industry
  • Region

Key Companies Profiled

  • Schlumberger Limited

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Carbon capture, utilization, and storage market Research Segmentation

By Service

  • Capture
  • Transportation
  • Utilization
  • Storage

By Technology:

  • Capture
  • Transportation
  • Utilization
  • Storage

By End Use Industry:

  • Oil & Gas
  • Power Generation
  • Iron & Steel
  • Chemical & Petrochemical
  • Cement
  • Others 

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa


- Companies Covered in This Report -

  • Schlumberger Limited

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 13.2% during the projected period.


The carbon capture, utilization, and storage market was valued at US$2.7 billion in 2023.

China held the largest market share in 2023

Some of the prominent players in the market are Mitsubishi Heavy Industries, Schlumberger Limited, Honeywell International Inc., Halliburton, Jgc Holdings Corporation, Fluor Corporation, Linde Plc, Royal Dutch Shell Plc, and Aker Solutions.

Power generation segment is expected to grow at the fastest growth during the forecast period.

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