Carbon Capture Storage Utilization Market

Carbon Capture Storage Utilization Market Size, Share, Trends, Growth, and Industry Analysis, By Technology (Pre-combustion capture, Oxy-fuel combustion capture, post-combustion capture and Others), Service (Capture, Transportation, Utilization and Storage), and End-User (Oil & Gas, Chemicals, Power Generation, Manufacturing and Others), Regional Analysis and Forecast 2032.

Energy & Power | April 2024 | Report ID: EMR00695 | Pages: 250

Global Carbon Capture Storage Utilization market is predicted to reach approximately USD 16.98 billion by 2032, at a CAGR of 19.30% from 2024 to 2032.


The Global Carbon Capture Storage Utilization (CCUS) market refers to the industry involved in capturing carbon dioxide emissions from various sources, such as industrial processes and power plants, and storing or utilizing them in a way that prevents them from entering the atmosphere and contributing to climate change. This market encompasses a range of technologies and processes aimed at reducing greenhouse gas emissions and mitigating the impacts of global warming.

CCUS technologies include increased oil recovery, geological storage in subterranean formations, and conversion into useful products like chemicals and fuels. Carbon capture involves capturing CO2 from industrial operations or straight from the air. Growing worries about climate change and the need to cut carbon emissions to fulfill international climate targets are driving the market for CCUS. Governments, businesses, and investors are realizing more and more how crucial CCUS is to the shift to a low-carbon economy.


Global Carbon Capture Storage Utilization report scope and segmentation.

Report Attribute


Estimated Market Value (2023)

USD 3.47 Billion

Projected Market Value (2032)

USD 16.98 Billion

Base Year


Forecast Years

2024 – 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Technology, By Service, By End-User, & Region.

Segments Covered

By Technology, By Service, By End-User, & By Region.

Forecast Units

Value (USD Million or Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032.

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.


Global Carbon Capture Storage Utilization dynamics

Technological innovation plays a crucial role in driving the market forward, as advancements in carbon capture, storage, and utilization technologies lead to improved efficiency and cost-effectiveness. Additionally, the evolution of regulatory frameworks and government incentives significantly influences market dynamics by providing incentives for investment in CCUS projects and creating a supportive policy environment. Moreover, market dynamics are also impacted by the increasing demand for carbon mitigation solutions from industries seeking to reduce their carbon footprint and comply with emission regulations. As awareness of climate change grows and the urgency to address it intensifies, the CCUS market is expected to witness significant growth and expansion, driven by a combination of technological innovation, supportive policies, and increasing market demand. However, challenges such as high upfront costs, regulatory uncertainties, and public acceptance issues continue to pose barriers to the widespread adoption of CCUS technologies, highlighting the need for continued collaboration between governments, industries, and stakeholders to overcome these challenges and unlock the full potential of CCUS in mitigating climate change.


Global Carbon Capture Storage Utilization drivers

  • Government Support and Incentives

Government incentives and regulations are major factors propelling the CCUS market's expansion. In order to stimulate investment in carbon capture and storage technology, numerous governments worldwide are putting in place carbon pricing schemes, tax breaks, and subsidies. For instance, carbon pricing plans such as cap-and-trade or carbon taxes provide financial incentives to businesses to invest in CCUS projects or lower their carbon emissions. Government grants and direct funding also help with research and development as well as the installation of CCUS infrastructure. In addition to lowering the financial obstacles to CCUS project implementation, this government support also improves the regulatory climate, fostering investor confidence and spurring market expansion.

  • Technological Advancements

The market for carbon capture, storage, and utilization is expanding due to ongoing innovation and technical developments in these areas. Promising outcomes are being produced by research and development initiatives targeted at enhancing the CCUS technologies' cost-effectiveness, scalability, and efficiency. Carbon capture is becoming increasingly effective and economically feasible, for example, because to developments in membrane-based separation technologies and solvent-based carbon capture techniques. Additionally, advances in CO2 usage technologies are creating new avenues for revenue creation and cost-offsetting in carbon capture and storage (CCUS) projects. One such example is the conversion of captured CO2 into useful products like chemicals, fuels, and construction materials. The performance and viability of CCUS projects are improved by these technological developments, which also draw funding from the public and private sectors and spur market expansion.



  • High Costs

One of the primary restraints hindering the widespread adoption of CCUS technologies is the high upfront capital costs associated with implementing carbon capture and storage infrastructure. The initial investment required for building CO2 capture facilities, transportation pipelines, and storage sites is substantial, making it financially challenging for companies to justify the investment, especially in the absence of sufficient incentives or regulatory requirements. Additionally, the operational and maintenance costs of CCUS projects can also be significant, further adding to the financial burden.

  • Regulatory Uncertainties

Regulatory uncertainties and inconsistent policy frameworks pose significant challenges to the development and deployment of CCUS projects. The lack of clear, long-term regulatory frameworks and carbon pricing mechanisms creates uncertainty for investors and developers, making it difficult to assess the financial viability and risks associated with CCUS investments. Inconsistent policies across different regions or jurisdictions further complicate matters, as companies may face regulatory hurdles or conflicting requirements when operating in multiple markets. Moreover, the evolving regulatory landscape and potential changes in government policies can introduce additional uncertainties, affecting investor confidence and delaying project development timelines.



  • Emissions Reduction Targets

The increasing focus on mitigating climate change and achieving net-zero emissions presents significant opportunities for the CCUS market. As countries and industries set ambitious emissions reduction targets to meet their climate goals, the demand for carbon capture and storage technologies is expected to grow substantially. CCUS projects offer a viable solution for reducing carbon emissions from a wide range of sources, including power plants, industrial facilities, and transportation sectors, helping companies and governments meet their emission reduction targets cost-effectively. Moreover, CCUS can play a crucial role in decarbonizing hard-to-abate sectors such as cement, steel, and chemicals, where emissions reduction options are limited, presenting lucrative opportunities for CCUS deployment.


Segment Overview

  • By Technology

The CCUS market can be segmented based on the technology used for carbon capture. These technologies include pre-combustion capture, oxy-fuel combustion capture, post-combustion capture, and others. Pre-combustion capture involves capturing CO2 before the combustion process, typically in the production of synthesis gas for power generation or industrial processes. Oxy-fuel combustion capture involves burning fuels in an oxygen-rich environment, producing a flue gas stream with high CO2 concentrations that can be captured easily. Post-combustion capture captures CO2 from flue gas emissions after combustion, which is the most common method used in existing power plants and industrial facilities. Other emerging technologies include direct air capture and bioenergy with carbon capture and storage (BECCS), offering additional avenues for carbon capture and utilization.

  • By Service

In terms of services provided, the CCUS market can be segmented into capture, transportation, utilization, and storage. Capture services involve the actual process of capturing CO2 emissions from various sources, utilizing different capture technologies such as chemical absorption, adsorption, or membrane separation. Transportation services involve the transportation of captured CO2 from the capture site to storage or utilization facilities via pipelines, ships, or trucks. Utilization services focus on converting captured CO2 into valuable products such as chemicals, fuels, or building materials, offering opportunities for carbon recycling and revenue generation. Storage services involve the secure and permanent storage of captured CO2 in geological formations such as depleted oil and gas reservoirs, saline aquifers, or deep geological formations, preventing its release into the atmosphere and mitigating climate change.

  • By End-User

The CCUS market is segmented based on end-user industries that utilize carbon capture and storage technologies. These industries include oil & gas, power generation, iron & steel, chemical & petrochemical, cement, and others. The oil & gas sector utilizes CCUS technologies for enhanced oil recovery (EOR) by injecting captured CO2 into oil reservoirs to increase oil production while safely storing the injected CO2 underground. Power generation facilities, including coal-fired and natural gas power plants, use CCUS technologies to capture and reduce CO2 emissions from their operations, contributing to emissions reductions and regulatory compliance.

The iron & steel industry employs CCUS technologies to capture CO2 emissions from steelmaking processes, reducing greenhouse gas emissions and meeting sustainability goals. Chemical & petrochemical plants utilize CCUS technologies to capture CO2 emissions from various industrial processes, contributing to emissions reductions and supporting sustainable production practices. Similarly, the cement industry utilizes CCUS technologies to capture CO2 emissions from cement production processes, reducing its carbon footprint and addressing environmental concerns. Other industries such as manufacturing, food processing, and waste management also have opportunities to deploy CCUS technologies to reduce emissions and mitigate climate change.


Global Carbon Capture Storage Utilization Overview by Region

In regions like North America and Europe, stringent environmental regulations and ambitious climate targets have spurred significant investments in CCUS technologies, particularly in sectors such as power generation, oil & gas, and manufacturing. Additionally, government incentives and funding support for research and development initiatives have accelerated the deployment of CCUS projects in these regions. In Asia-Pacific, rapid industrialization, urbanization, and growing energy demand have led to increasing CO2 emissions, driving the need for CCUS solutions to mitigate climate change impacts.

Countries like China and Japan are investing in CCUS technologies to reduce emissions from power plants, industrial facilities, and manufacturing sectors while promoting clean energy transition. In the Middle East and Africa, the oil & gas industry plays a crucial role in driving CCUS adoption, with countries like Saudi Arabia and the United Arab Emirates investing in carbon capture and storage projects to mitigate greenhouse gas emissions from oil extraction and refining operations. Moreover, emerging economies in Latin America are exploring opportunities to deploy CCUS technologies to address environmental challenges while supporting economic growth.



Global Carbon Capture Storage Utilization market competitive landscape

Established companies in the energy, engineering, and industrial sectors, such as ExxonMobil, Shell, Chevron, and Schlumberger, have long been involved in the development and deployment of CCUS technologies. These companies possess extensive experience, technical expertise, and financial resources, allowing them to undertake large-scale CCUS projects and collaborate with governments and research institutions to advance technology development. Additionally, engineering firms like Aker Solutions, Fluor Corporation, and TechnipFMC provide engineering, procurement, and construction (EPC) services for CCUS projects, leveraging their project management capabilities and global footprint to support project execution.

Furthermore, the emergence of startups and technology innovators is reshaping the competitive landscape, with companies like Carbon Engineering, Climeworks, and Global Thermostat pioneering novel carbon capture and utilization technologies. These startups focus on developing scalable and cost-effective solutions for capturing CO2 directly from the atmosphere or converting captured CO2 into valuable products, driving innovation and competition in the market. Moreover, collaborations and partnerships between industry players, research institutions, and government agencies are becoming increasingly prevalent, facilitating knowledge sharing, technology transfer, and collaborative research efforts to address key challenges and accelerate CCUS deployment. As the demand for carbon mitigation solutions continues to grow and governments implement supportive policies and incentives, competition in the CCUS market is expected to intensify, driving further innovation, investment, and market consolidation among industry players.


Global Carbon Capture Storage Utilization Recent Developments

  • July 2023, Fluor Corporation announced that it had signed a memorandum of understanding (MOU) with Carbfix, a leading company in carbon dioxide (CO2) mineral storage, to investigate extensive carbon capture and storage (CCS) solutions.


Scope of global Carbon Capture Storage Utilization report

Global Carbon Capture Storage Utilization report segmentation



By Technology

  • Pre-combustion capture
  • Oxy-fuel combustion capture
  • Post-combustion capture
  • Others

By Service

  • Capture
  • Transportation
  • Utilization
  • Storage

By End-User

  • Oil & Gas
  • Power Generation
  • Iron & Steel
  • Chemical & Petrochemical
  • Cement
  • Others

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request


  • Available upon request


Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Carbon Capture Storage Utilization size and forecast: To identify and estimate the market size for global Carbon Capture Storage Utilization market segmented by Technology, By Service, By End-User, and by region. Also, to understand the consumption/ demand created by consumers between 2024 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for global Carbon Capture Storage Utilization
  • Market Influencing Factors: To find out the factors which are affecting the market of global Carbon Capture Storage Utilization among consumers.
  • Company Profiling: To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

Global Carbon Capture Storage Utilization forecast period is 2024 - 2032
According to global Carbon Capture Storage Utilization research, the market is expected to grow at a CAGR of ~ 19.30% over the next eight years.
The possible segments in global Carbon Capture Storage Utilization are based on by Technology, By Service, By End-User, & by region.
The expected market size for Global Carbon Capture Storage Utilization is USD 3.47 billion in 2023.
The major players in the market are ExxonMobil Corporation, Shell, Chevron Corporation, BP plc, TotalEnergies, Equinor, Occidental Petroleum Corporation, Sinopec, Air Products and Chemicals, Inc., and Eni S.p.A.

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