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According to the latest report from Markets and Markets, the global carbon capture, utilization and storage (CCSU) market is expected to reach $1.
6 billion in 2020 and increase to $3.
5 billion by 2025, with a compound annual growth rate of 17%
during the period.
According to the report, this is due to the increasing use of CCSU systems in the oil and gas and power generation sectors to reduce harmful carbon emissions
.
Capture is the first step in the CCUS process and involves capturing CO2
from its emission source.
It can be applied to any large-scale emissions process, including coal-fired power plants; gas and oil production; and manufacturing industries such as cement, steel and steel
.
Carbon capture will hold the majority share
of the CCUS market during the forecast period.
Moreover, the high cost captured by power generation, steel, cement, and other industries is one of
the main reasons for the high market share in this segment.
In terms of application market, the oil and gas industry holds the largest market share in the global carbon capture, utilization and storage market
.
The use of enhanced oil recovery in the oil and gas industry is also driving the growth
of the oil and gas industry in the carbon capture, utilization and storage market.
COVID-19 has hardly had any impact on the market due to continued investments in the carbon capture and storage sector, which is also expected to grow
at a significant rate in 2020.
Currently, CCUS is widely used in natural gas processing plants and power plants
.
The operations of these plants have not been affected by the COVID-19 pandemic; Therefore, the lockdown caused by the pandemic has had little
impact on the CCUS market.
In terms of market segment, North America will hold the largest market share in the carbon capture, utilization, and storage market
.
North America is expected to be the largest carbon capture, utilization, and storage market
due to multiple large CCS facilities in the United States and Canada during the forecast period.
From the perspective of companies, oil and gas companies will be the major players in the global carbon capture, utilization and storage market during the forecast period, including Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries (Japan), Linde (UK), Hitachi (Japan), ExxonMobil (US), JGC Holdings (Japan), Honeywell (US), Halliburton (US) and Schlumberger (US).
According to the latest report from Markets and Markets, the global carbon capture, utilization and storage (CCSU) market is expected to reach $1.
6 billion in 2020 and increase to $3.
5 billion by 2025, with a compound annual growth rate of 17%
during the period.
According to the report, this is due to the increasing use of CCSU systems in the oil and gas and power generation sectors to reduce harmful carbon emissions
.
Capture is the first step in the CCUS process and involves capturing CO2
from its emission source.
It can be applied to any large-scale emissions process, including coal-fired power plants; gas and oil production; and manufacturing industries such as cement, steel and steel
.
Carbon capture will hold the majority share
of the CCUS market during the forecast period.
Moreover, the high cost captured by power generation, steel, cement, and other industries is one of
the main reasons for the high market share in this segment.
In terms of application market, the oil and gas industry holds the largest market share in the global carbon capture, utilization and storage market
.
The use of enhanced oil recovery in the oil and gas industry is also driving the growth
of the oil and gas industry in the carbon capture, utilization and storage market.
COVID-19 has hardly had any impact on the market due to continued investments in the carbon capture and storage sector, which is also expected to grow
at a significant rate in 2020.
Currently, CCUS is widely used in natural gas processing plants and power plants
.
The operations of these plants have not been affected by the COVID-19 pandemic; Therefore, the lockdown caused by the pandemic has had little
impact on the CCUS market.
In terms of market segment, North America will hold the largest market share in the carbon capture, utilization, and storage market
.
North America is expected to be the largest carbon capture, utilization, and storage market
due to multiple large CCS facilities in the United States and Canada during the forecast period.
From the perspective of companies, oil and gas companies will be the major players in the global carbon capture, utilization and storage market during the forecast period, including Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries (Japan), Linde (UK), Hitachi (Japan), ExxonMobil (US), JGC Holdings (Japan), Honeywell (US), Halliburton (US) and Schlumberger (US).
