Global CCUS Absorption Market

Global CCUS Absorption market was valued USD 0.4 Billion in 2023 and projected to reach USD 1.7 Billion by 2030, growing at a CAGR of 26.5% during the forecast period of 2024-2032.

Carbon capture, Utilization and storage (CCUS) has three main parts which are capturing CO2 from industries, turning CO2 into useful stuff like chemicals and fuels, and storing captured CO2 deep underground for a long time. CCUS is a process where CO2 is captured from large sources like power plants or industrial facilities that use fossil fuels or biomass. Once captured, the CO2 is compressed and transported through pipelines, ships, trains or trucks. It can be used in various applications or injected deep underground into depleted oil and gas reservoirs or saline aquifers. By capturing CO2 before it builds up in the atmosphere, CCUS provides an immediate way to make existing fossil fuel facilities cleaner. It also supports the development of new sustainable industries such as blue hydrogen and BECCS (bio-energy with carbon capture and storage). This makes CCUS crucial for reducing global CO2 emissions and meeting the Paris Agreement goal of limiting global warming to 2°C. With the rising issues of climate change and global warming mount, the need for CCUS technologies is rising. Governments, industries, and environmental groups are all seeking for ways to cut down on CO2 emissions which is driving up demand for these technologies. CCUS technologies encompass various methods to manage carbon dioxide emissions effectively. Capture technologies retrieve CO2 from exhaust gases or stationary sources using techniques such as pre-combustion, post-combustion or oxy-combustion. Sequestration involves depositing captured CO2 into geological formations, while Enhanced Oil Recovery modifies oil properties using techniques such as chemical flooding or CO2 injection to extract more oil from fields. Utilization involves using captured CO2 directly in processes like cement manufacturing or converting it into chemicals and fuels. Mobile Carbon Capture captures CO2 from mobile sources for storage or use. Direct air capture retrieves CO2 from the atmosphere for storage or use which bypasses emission sources. Bio energy carbon capture and storage focuses on extracting CO2 from biomass, a renewable energy source. Nature also plays a role as natural carbon sinks for example mangrove trees and algae, which sequester CO2 effectively and can be utilized for products like biofuels and animal feed.

Stringent regulations aimed at reducing carbon emissions

Stringent regulations aimed at reducing carbon emissions are government policies designed to limit the amount of carbon dioxide (CO2) and other greenhouse gases released into the atmosphere. These regulations are driven by concerns over climate change and its environmental, economic, and social impacts. Governments globally enact these regulations to meet international agreements like the Paris Agreement, which sets targets for reducing global greenhouse gas emissions to mitigate global warming and its associated effects. Stringent regulations include emission limits or caps imposed on industries such as power generation, manufacturing, transportation, and agriculture which are major sources of greenhouse gas emissions. These regulations often require industries to adopt cleaner technologies, improve energy efficiency and implement practices that reduce emissions throughout their operations. They may also include incentives and penalties to encourage compliance and innovation in low-carbon technologies. Stringent regulations are often accompanied by monitoring, reporting and verification requirements to ensure transparency and accountability in emission reductions. They play a crucial role in driving technological advancements, promoting investment in renewable energy sources and fostering a transition towards a more sustainable and resilient economy. As global awareness of climate change grows, the implementation and enforcement of stringent emissions regulations are expected to continue evolving to address current and future environmental challenges.                                                                         

Market Dynamics

Drivers:

• Stringent regulations aimed at reducing carbon emissions
• Increasing global awareness and concern about climate change
• Government incentives promoting the adoption of carbon capture technologies

Opportunities:

• Growing demand for carbon emission reduction solutions
• Expansion of sustainable industrial applications
• Technological advancements in capture and storage methods

Growing demand for carbon emission reduction solutions

The growing demand for carbon emission reduction solutions reflects increasing global awareness of climate change and its environmental impacts. Industries, governments, and consumers are increasingly prioritizing technologies and practices that can mitigate carbon dioxide (CO2) and other greenhouse gas emissions. This demand is driven by regulatory pressures, international agreements like the Paris Agreement and societal expectations for corporate responsibility. Carbon emission reduction solutions cover a range of technologies and strategies. These include renewable energy sources such as solar and wind power, energy efficiency improvements in manufacturing and transportation and the adoption of Carbon Capture, Utilization, and Storage (CCUS) technologies. CCUS, for instance it involves capturing CO2 emissions from industrial processes and storing them underground or utilizing them in various applications. Investments in carbon reduction solutions are also driven by economic incentives such as government subsidies, tax credits, and market opportunities for green technologies. As global efforts intensify to limit global warming and transition towards a low-carbon economy, the demand for effective carbon emission reduction solutions is expected to continue growing, influencing policies, technological advancements and business strategies globally.

The market for CCUS Absorption market is dominated by North America.

By analysing the CCUS Absorption market globally across various country like North America, Europe, Asia-Pacific, and LAMEA in which North America holds the largest market share during the forecast period, driven by its significant carbon emissions from industries like oil and gas, power generation, and manufacturing. The US government actively supports CCUS with policies such as the 45Q tax credit and the Clean Power Plan which encourages companies like ExxonMobil, Chevron and Occidental Petroleum to invest in CCUS projects. Regulatory support and technological progress further boost CCUS adoption. The North American market is expected to keep growing as efforts to cut CO2 emissions intensify and new CCUS technologies develop.

The oil and gas segment are anticipated to hold the largest market share during the forecast period

The global market is categorized by end-user into oil and gas, hydrogen, power generation, fertilizers, chemical and petrochemical, cement, iron and steel and others in which oil and gas segment held the largest market share. This growth is because it has a large carbon footprint and needs to cut emissions to meet environmental rules and climate goals. This technology helps by capturing CO2 emissions from natural gas plants which is a major source. Additionally, this technology also allows the industry to use captured CO2 in different ways such as improving oil recovery (EOR) and extracting methane from coal beds (ECBM). Plus, CCUS tech helps store CO2 underground safely which helps in reducing leaks and environmental impact. The adoption of oil and gas sector is crucial for a greener future and cutting the industry’s carbon footprint.

Major vendors in the global CCUS Absorption market are 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) and Others.

Segmentations analysis of CCUS Absorption market: –

Major segmentations are distributed as follows:

• By Absorption Type:
  • Physical absorption
  • Chemical Absorption
• By Capture Technology:
  • Oxy-Fuel Combustion
  • Pre-Combustion Capture
  • Post-Combustion Capture
• By Service:
  • Capture
  • Transportation
  • Storage
  • Utilization
• By Utilization Technology:
  • Uptake
  • Catalytic Conversion
  • Mineralization
• By End-User:
  • Oil and Gas
  • Hydrogen
  • Power Generation
  • Fertilizers
  • Chemical and Petrochemical
  • Cement
  • Iron and Steel
  • Others
• By Region
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • Chile
    • Peru
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • U.K.
    • BENELUX
    • CIS & Russia
    • Nordics
    • Austria
    • Poland
    • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Indonesia
  • Malaysia
  • Vietnam
  • Australia & New Zealand
  • Rest of Asia Pacific
  • Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Nigeria
  • Egypt
  • Israel
  • Turkey
  • Rest of MEA

 Recent Developments

• August 2022, Shell PLC purchased Sprang Energy Group, a company focused on renewable energy and reducing carbon emissions. The acquisition focuses on boosting Shell PLC’s capacity in carbon capture and storage and expanding its market presence.
• June 2021, ExxonMobil Corporation and Shell collaborated with the Guangdong Provincial Development and Reform Commission to study the possibility of a carbon capture and storage project at the Dayawan petrochemical industrial park in Huizhou, China.
• November 2021, ExxonMobil Corporation and Petronas agreed to collaborate on researching potential carbon capture and storage projects in Malaysia by signing a memorandum of understanding (MoU).

Answers to Following Key Questions:

• What will be the CCUS Absorption market’s trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers in the CCUS Absorption market?
• What are the main forces behind worldwide CCUS Absorption market? Which companies dominate CCUS Absorption market?
• Which companies dominate CCUS Absorption market? Which business possibilities, dangers, and tactics did they embrace in the market?
• What are the global Insight Engines industry’s suppliers’ opportunities and dangers in CCUS Absorption market?
• What is the Insight Engines industry’s regional sales, income, and pricing analysis? In the CCUS Absorption market, who are the distributors, traders, and resellers?
• What are the main geographic areas for various trades that are anticipated to have astounding expansion over the CCUS Absorption market?
• What are the main geographical areas for various industries that are anticipated to observe astounding expansion for CCUS Absorption market?
• What are the dominant revenue-generating regions for CCUS Absorption market, as well as regional growth trends?
• By the end of the forecast period, what will the market size and growth rate be?
• What are the main CCUS Absorption market trends that are influencing the market’s expansion?
• Which key product categories dominate CCUS Absorption market? What is CCUS Absorption market’s main applications?
• In the coming years, which CCUS Absorption market technology will dominate the market?