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Carbon Capture, Utilization, and Storage Market worth $7.7 billion by 2026


(IT-NEWSWIRE.COM, September 20, 2022 ) According to a research report "Carbon Capture Utilization and Storage Market by Service (Capture, Transportation, Storage, Utilization), End-Use Industry (Natural Gas, Power Generation, Hydrogen, Fertilizers, Oil Refining) and Region - Global Forecast to 2026" published by MarketsandMarkets, the carbon capture, utilization, and storage market size is projected to reach USD 7.7 billion by 2026, at a CAGR of 29.8%, during the forecast period.

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The carbon capture, utilization, and storage are used in a number of end-use industries such as natural gas, power generation, hydrogen, fertilizers, oil refining, and others, which helps the market to grow rapidly. In addition to this, the growth of the carbon capture, utilization, and storage market is driven by the increasing adoption of CCUS technology and various large-scale projects like the Petra Nova Carbon Capture Project and Boundary Dam CCS Project.

However, the outbreak of COVID-19 has created ripples in various end-use industries, leading to reduced demand for carbon capture, utilization, and storage. Due to the lockdown scenario in Europe and North America, the demand for carbon capture, utilization, and storage from hydrogen, oil refining, fertilizers, etc declined sharply in the first quarter of 2020.

Capture service segment to have the largest market share in the carbon capture, utilization, and storage market during the forecast period.

Capture service is the most important service in the carbon capture, utilization, and storage market and holds the largest market share, by service, in the market. Capture is the first stage of the carbon capture, utilization, and storage process. The carbon is separated either precombustion or post-combustion. The separated CO2 is brought to a high purity state and is dehydrated to make it ready for transportation. Usually, the carbon capture, utilization, and storage plant are installed on high emission sources like power plants, natural gas processing industry, and cement industries. The cost of capturing CO2 is heavily dependent on technical, economic, and financial factors associated with the design and operation of the production process and CO2 capture technology.

Power Generation is predicted to register the largest share in the global carbon capture, utilization, and storage market during the forecast period, in terms of value.

Power generation is the fastest growing industry for carbon capture, utilization, and storage adoption. The power generation industry is growing at the fastest rate in North America due to multiple projects that are yet to be completed. The UK is also actively investing in carbon capture, utilization, and storage projects in the power generation industry.

Browse in-depth TOC on "Carbon Capture Utilization and Storage Market”
119 - Market Data Tables
61 - Figures
191 - Pages

Don't miss out on business opportunities in Carbon Capture, Utilization, and Storage Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow.

North America region to account for the largest market share in the carbon capture, utilization, and storage market during the forecast period.

North America was the largest carbon capture, utilization, and storage market, in terms of value, in 2020. The carbon capture, utilization, and storage market in North America is expected to be driven by rising environmental concerns in the region. The US Supreme Court proposed a carbon trading scheme, the US Clean Power Plan, in February 2016. This scheme aims at curbing carbon pollution from power plants in the US. Canada, especially Western Canada, is dependent on fossil fuel industries. Furthermore, high economic growth, and large-scale carbon capture, utilization, and storage projects are some of the key factors driving the carbon capture, utilization, and storage market in North America.

The key players in the market include Fluor Corporation (US), ExxonMobil Corporation (US), Linde plc (UK), Royal Dutch Shell Plc (Netherlands), Mitsubishi Heavy Industries, Ltd (Japan), JGC Holdings Corporation (Japan), Schlumberger Limited (US), Aker Solutions (Norway), Honeywell International Inc. (US), Equinor ASA (Norway), TotalEnergies SE (France), Hitachi, Ltd (Japan), Siemens AG (Germany), General Electric (US), and Halliburton (US). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the carbon capture, utilization, and storage market.

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.


Mr. Aashish Mehra


Source: EmailWire.Com


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