Carbon capture, utilization, and storage is the process of capturing carbon dioxide from fuel combustion or industrial processes, the transport of this CO2 via ship or pipeline, and either its use as a resource to create valuable products or services or its permanent storage deep underground in geological formations. CCUS technologies also provide the foundation for carbon removal or "negative emissions" when the CO2 comes from bio-based processes or directly from the atmosphere. The global demand for carbon capture, utilization, and storage market is primarily driven by growing focus on reducing CO2 emissions, supporting government initiatives and increasing demand for CO2-EOR techniques. Rapid industrialization across the globe has led to surge in emission of carbon dioxide.
MARKET SCOPE
The "Global Carbon Capture Utilization and Storage Market Analysis to 2028" is a specialized and in-depth study of the Carbon capture, utilization, and storage market with a special focus on the global market trend analysis. The report aims to provide an overview of Carbon capture, utilization, and storage market with detailed market segmentation by service, end-user and geography. The global Carbon capture, utilization, and storage market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Carbon capture, utilization, and storage market players and offers key trends and opportunities in the Carbon capture, utilization, and storage market.
MARKET SEGMENTATION
- The global Carbon capture, utilization, and storage market is segmented on the basis of service, and end user.
- On the basis of service, the market is segmented as capture, transportation, storage, utilization.
- On the basis of end-user the market is segmented into power generations, natural gas, hydrogen, fertilizer, and oil refining.
MARKET DYNAMICS
Drivers:
- Growing focus on reducing CO2 emissions to augment the market growth.
- Increasing demand for CO2 - EOR techniques to propel the market growth.
- High cost to restrain the market growth.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Carbon capture, utilization, and storage market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Carbon capture, utilization, and storage market in these regions.
IMPACT OF COVID-19 ON CARBON CAPTURE, UTILIZATION, AND STORAGE MARKET
The carbon capture, utilization, and storage market is expected to witness a decline in market in 2020 due to the COVID-19 pandemic. This deadly virus has adversely affected the entire globe, especially the North America and European regions. To prevent the further spread of this virus, companies have shut down their operations and manufacturing facilities and government restricted the construction activities. This has led to a reduction in the consumption of carbon capture, utilization, and storage across end-use industries. COVID-19 and pre-existing regulatory issues such as protracted permitting procedures have slowed down the production of end-use industries, reducing the demand for carbon capture, utilization, and storage. However, the demand for carbon capture, utilization, and storage is expected to recover in 2021. China was the first country affected by COVID-19, disrupting the global carbon capture, utilization, and storage supply chain and resulting in reduced manufacturing activities across several end-use industries. However, various end-use industries have resumed manufacturing activities and are soon expected to recover from the impact, resulting in the rise in demand for carbon capture, utilization market.
MARKET PLAYERS
The report covers key developments in the Carbon capture, utilization, and storage market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Carbon capture, utilization, and storage market market are anticipated to lucrative growth opportunities in the future with the rising demand for Carbon capture, utilization, and storage market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Carbon capture, utilization, and storage market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Halliburton
- Aker Solutions
- Royal Dutch Shell Plc
- Linde Plc
- Exxon Mobil Corporation
- Mitsubishi Heavy Industries Limited
- Fluor Corporation
- Honeywell International Inc.
- Schlumberger Limited
- JGC Holdings Corporation.