CCUS Technology Faces Strong Market Growth Worldwide

The global carbon capture, utilization, and storage (CCUS) expected to reach $5.2 billion by 2026 at 15.0% CAGR.

April 05, 2022

WELLESLEY, Mass., April 05, 2022 – The global focus on reducing the carbon footprint has shot carbon capture, utilization, and storage (CCUS) technologies into the spotlight. According to BCC Research’s in-depth Carbon Capture, Utilization & Storage Technologies Report, robust growth is expected in the global CCUS technologies market.

• The global carbon capture, utilization, and storage (CCUS) is forecast to reach $5.2 billion by 2026 from $2.6 billion in 2021 at a compound annual growth rate (CAGR) of 15.0% for the period of 2021 to 2026.

• This figure represents a combined market value and volume for Asia-Pacific, Europe, LAMEA, and North America. The major countries with the largest carbon capture capacities include the U.S., China, Canada, the U.K., and Australia. 

• To address the decarbonization challenge in support of sustainable and competitive industries, a portfolio of technologies and approaches is needed. In this sustainable transformation, CCUS is expected to play a critical role as a cost-effective solution.

• To support industrial transformation in line with climatic goals while maintaining competitiveness, an enhanced and tailored political response is required. Due to economies of scale, CO₂ transport and storage networks can be developed for industrial CCUS hubs, and investment in carbon capture facility can be facilitated. The adoption of CCUS and other lower-carbon industrial processes can also be accelerated by establishing markets for premium lower-carbon products such as cement, steel, and chemical products through public and private procurement.

The outbreak of COVID-19 in 2020 and following mandatory lockdowns in various countries afterward affected the overall CCUS market by obstructing the operations of power plants, natural gas processing plants, and other carbon-emitting industries. During the pandemic, global carbon emissions dropped by 5-6%, but with the emissions rapidly rising again, the mission continues strong.

Along with the focus on reducing carbon dioxide emissions, the global CCUS market is driven by the increasing demand for CO2-EOR techniques worldwide. Expanding industrialization has contributed to increased carbon dioxide emissions. Countries such as the U.S., the Netherlands, China, and India, are establishing a large number of CCUS plants across various industries. However, factors such as the high cost of CCUS facility operation and implementation restrain the market to some extent. Nonetheless, “CCUS is regarded as a cost-effective solution for large-scale emission reductions for some industrial and fuel transformation processes.”

Explore the full report here, and for further information or to purchase the report, please contact us at james.dowd@bccresearch.com.

Carbon Capture, Utilization & Storage Technologies( EGY037F )
Publish Date: Mar 2022    

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