Overview
Global Carbon Capture, Utilization and Storage Market reached US$ 3.0 Billion in 2023 and is expected to reach US$ 16.5 Billion by 2031, growing with a CAGR of 24.0% during the forecast period 2024-2031.
Increasing public awareness regarding climate change concerns and the significance of CCUS in reducing CO2 emissions is fueling the demand for CCUS solutions. Stakeholder engagement, outreach within communities and educational campaigns are cultivating enhanced acceptance and backing for CCUS endeavors, thereby aiding market expansion.
Cooperation among governments, industries, research bodies and international entities is fostering the exchange of knowledge, transfer of technology and enhancement of capabilities within the CCUS sector. Global collaborations and initiatives are expediting the implementation of CCUS projects globally, thereby playing a role in market growth.
Internationally, multiple sectors including oil and gas, chemicals and power generation are substantial contributors to carbon emissions. Given the robust industrial presence in the area, there’s an increasing need for CCUS technology to comply with governmental environmental regulations and curb emissions. Gas reserves, deep geological formations, depleted oil and saltwater aquifers and other geological storage resources are used to store carbon dioxide (CO2). The availability of storage sites facilitates the deployment of CCUS projects globally.
North America holds a prominent position in the global carbon capture, utilization and storage market, primarily driven by increasing government initiatives aimed at reducing CO2 emissions. For example, the federal government has provided financial support to incentivize the advancement and adoption of technologies targeting the capture of carbon dioxide (CO2) emissions, thereby supporting efforts to decrease U.S. CO2 emissions. Currently, there are fifteen CCS facilities operational in United States, collectively capable of capturing 0.4%of the nation’s annual CO2 emissions. Furthermore, there are an additional 121 CCS facilities either under construction or in various stages of development.
Dynamics
Technological advancements in the Carbon Capture, Utilization and Storage
For the absorption of CO2 emissions advanced capture methods are being developed. Some of the most advanced methods are post-combustion capture, oxy-fuel combustion and pre-combustion capture. New products and uses are being developed as a result of the advancements in technologies for using collected CO2. Utilizing carbon entails turning collected CO2 into useful goods including fuels, chemicals, building supplies and consumer goods. Technological developments in chemical reactions, biotechnology and catalysts are broadening the scope of potential applications and opening up new markets and income streams for CO2 collection.
Technological innovations are making geological storage of CO2 safer and cost-effective. Advanced monitoring and verification techniques enable better characterization of storage sites and more accurate tracking of injected CO2, reducing the risks associated with potential leakage. Additionally, research is ongoing into alternative storage options such as mineralization and direct air capture with storage, which offer additional flexibility and scalability for CO2 storage. Growing approvals for these technologies helps to boost market growth over the forecast period. For instance, on June 23, 2023, The Rotoboost’s thermocatalytic decomposition (TCD) process for carbon capture received approval in principle (AiP) from Bureau Veritas Marine & Offshore. Rotoboost’s technology transforms natural gas into hydrogen and solid carbon utilizing a liquid catalyst. The produced hydrogen can serve as fuel for fuel cells or be utilized as a blend-in fuel for combustion engines or gas-fired boilers.
Growing Focus On Reducing CO2 Emissions Globally
As the adverse consequences of climate change become more widely recognised, governments, corporations and individuals are showing a growing dedication to reducing greenhouse gas emissions. The implementation of CCUS technology as a component of all-encompassing emission reduction strategies is made possible by this increased focus. Stricter rules and goals are being implemented by governments all over the world to reduce CO2 emissions. In order to meet emission reduction targets and stay out of trouble, industries are encouraged by the current regulatory environment to investigate and invest in CCUS technologies.
An increasing number of businesses are integrating sustainability objectives into their company plans in order to stay in line with investor requirements, customer preferences and legal requirements. By put CCUS technology into practice, businesses can show that they’re committed to lowering their carbon footprint and addressing climate change. Continuous developments in CCUS technology, such as enhanced capture efficiency, applications for utilization and storage capacities, make these solutions increasingly feasible and appealing to sectors looking to cut carbon emissions.
High cost of the Carbon Capture and Storage
For the purpose of to prevent carbon dioxide emissions from power stations or industrial operations from entering the environment, CCS systems are made to trap and store these emissions underground. High research, development and demonstration expenses are associated with the development and implementation of CCS technology. The expenses include designing and building capture facilities, transportation infrastructure for captured CO2 and storage facilities.
Operating and maintaining CCS facilities require ongoing expenditures, including energy for capture processes, monitoring equipment and periodic maintenance to ensure the integrity of storage sites. Compliance with regulatory requirements and obtaining permits for CCS projects adds to the overall cost. The includes meeting environmental standards for storage sites and ensuring the safety of transportation infrastructure.

Segment Analysis
The global carbon capture, utilization and storage market is segmented based on service, technology, end-user and region.
Growing Applications of Carbon Capture, Utilization and Storage for Payments Application
Based on the technology, the carbon capture, utilization and storage market is segmented into pre-combustion capture, oxy-fuel combustion capture and post-combustion capture. Pre-combustion capture technology has been in development and use for a longer time. It has been used in many industrial applications and has experienced major developments, especially in the integrated gasification combined cycle (IGCC) power plants and coal gasification.
The effectiveness with pre-combustion capture technology captures carbon dioxide (CO2) emissions is well known. It entails removing CO2 before it burns, usually during the reforming or gasification phases of fuel conversion. The enables a stream of CO2 that is more concentrated, which facilitates its collection and sequestration.
Growing product launches by the major key players helps to boost segment growth over the forecast period. For instance, on June 21, 2022, Johnson Matthey launched new Low Carbon Solutions offering to reduce syngas carbon emissions by up to 95%. JM is incorporating its well-established Advanced ReformingTM technologies with top pre-combustion CO2 capture providers to offer economical decarbonization solutions. CLEANPACE enables producers throughout the syngas value chain to upgrade current assets, leading to noteworthy and lasting reductions in carbon emissions.
Geographical Penetration
North America is Dominating the Carbon Capture, Utilization and Storage Market
Despite large investments in research and development, North America has led the way in CCUS technology developments. Due to the creation of cutting-edge CCUS technology and solutions, the sector is now a market leader globally. North Americas regulatory frameworks support the project in order to promote the usage of CCUS technology.
The growing government investments on the research and developments of carbon capture, utilization and storage helps to boost regional market growth over the forecast period. The U.S. Department of Energy (DOE) has a longstanding commitment to supporting research and development in Carbon Capture and Storage (CCS), currently through its Fossil Energy and Carbon Management Research, Development, Demonstration and Deployment program.
From fiscal year 2010 to fiscal year 2022, Congress allocated a total of US$ 9.2 billion in annual appropriations for FECM, with US$ 2.7 billion specifically earmarked for CCS-related budget items. Additionally, Congress allocated a supplemental appropriation of US$ 4.4 billion in 2022 dollars for CCS as part of the American Recovery and Reinvestment Act of 2009.
Competitive Landscape.
The major global players in the market include ExxonMobil Corporation, Schlumberger, Huaneng, Linde AG, Sulzer, Equinor, NRG, Aker Solutions, Mitsubishi Hitachi, Skyonic Corp.

COVID-19 Impact Analysis
Due to shortages of labor, supply chain delays and travel limitations, the COVID 19 epidemic has hampered the completion of CCUS projects around the globe. Project schedule delays have been noted when businesses and governments give priority to health and safety protocols and devote money to pandemic response initiatives. Investment in CCUS projects has decreased due to the pandemic’s economic uncertainty. Major key players in the market are reassessing their spending priorities in reaction to financial difficulties and market volatility and may postpone or cancel planned initiatives.
The pandemic has caused changes in policy and delays in the regulatory procedures related to the implementation of CCUS. The development and implementation of policies and incentives supporting CCUS initiatives have been postponed due to governments prioritizing urgent economic and public health concerns. Energy consumption has varied during the pandemic, with decreases noted in sectors such as manufacturing, transportation and aviation. Consequently, the economic justification for deploying CCUS has been affected by the reduced demand for carbon capture and storage technology in industries with lower emissions.
Russia-Ukraine War Impact Analysis
The Russia and Ukraine are major producers and suppliers of the materials used in CCUS technology, the war between the two nations has a negative impact on the global supply chain for CCUS equipment and components. It could have an impact on the deployment of CCUS projects globally by causing delays in project periods and possible shortages of essential components. Natural gas, which is frequently used as a feedstock for CCUS plants, is a major export from Russia. The availability and cost of feedstock for CCUS projects may be impacted by any disruptions to Russian natural gas supply brought on by the conflict, which have an effect on project viability and investment decisions.
Political instability brought on by the war between Russia and Ukraine cause market volatility and undermine investor trust in CCUS projects. The financing and advancement of CCUS efforts globally impacted by investors’ increased caution when funding projects situated in areas that are thought to be politically unstable. The disagreement has an impact on laws and rules pertaining to the investment and deployment of CCUS. In reaction to geopolitical concerns, governments give priority to domestic energy security and diversification plans, which might have an impact on the funding and incentives available for CCUS projects.
By Service


    • Capture
    • Transportation
    • Utilization
    • Storage


By Technology


  • • Pre-combustion capture
    • Oxy-fuel combustion capture
    • Post-combustion capture


By End-User


  • • Oil & gas
    • Power generation
    • Iron & steel
    • Chemical & petrochemical
    • Cement
    • Others


By Region


  • • North America


o U.S.
o Canada
o Mexico


  • • Europe


o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe


  • • South America


o Brazil
o Argentina
o Rest of South America


  • • Asia-Pacific


o China
o India
o Japan
o Australia
o Rest of Asia-Pacific


  • • Middle East and Africa


Key Developments


  • • On March 01, 2022, Niti Aayog launched carbon capture utilization and storage policy framework. As India progresses towards achieving net-zero emissions by 2070, the significance of Carbon Capture, Utilization and Storage (CCUS) is underscored as a crucial strategy for reducing carbon emissions in challenging sectors to accomplish decarbonization goals.
    • On January 30, 2023, Petronas and ExxonMobil collaborated together to pursue carbon capture and storage (CCS) activation projects in Malaysia. In the agreements finalized on Friday, both companies will outline the subsequent actions, including advancing the technical scopes for the CCS value chain, assessing designated fields for carbon dioxide storage, creating an appropriate commercial framework and devising an advocacy strategy to promote regulations and policy development for facilitating CCS projects.
    • On November 30, 2022, Niti Aayog launched carbon capture utilization and storage policy framework. Carbon Capture, Utilization and Storage (CCUS) technology, which aims to decarbonize carbon dioxide (CO2) emissions from industries with high pollution levels such as steel, cement, oil, gas, petrochemicals, chemicals and fertilizers, is crucial for the country to achieve a reduction of approximately 750 million metric tons per annum (mtpa) of carbon capture by the year 2050.


Why Purchase the Report?


  • • To visualize the global carbon capture, utilization and storage market segmentation based on service, technology, end-user and region, as well as understand key commercial assets and players.
    • Identify commercial opportunities by analyzing trends and co-development.
    • Excel data sheet with numerous data points of Carbon Capture, Utilization and Storage market-level with all segments.
    • PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
    • Product mapping available as excel consisting of key products of all the major players.


The global carbon capture, utilization and storage market report would provide approximately 74 tables, 60 figures and 217 Pages.
Target Audience 2024


  • • Manufacturers/ Buyers
    • Industry Investors/Investment Bankers
    • Research Professionals
    • Emerging Companies