Carbon Capture, Utilization, And Storage Global Market Report 2021: COVID-19 Growth And Change
- September 2021 •
- 175 pages •
- Report ID: 6151366 •
- Format: PDF
The global carbon capture, utilization, and storage market is expected to grow from $1.30 billion in 2020 to $1.46 billion in 2021 at a compound annual growth rate (CAGR) of 12.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.97 billion in 2025 at a CAGR of 19.6%.
The carbon capture, utilization, and storage market consist of sales of carbon capture, utilization, and storage technologies by entities (organizations, sole traders, and partnerships) that are engaged in providing clean and efficient energy solutions. Carbon capture, utilization, and storage (CCUS) is a set of methods and technologies for removing CO2 from flue gas and the atmosphere, recycling it for use, and establishing safe and long-term storage choices.
The main technologies involved in carbon capture, utilization, and storage are pre-combustion, post-combustion, oxy-fuel combustion.Pre-combustion capture is the process of extracting CO2 from fossil fuels before they are burned.
The different services include capture, transportation, utilization, storage and is implemented in various verticals such as oil and gas, power generation, iron and steel, chemicals and petrochemicals, cement, others.
North America was the largest region in the carbon capture, utilization, and storage market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing investments by governments and organizations are an emerging trend in the carbon capture, utilization, and storage market.Major companies and governments are focusing on investing in carbon capture, utilization, and storage projects to reduce carbon emissions.
For example, in July 2020, the US Department of Energy awarded FLExible Carbon Capture and Storage (FLECCS) project an $11.5 million grant to address key carbon capture and storage needs in the nation’s power networks. The FLECCS project aims to facilitate the next generation of flexible, low-cost, and low-carbon power grids, as well as establish carbon capture and storage (CCS) retrofits for existing power generators that consume fossil carbon-containing fuels such as natural gas or biogas and generate electricity.
In November 2020, Baker Hughes, a US-based company that provides carbon capture and storage services acquired Compact Carbon Capture (3C) for an undisclosed amount.The acquisition reinforces Baker Hughes’ strategic commitment to leading the energy transition by providing decarbonization solutions for carbon-intensive industries such as oil and gas, as well as broader industrial operations.
Compact Carbon Capture (3C) is a Norway-based technology company specialized in the development of carbon capture solutions.
The increase in focus on reducing carbon dioxide (CO2) emissions across the globe is contributing to the growth of the carbon capture, utilization, and storage (CCUS) market.Carbon dioxide emissions rise as a result of burning fossil fuels such as oil or gas to power cars or create electricity, causing respiratory ailments and global warming by trapping heat.
CCUS absorbs CO2 using a variety of technologies and uses or stores it instead of releasing it into the atmosphere.Countries and companies are trying to reduce carbon dioxide emissions to reduce global warming.
For instance, according to the United Nations, 110 countries have committed to becoming carbon neutral by 2050.Furthermore, as per the International Energy Agency, in May 2020, three oil firms, Equinor, Shell, and Total, have pledged to invest $700 million in the Northern Light offshore CO2 storage project to decrease carbon dioxide emissions.
Therefore, the increase in focus on reducing carbon dioxide emissions is driving the market for carbon capture, utilization, and storage market.
The countries covered in the carbon capture, utilization, and storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.