What is Carbon Capture, Utilization, and StorageMarket?
Carbon capture and storage (CCS) is a process that captures carbon dioxide emissions from sources like coal-fired power plants and either reuses or stores them so they will not enter the atmosphere. In these processes, up to 90%of CO2 is released by burning fossils fuels in industrial processes. CO2 storage in geologic formations includes oil and gas reservoirs, and deep saline reservoirs structures that have stored crude oil, natural gas, brine, and carbon dioxide over millions of years. This captured and stored carbon is recycled by using Utilization technology. Electric power generation is the biggest source of CO2 emission. More benefits and increasing awareness of greenhouse gas emission is the major factor expected to boost the growth of the market in the forecast period.
Carbon Capture, Utilization, and Storage Market Report Coverage
Report Coverage | Details |
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Study Timeframe | 2018 to 2028 |
Base Year | 2022 |
Growth Drivers | - Rising demand for CCUS due to stringent government policies and rules
- The rise in the Number of Industrial Projects and Oil Field Recovery Projects
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Challenges & Pitfalls | - Risks Associated with the Leakage of CO2 gases
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Opportunities
Increasing demand for CO2 from various industries, such as food & beverage, manufacturing, and metal fabrication
Restraints
- High-cost installation of CCUS plant
The Manufacturers Covered in the Study are:
Royal Dutch Shell PLC, Fluor Corporation, Mitsubishi Heavy Industries, Ltd, Linde Plc, Exxon Mobil Corporation, JGC Holdings Corporation, Schlumberger Limited, Aker Solutions, Honeywell International Inc, Halliburton, C-Capture Ltd., Tandem Technical, Carbicrete, Hitachi, Ltd, Siemens AG, General Electric, TotalEnergies, Equinor ASA and Others
Market Development Activities
In December 2022, Oil and Natural Gas Corporation Limited (ONGC) signed an agreement with Shell for cooperation in Carbon Capture, Utilization, and Storage (CCUS) studies. The collaboration will focus on a joint CO2 storage study and EOR screening assessment for key basins in India, including depleted oil and gas fields and saline aquifers.
In October 2021- ExxonMobil Corporation announced that they capture, transport, and store CO2 from its Fife Ethylene Plant. It increased its participation in the Acorn carbon capture project in Scotland to achieve this.