Carbon Capture, Utilization, and Storage (CCUS) Market By Process (Carbon Capture, Carbon Utilization, Carbon Storage, Transportation), By Service (Feasibility Studies, Design & Deployment, CO2 Transportation, MRV), By End-use (Oil & Gas, Power Generation, Iron & Steel, Chemical & Fertilizer), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Carbon Capture, Utilization, and Storage (CCUS) Market was valued at USD 3.3 billion in 2023-e and will surpass USD 13.4 billion by 2030; growing at a CAGR of 22.1% during 2024 - 2030.

The global Carbon Capture, Utilization, and Storage (CCUS) market is gaining significant momentum as countries and industries worldwide intensify efforts to combat climate change and reduce carbon emissions. CCUS technologies are considered crucial in mitigating greenhouse gas emissions from industries that are hard to decarbonize, such as power generation, cement, steel, and chemical industries. These technologies allow for the capture of carbon dioxide (CO₂) emissions produced during industrial processes, which can then either be stored underground or utilized in various industrial applications.

The CCUS market is expected to experience substantial growth from 2024 to 2030, driven by increasing environmental regulations, the rising adoption of sustainable practices across industries, and the need for energy transition strategies. Governments and organizations are committing to achieving net-zero emissions, and CCUS is expected to play a pivotal role in meeting these ambitious targets. The market's expansion is also fueled by advancements in technology, as well as financial investments in research and development to improve the efficiency and cost-effectiveness of CCUS solutions.

CO2 Capture Segment is Largest Owing to High Demand for Emission Reduction Technologies

The CO2 capture segment dominates the global CCUS market due to the growing demand for effective and scalable technologies to capture carbon emissions. This process involves the removal of CO₂ from industrial emissions before they enter the atmosphere. The most common CO2 capture methods include post-combustion, pre-combustion, and oxy-fuel combustion. Among these, post-combustion capture is widely used in power plants and large industrial facilities, which is one of the largest sectors contributing to the adoption of CCUS.

CO2 capture is pivotal in achieving substantial reductions in global carbon emissions, especially from industries that are difficult to decarbonize through other means. As a result, the demand for carbon capture technologies is projected to remain high. In particular, power generation plants, which are significant CO₂ emitters, are expected to continue investing heavily in CO2 capture technologies to meet stricter environmental regulations and sustainability goals. This segment is expected to maintain its dominance throughout the forecast period, supported by governmental incentives, regulations, and growing investments in low-carbon technologies.

CO2 Utilization Segment is Fastest Growing Owing to Emerging Commercial Applications

The CO2 utilization segment is the fastest-growing segment in the CCUS market, driven by the increasing interest in innovative applications for captured carbon dioxide. This process involves converting CO₂ into valuable products, such as chemicals, fuels, and building materials. One of the most promising applications of CO₂ utilization is its conversion into synthetic fuels, which can help decarbonize the transportation sector. Additionally, CO₂ is being used in the production of building materials like concrete and in various industrial processes.

Advancements in technologies that enable the efficient conversion of CO₂ into commercially viable products are accelerating the growth of this segment. Government initiatives that support green technologies, along with increasing corporate investments, are encouraging the adoption of CO2 utilization processes. Furthermore, the demand for sustainable and circular economy solutions is fueling the expansion of the CO2 utilization market. As these technologies become more mature, their economic viability will improve, driving significant market growth through 2030.

CO2 Storage Segment is Largest Owing to Robust Infrastructure and Regulatory Support

The CO2 storage segment remains one of the largest components of the CCUS market, owing to the need for secure and long-term storage of captured carbon dioxide. CO₂ storage primarily involves injecting captured carbon dioxide into geological formations, such as deep saline aquifers, depleted oil and gas reservoirs, and unmineable coal seams. This segment benefits from robust infrastructure and the development of large-scale storage sites, particularly in regions with suitable geological formations.

Government policies and regulatory frameworks that support the development of CO2 storage facilities are also critical to the growth of this segment. For example, in regions such as North America and Europe, strong regulatory backing and financial incentives are facilitating the expansion of CO2 storage capacity. Additionally, the global commitment to achieving net-zero emissions by mid-century underscores the importance of effective CO₂ storage solutions in mitigating climate change. As a result, the CO2 storage segment will continue to expand, supported by large-scale infrastructure projects and technological advancements.

North America Region is Largest Owing to Strong Policy Support and Mature Infrastructure

North America is the largest region in the global CCUS market, driven by robust policy support, mature infrastructure, and significant investments in carbon capture technologies. The United States is at the forefront of CCUS development, with numerous large-scale projects underway in power plants, industrial facilities, and oil & gas operations. Government initiatives, such as the 45Q tax credit in the U.S., are playing a pivotal role in encouraging investment in CCUS technologies. These policies provide financial incentives for companies to adopt carbon capture, utilization, and storage solutions, thereby accelerating market growth in the region.

Additionally, North America's significant oil and gas industry is a major contributor to the market, with many companies exploring CO2-enhanced oil recovery (EOR) methods. The region is also home to several leading CCUS technology providers, making it a key hub for innovation and commercial deployment. As a result, North America is expected to maintain its leadership in the CCUS market throughout the forecast period, with continued growth driven by government policies, industrial investments, and environmental awareness.

Asia-Pacific Region is Fastest Growing Owing to Rising Industrialization and Environmental Regulations

The Asia-Pacific (APAC) region is expected to be the fastest-growing market for CCUS during the forecast period, driven by rapid industrialization, increasing energy demands, and rising environmental concerns. Countries like China, India, Japan, and South Korea are focusing on implementing CCUS technologies to mitigate emissions from heavy industries, including coal-fired power plants, steel production, and cement manufacturing. As these nations continue to industrialize, their demand for clean energy and sustainable technologies is increasing.

In addition, governments in APAC are starting to introduce policies and incentives to reduce carbon emissions, such as carbon pricing mechanisms and renewable energy targets. These regulations are expected to stimulate the growth of the CCUS market in the region, particularly in countries that are major carbon emitters. As industrialization progresses, APAC’s market for CCUS technologies is projected to expand rapidly, with a growing number of large-scale projects expected to be initiated in the coming years.

Competitive Landscape and Leading Companies

The CCUS market is highly competitive, with key players including Shell, ExxonMobil, Chevron, TotalEnergies, BP, Occidental Petroleum, Aker Solutions, Linde, and Carbon Clean Solutions, among others. These companies are actively engaged in the development and deployment of CCUS technologies, with a strong focus on scaling up operations and improving the efficiency of carbon capture and storage processes. Additionally, many of these firms are forming strategic partnerships and collaborations to leverage technological advancements and expand their market reach.

The market is also witnessing a significant increase in the number of startups and smaller companies focused on developing innovative CCUS solutions. With growing investments in research and development, companies are working to improve the cost-effectiveness and commercial viability of CCUS technologies, which will be critical to achieving the global carbon reduction targets. As the market evolves, the competitive landscape is expected to become more dynamic, with increased collaborations, technological innovations, and the emergence of new players in the CCUS sector.

Report Objectives

The report will help you answer some of the most critical questions in the Carbon Capture, Utilization, and Storage (CCUS) Market. A few of them are as follows:

1. What are the key drivers, restraints, opportunities, and challenges influencing the market growth?
2. What are the prevailing technology trends in the Carbon Capture, Utilization, and Storage (CCUS) market?
3. What is the size of the Carbon Capture, Utilization, and Storage (CCUS) Market based on segments, sub-segments, and regions?
4. What is the size of different market segments across key regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa?
5. What are the market opportunities for stakeholders after analyzing key market trends?
6. Who are the leading market players and what are their market share and core competencies?
7. What is the degree of competition in the market and what are the key growth strategies adopted by leading players?
8. What is the competitive landscape of the market, including market share analysis, revenue analysis, and a ranking of key players?

Report Scope: