Science and Technology

Carbon Capture Technologies Surge as Global Demand for CO2-EOR Accelerates

PORTLAND, Ore., April 5, 2024 /PRNewswire/ -- In an era of diminishing natural resources and growing environmental concerns, the Carbon Capture, Utilization, and Storage (CCUS) industry is witnessing a substantial upward trajectory. Allied Market Research has released a comprehensive analysis of the market, highlighting groundbreaking trends and projections. Entitled "Carbon Capture, Utilization, and Storage (CCUS) Market by Service (Capture, Transportation, Utilization, and Storage), Technology (Pre-Combustion Capture, Oxy-Fuel Combustion Capture, and Post-Combustion Capture), and Application (Oil and Gas, Power Generation, Iron and Steel, Chemical and Petrochemical, Cement, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032", the report reveals that the market, valued at a robust $3 billion in 2022, is anticipated to burgeon to an impressive $10.3 billion by 2032. With a projected CAGR of 13.3% from 2023 to 2032, the industry shows no signs of slowing down.

Market Growth Catalysts and Financial Forecast

Driving factors like accentuated efforts to curb CO2 emissions, propelling government policies geared toward a zero-carbon future, and burgeoning demand for CO2-EOR techniques have significantly contributed to market expansion. However, issues such as the elevated costs of carbon capture and volatility in crude oil prices pose challenges to unbridled growth. That said, bolstered government backing and a considerable number of developing projects, particularly in the Asia-Pacific region, are poised to furnish fresh avenues for market advancement.

In-Depth Report Analysis

This rigorously constituted 210-page report delineates the forecast period of 2023-2032 with 2022 as the base year. Accounting for a $3 billion valuation in 2022, the market is estimated to ascend to the formidable figure of $10.3 billion by 2032, expanding at a consistent CAGR of 13.3%. The report is structured to cover various market segments: by service, by technology, and by application. An incisive review of forces propelling growth, restraints, and potentials is provided to offer stakeholders an encompassing understanding of market dynamics.

Technological Innovations: The Rise of Pre-Combustion Capture

The post-combustion capture segment notably dominated the market stake in 2022, constituting over two-fifths of market revenue—credited to its vital role in reducing industrial CO2 emissions. Despite its dominance, pre-combustion capture technology is forecasted to experience the fastest growth rate, registering a CAGR of 13.8%. Its superiority in efficiency over post-combustion technology, particularly in removing CO2 from diluted flue gases, makes it a highly promising area for future development.

Application Spectrum: Oil and Gas Sector Takes the Lead

Within the application domain, the oil and gas sector held a commanding share of the market in 2022, spearheading over half of the revenue. The implementation of CCUS technology in this sector significantly curtails CO2 emissions and promotes the adoption of EOR techniques. This trend is expected to continue unabatedly to 2032. Conversely, other sectors, influenced by stringent carbon emission laws, are predicted to chart a CAGR of 14.4%, highlighting the wide-reaching implications of CCUS technology.

Segment Mastery: Capture Services to Prevail

In 2022, the capture segment was preeminent, holding more than two-thirds of the market revenue. Widespread industrial complexes with substantial CO2 emissions are fueling the demand for capture services, driven largely by strict emission regulations. Meanwhile, the storage segment is projected to undergo the highest growth rate, boasting a CAGR of 14.5%. This surge is attributed to the rising need for CO2 storage solutions in a wide array of industries.

Regional Domination: North America at the Forefront

Geographically, North America led the pack in 2022, with over two-fifths of market revenue attributed to its extensive industrial base and heightened awareness of carbon emissions. This region is expected to maintain its dominance through to 2032. Meanwhile, the Asia-Pacific region, home to highly populous countries with abundant polluting industries, is poised to exhibit the highest CAGR of 13.9% within the same period.

Major Industry Players

Dominant market players include Royal Dutch Shell PLC, Fluor Corporation, Mitsubishi Heavy Industries, Ltd., Linde Plc, Exxon Mobil Corporation, JGC Holdings Corporation, Schlumberger Limited, Aker Solutions, Honeywell International Inc., and Halliburton Company. These players are at the vanguard of the industry, implementing tactics such as product launches, collaborations, expansions, joint ventures, agreements, and more to solidify market presence and drive innovation.

To further substantiate market insights, the report comprises a meticulous compilation of data tables, charts, and exhibits. Players and investors can gain a panoramic view of market performance and strategic developments. Allied Market Research's CEO, Pawan Kumar, is pivotal in instigating high-quality data integrity, ensuring the company aids its clientele in strategic decision-making and lasting market growth.

Expanding Horizons: Interconnected Reports

Allied Market Research delves deeper into related domains with reports like the Carbon Credit Trading Platform Market, Carbon Credits Market, and Decarbonised Fuel Market, all promising a detailed exploration with forecasts up to 2032. These reports present a finely structured analysis aimed at offering stakeholders a competitive advantage in the dynamic energy and power industry landscape.

Allied Market Research: A Beacon of Insight

Established in Wilmington, Delaware, Allied Market Research is renowned for its high-caliber "Market Research Reports" and "Business Intelligence Solutions". Catering to enterprises of all scales, AMR is dedicated to providing profound business insights and aiding clients in their strategic intentions. The essence of AMR is encapsulated by the discerning leadership of its CEO, Pawan Kumar, and the company’s commitment to extracting precise data through principal interviews with industry figureheads and a robust secondary data collection methodology.

Connecting With Allied Market Research

Reaching out to Allied Market Research is seamless. Interested parties can interact with David Correa, and all necessary contact details such as telephone, fax, and email information are readily available. Furthermore, interested individuals are encouraged to explore the wealth of knowledge on the AMR website and stay updated on the latest trends and insights through social media platforms like Facebook, LinkedIn, and YouTube.

For those eager to plunge into the full breadth of the Carbon Capture, Utilization, and Storage (CCUS) Market landscape, these resources and expert analyses offer an indispensable toolkit. Allied Market Research stands as a pillar of support for businesses striving for data-driven success in a world where strategic knowledge is the keystone of power.

Allied Market Research's carbon capture, utilization, and storage market report is a vital asset that underpins the vibrant future of the CCUS industry. With a detailed examination of current trends, forecasts, and strategic actions of market players, this report uncloaks the manifold opportunities that the future holds.

You can access the full report, including 210 pages of comprehensive insights, graphical representations, and data tables, by visiting Allied Market Research.

For industry professionals and enthusiasts alike, this news article serves as a gateway to understanding the vast potential of the carbon capture, utilization, and storage market. As global efforts to mitigate climate change intensify, the technologies and applications highlighted within this field stand at the forefront of a greener, more sustainable future.

Download the PDF brochure and delve into the crux of CCUS market dynamics at Allied Market Research, or make an informed purchasing decision by probing into the extensive research at Allied Market Research.

Furthermore, for those on a quest for deeper insights, the impressive array of reports available on decarbonisation and carbon credit marketplace can be found at the following links:

• Carbon Credit Trading Platform Market
• Carbon Credits Market
• Decarbonised Fuel Market

To support the unfolding narrative of carbon capture technologies and to showcase the commitment of the industry's leading players, the AMR logo encapsulates the organization's identity and purpose, accessible here: Allied Market Research Logo.

This comprehensive news article presents an immersive exploration of the transformative CCUS market, offering rich, actionable insights. Another step towards bridging the gap between innovation and industry, this report by Allied Market Research signifies a monumental shift towards a more conscientious, carbon-neutral future promised by the rapid growth of the CCUS market.

SOURCE: Allied Market Research

For further information and updates on the burgeoning world of CCUS technologies, maintain your connection with Allied Market Research through their extensive network and authoritative presence in market intelligence.

In conclusion, the CCUS market report by Allied Market Research, with its exhaustive breadth of content and depth of analysis, stands as an indispensable compass for navigating the complex and evolving landscapes of carbon capture, utilization, and storage technologies. It's an essential touchstone for any entity aiming to be at the pinnacle of the energy and power industry.