Carbon Capture, Utilization, and Storage Market Analysis
Explore In-Depth Carbon Capture, Utilization, and Storage Market Analysis, Covering Detailed Segmentation and Geographical Insights for the Period of 2019 to 2030
Report Code: 11531
Explore In-Depth Carbon Capture, Utilization, and Storage Market Analysis, Covering Detailed Segmentation and Geographical Insights for the Period of 2019 to 2030
The report offers analysis of these technologies:
The below-mentioned end uses have been studied:
The following services are covered:
The North American carbon capture, utilization, and storage market accounts for the largest revenue share in 2024, of 40%, and it is expected to maintain its position during the forecast period as well. This is ascribed to the increasing demand for products and fuels with a lower CO2 footprint and the surging integration of CCUS projects with planned liquified natural gas projects in the region. Also, public and private organizations are investing in the development and commercialization of technologies that capture carbon from flue gas streams, which, in turn, is supporting the growth of the market.
In the region, the U.S. accounts for a larger market share because of the national government incentives along with regulations for CCUS projects. The government offers incentives through the 45Q tax credit, which provides USD 36 per ton of carbon dioxide retained in geological reservoirs or USD 24 per ton of carbon dioxide used in EOR for other purposes. Moreover, the country has 12 commercial facilities, which capture around 20 million tonnes of CO2 per year.
Similarly, the increasing capital investments in CCUS projects are been the major driving force for the market in Canada. Moreover, the Canadian Budget 2021 proposed a tax credit for capital invested in these projects, with the goal of lowering CO2 emissions by at least 15 million tonnes per year. Eligible direct air capture (DAC) projects can avail of a 60% credit, while non-DAC projects are eligible for 50% credit.
In addition, Europe is the second-largest market, globally. It has around 35% of the total projects in development worldwide. In fact, the U.K. has planned to establish four CCUS industrial clusters by 2030, capturing 10 Mt of CO2 per year, and announced an infrastructure fund of USD 1.23 billion. Moreover, Norway is committed to USD 1.8 billion to the Longship project, which includes the Northern Lights offshore storage hub; while the Netherlands dedicated USD 2.11 billion to the Porthos CCUS hub at the Port of Rotterdam.
The APAC market is expected to witness the fastest growth during the forecast period, with 25.0% CAGR. This is because the majority of new projects are emerging in developing countries, where emissions are high. Moreover, the region has suitable geology for carbon sequestration, adding advantages for companies to set up their projects in APAC.
China is targeting to achieve carbon neutrality before 2060, and the government is framing policies for the same, resulting in the setup of CCUS plants in the country. The Ministry of Ecology and Environment (MEE) has announced its support for CCUS pilot and demonstration projects in free-trade zones.
The regions and countries included in the report are as follows:
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