Carbon Capture Utilization and Storage Market is predicted to reach USD 7,989.08 million at a CAGR of 16.6% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Carbon Capture Utilization and Storage Market”.

The global carbon capture utilization and storage market is estimated to register a CAGR of 16.06% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global carbon capture utilization and storage market — Exxon Mobil Corporation, General Electric, Halliburton, Aker Solutions, Linde AG, Shell CANASOLV, Equinor ASA, Suzler Ltd., Saipem, Flour Corporation and others.

Carbon Capture Utilization Storage Market Highlights

The global carbon capture utilization and storage market is accounted for to register a CAGR of 16.06 % during the forecast period and is estimated to reach USD 7,989.08 million by 2030.

The global market for carbon capture, utilization, and storage is expanding as a result of the increased use of technology in oil and gas development activities. By using a variety of techniques, carbon capture, utilization, and storage prevent CO2 from being released into the atmosphere. The primary cause of CO2 emissions worldwide is the production of electricity using fossil fuels and natural gas. 

By using carbon capture, utilization, and storage, greenhouse gases can be kept out of the atmosphere. Therefore, the adoption of carbon capture, utilization, and storage to minimize emissions is rising as a result of increased worries about climate change. The necessity for enhanced oil recovery techniques of EOR in gas injections for both onshore and offshore activities would be increased by technological developments in this field. 

These elements will encourage this market's expansion in the upcoming years. In many different industries, including food and beverage, manufacturing, and metal production, CO2 is frequently employed. In the past, naturally existing reservoirs were where the majority of the CO2 utilized for EOR procedures was extracted. However, in situations where naturally existing reserves are not available, new technologies are being developed to manufacture CO2 from industrial applications, such as ethanol, fertilizer, hydrogen plants, and natural gas processing. 

Thermal recovery, gas injection, and chemical injection are examples of EOR approaches. The employment of CO2-EOR techniques aids in the production of 30–60% or more oil from reservoirs, the restoration of reservoir pressure, the reduction of viscosity and oil density, and the improvement of carbonate formations' permeability.

In addition, the growing need for CO2 brought on by its use in EOR processes and in the oil and gas industry will assist this market see new growth prospects in the years to come. On the other hand, rise in the number of CCUS projects in Asia Pacific is likely to provide a lucrative opportunity over the forecast duration for the market players involved.

Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Carbon Capture Utilization and Storage Trends

Segment Analysis

The global carbon capture utilization and storage market has been segmented based on technology, service and end user.

Based on technology, the market is segmented into pre-combustion, post-combustion and oxyfuel. The post-combustion segment attributed to holding the largest market share in 2022 with a market share of ~52% revenue as estimated by MRFR analysts.

Globally, pre-combustion CO2 capture using the AGR (water gas shift reaction and removal) technology is currently being used commercially. The benefit of employing this pressure-based capture technique is that it uses 20% less energy for 90% CO2 collection than existing PCC technology, which uses 30%. Further, we estimate that the market segment will continue to dominate market revenue growth during the forecast period. It has been identified that the segment market yet witnesses continuous advancement in technology, innovation and increasing application in the oil & gas industry.  

Based on service, the carbon capture utilization and storage market has segmented into capture, transport, storage and utilization. Capture segmented held the largest market share in 2022. On the other hand, the transport segment is projected to continue its dominance over the forecast duration.

Depending on the end user, the market has been segmented into oil & gas, power generation, chemical & petrochemical, iron & steel, and Others. Of them, oil & gas segment accounted for the largest share in the market in 2022 and expected to continue its dominance over the forecast duration.

Regional Analysis

The global carbon capture utilization and storage market, based on region, has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America consists of US, Mexico and Canada. The Europe market comprises of UK, Norway, Italy, Denmark, and the rest of Europe. The global carbon capture utilization and storage market in Asia-Pacific has been segmented into China, India, Australia, Indonesia, and the rest of Asia-Pacific. The Middle East & Africa market comprises of Saudi Arabia, UAE, South Africa, and rest of Middle East & Africa. While the South America market consists of Brazil, Argentina, and rest of South America.

In North America, the increasing demand from end-use industries in the area is blamed for this dominance. Due to the extensive development of carbon capture, utilization, and storage projects, the markets in the areas are predicted to increase rapidly in contrast to other regions. In addition, North American market is driven due to the legislative and regulatory environment, which emphasizes CCUS integration in the oil and gas sector at the federal, state, and provincial levels.

According to estimates, the ambitious goal set by the European Union to reduce greenhouse gases by at least 40% by 2030 would have a significant impact on the size of the carbon capture, utilization, and storage market in the Europe region. Decarbonizing the electrical grid, industrial processes like the oil and gas industry, and other sectors is a key growth driver. Currently, Norway has two sizable CCUS projects running that capture CO2 emissions from the natural gas processing industry. 

A robust gateway for the adoption of carbon capture, utilization, and storage has been provided by ongoing and prospective projects in the Asia Pacific region. Early adopters of carbon capture, utilization, and storage in the region include China and Australia. Companies involved in the carbon capture, use, and storage ecosystem should benefit greatly from the present pipeline of carbon capture and storage projects in these nations. South Korea and India work on implementing carbon capture, utilization, and storage in addition to Australia and China.

Key Findings of the Study

• The global carbon capture utilization and storage market is expected to reach USD 7,989.08 million by 2030, at a CAGR of 16.06% during the forecast period.


• The North America region accounted for the fastest-growing global market, owing to the presence of emerging nations with growing end use applications and factors such as increasing populations.


• Based on technology, the post-combustion market segment was attributed to holding the largest market in 2022, with an approximate market share of 57%.


• Exxon Mobil Corporation, General Electric, Halliburton, Aker Solutions, Linde AG, Shell CANASOLV, Equinor ASA, Suzler Ltd. are the key market players.