Carbon Capture, Utilization and Storage Market Size Worth $22.16 Billion By 2032 | CAGR: 22.9%

The global Carbon Capture, Utilization and Storage market size is expected to reach USD 22.16 billion by 2032, according to a new study by Polaris Market Research. The report “Carbon Capture, Utilization and Storage Market Share, Size, Trends, Industry Analysis Report, By Technology (Chemical Looping, Solvents & Sorbent, and Membranes); By Service; By End-Use; By Region; Segment Forecast, 2024- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The carbon capture, utilization, and storage market growth is predicted due to the financial rewards that come with it. Market Players that use carbon capture to produce CO2 find it challenging to compete in the market because the process is more expensive than conventional production. But one of the main factors creating new, profitable prospects for carbon capture and utilization is the rising cost of carbon. Businesses that use sustainable processes and goods have easier access to a wider range of funding sources. Companies that are employing carbon capture, utilization, and storage technology as leverage have the extra money to invest in R&D and innovation since carbon pricing has a more and greater negative influence on these businesses and plants' profitability.

The COVID-19 pandemic has profoundly impacted the carbon capture, utilization, and storage market. The outbreak of the pandemic has impacted the market in a negative sense and has resulted in financial crises for industries all over the globe. This factor of the pandemic has caused the shrinkage of investment in the carbon capture storage market, which leads to the delayed deployment of capital for the expansion of market development on a large scale to reduce carbon emissions.

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Power plants and industrial facilities are financially viable, and carbon capture technology development must continue. The development of next-generation CO2 capture systems is attracting increasing expenditures in R&D and demonstration activities. These technologies tackle three key problems such as lowering the influence of CO2 capture on the capacity of power plants, increasing the CO2 capture technologies, cost-effectiveness, and scaling up innovative carbon capture innovations to the necessary level for power plant full-scale development. Many technology companies are making significant investments and striving to bring the cost of carbon collecting down to less than USD 30 for a million tons of CO2.

Carbon Capture, Utilization and Storage   Market Report Highlights

• The chemical looping segment dominated the market in 2023, driven by the affordable cost for separation of CO2 from other various elements.
• The capture segment hold the largest share of the market in 2023 due to the 150 initiatives have been focusing on capture and storage of CO2.
• North America holds a significant revenue share in the global Carbon Capture, Utilization and Storage market, driven by government policies in favor of providing incentives and tax benefits.
• The global key market players include Royal Dutch Shell, Fluor Corporation, Mitsubishi Heavy Industries, Ltd, Exxon Mobil Corporation, Linde Plc, JGC Holdings, Schlumberger Ltd, Aker Solutions and Equinor ASA.

Polaris Market Research has segmented the carbon capture, utilization and storage market report based on technology, service, end-use and region:

Carbon Capture, Utilization and Storage, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

• Chemical Looping
• Solvents & Sorbent
• Membranes

Carbon Capture, Utilization and Storage, Service Outlook (Revenue - USD Billion, 2019 - 2032)

• Capture
• Transportation
• Utilization
• Storage

Carbon Capture, Utilization and Storage, End-use Outlook (Revenue - USD Billion, 2019 - 2032)

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

Carbon Capture, Utilization and Storage, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of Asia Pacific

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa

Carbon Capture, Utilization and Storage Market Report Scope