Artificial Intelligence
Carbon Capture, Utilization, And Storage Global Market to Reach $6.78 Billion by 2031
Dublin, Nov. 08, 2022 (GLOBE NEWSWIRE) — The “Carbon Capture, Utilization, And Storage Global Market Opportunities And Strategies To 2031” report has been added to ResearchAndMarkets.com’s offering.
The carbon capture, utilization, and storage market reached a value of nearly $2,006.9 million in 2021, having grown at a compound annual growth rate (CAGR) of 4.7% since 2016. The market is expected to grow from $2,006.9 million in 2021 to $3,550.1 million in 2026 at a rate of 12.1%. The market is then expected to grow at a CAGR of 13.8% from 2026 and reach $6,789.5 million in 2031.
Growth in the historic period resulted from the strong economic growth in emerging markets, increase in focus on reducing carbon dioxide (CO2) emissions, increased demand from the medical industry and increase in demand for energy consumption
Going forward, with carbon capture providing financially lucrative opportunities, supportive government initiatives, increase in investments, growing demand from the oil and gas industry and implementation of COP26 to limit global warming will drive the growth. Factors that could hinder the growth of the carbon capture, utilization, and storage market in the future include high capital cost and the Russian-Ukrainian war.
The carbon capture, utilization, and storage market is segmented by technology into pre-combustion, post combustion, and oxy-fuel combustion. The post combustion market was the largest segment of the carbon capture, utilization, and storage market segmented by technology, accounting for 53.8% of the total in 2021. Going forward, the oxy-fuel combustion market is expected to be the fastest growing segment in the carbon capture, utilization, and storage market segmented by technology, at a CAGR of 53.8% during 2021-2026.
North America was the largest region in the carbon capture, utilization, and storage market, accounting for 34.3% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the carbon capture, utilization, and storage market will be Asia Pacific, and, Middle East where growth will be at CAGRs of 15.0% and 13.8% respectively. These will be followed by Africa, and, South America where the markets are expected to grow at CAGRs of 13.7% and 12.1% respectively.
The global carbon capture, utilization, and storage market is fairly concentrated. The top ten competitors in the market made up to 35.59% of the total market in 2021. Major companies are focusing on investing in carbon capture, utilization, and storage projects to reduce carbon emissions. The increasing investments by governments and organizations are an emerging trend in the carbon capture, utilization, and storage market. Shell plc was the largest competitor with 15.02% share of the market, followed by Aker Solutions with 3.91%, Linde PLC with 3.84%, Fluor Corporation with 2.96%, Mitsubishi Heavy Industries, Ltd. with 2.88%, Equinor with 2.18%, Carbon Engineering Ltd. with 1.42%, Schlumberger Limited with 1.32%, Exxon Mobil Corporation with 1.09%, and JGC Holdings Corporation with 0.99%.
To take advantage of the opportunities, the publisher reccomends the carbon capture, utilization, and storage companies to focus on carbon dioxide supply to greenhouses, focus on direct air capture, focus on artificial intelligence (AI) in carbon reduction, expand in emerging markets, scale up through partnership and acquisition activity, provide competitively priced offerings, increase carbon pricing, government initiatives, use big data analytics to mitigate carbon emissions and targeting citizens to spread awareness.
Scope
Markets Covered:
- By Technology: Pre Combustion; Post Combustion; Oxy Fuel Combustion
- By Services: Capture; Transportation; Utilization; Storage
- By End-Use Industry: Oil & Gas; Power Generation; Iron and Steel; Chemical and Petrochemical; Cement; Other End-Use Industries.
Key Topics Covered:
1. Carbon Capture, Utilization, And Storage Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction
7. Carbon Capture, Utilization, And Storage Market Characteristics
8. Carbon Capture, Utilization, And Storage Market Trends And Strategies
9. Carbon Capture And Utilization
10. Impact Of COVID-19 On The Carbon Capture, Utilization, And Storage Market
11. Global Carbon Capture, Utilization, And Storage Market Size And Growth
12. Global Carbon Capture, Utilization, And Storage Market Segmentation
14. Asia-Pacific Carbon Capture, Utilization, And Storage Market
15. Western Europe Carbon Capture, Utilization, And Storage Market
16. Eastern Europe Carbon Capture, Utilization, And Storage Market
17. North America Carbon Capture, Utilization, And Storage Market
18. South America Carbon Capture, Utilization, And Storage Market
19. Middle East Carbon Capture, Utilization, And Storage Market
20. Africa Carbon Capture, Utilization, And Storage Market
21. Carbon Capture, Utilization, And Storage Market Competitive Landscape And Company Profiles
22. Key Mergers And Acquisitions In The Carbon Capture, Utilization, And Storage Market
23. Carbon Capture, Utilization, And Storage Market Opportunities And Strategies
24. Carbon Capture, Utilization, And Storage Market, Conclusions And Recommendations
25. Appendix
Companies Mentioned
- Shell plc
- Aker Solutions
- Linde PLC
- Fluor Corporation
- Mitsubishi Heavy Industries, Ltd
For more information about this report visit https://www.researchandmarkets.com/r/of8fmg
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