A new carbon capture utilization and storage (CCUS) industry report was published in Allied Market Research that forecasts the CCUS market will reach $7.0 billion by 2030, growing at a CAGR of 13.8% from 2021 to 2030. For comparison, it was valued at $1.9 billion in 2020. The report can be found here.
The analysis concludes that the CCUS market growth is driven by a rise in demand for CO2-EOR techniques and a growing focus from governments and companies globally on reducing CO2 emissions.
End-use market participants like oil and gas, power generation, iron and steel, chemical and petrochemical, cement, and others, are investing heavily in CCUS technologies to find new commercial avenues and decarbonize their product segments via investment, contracts, and new partnerships.
The carbon capture report examines the CCUS industry by service (capture, transportation, utilization, and storage), by technology (pre-combustion capture, oxy-fuel combustion capture, and post-combustion), by end-use industry (power generation, cement, iron and steel, petrochemicals, etc.), by region (North America, Europe, Asia-Pacific, and LAMEA).
It also looks into the effect Covid-19 had on the industry, and shares that the lockdowns had caused some delays for the upcoming projects, but that had a negligible effect on the growth of the CCUS market.
Another extensive carbon capture research called “Carbon Capture and Storage – Global Market Trajectory & Analytics” has been added to ResearchAndMarkets.com. The report projects that the global carbon capture and storage (CCS) industry will reach a revised size of $4.9 billion by 2026, growing at a CAGR of 9.9% over that period.
One of the segments of CCS – pre-combustion is expected to grow at a 10.1% CAGR to reach $4.1 billion by the end of 2026. For post-combustion, a revised 11.2% CAGR is seen for the next 7-year period, taking into account the business implications of the pandemic and its induced economic crisis. The post-combustion segment currently accounts for an 11.3% share of the global carbon capture and storage market.
It also calculates the growth of the industry by countries like the US and China. The US CCS market is estimated to reach $1 billion in 2021, and the China market is forecasted at $482 million by 2026. In Germany, CCS is supposed to grow at approximately 8.6% CAGR while the rest of the European market – at $546.9 million by 2026.
Both reports convey the effect of the Covid-19 pandemic and give a comprehensive overview of the carbon capture growth for utilization and storage.