According to Stratistics MRC, the Global Carbon Capture, Utilization & Storage Market is accounted for $4.16 billion in 2018 and is expected to reach $26.04 billion by 2027 growing at a CAGR of 22.6% during the forecast period.
Some of the key players profiled in the Carbon Capture, Utilization & Storage Market include General Electric, Halliburton, Carbon Cycle Ltd., Skyonic Corp., Basf SE, Siemens AG, Honeywell International Inc., Mitsubishi Heavy Industries Ltd, Joule Unlimited Inc., Schlumberger Limited, Linde AG, Fluor Corporation, ExxonMobil Corporation, Mbd Energy Ltd., Dioxide Materials Inc., AkerSolutions, Integrated Carbon Sequestration Pty. Ltd., E3tec Service Llc., Enn Group Co. Ltd., Lanzatech Inc., Dakota Gasification Company, Solidia Technologies Inc., Empower Materials Inc., Liquid Light Inc, and Novomer Inc.
Rising emissions of carbon dioxide (CO2) and technological advancements in non-power sectors are some of the major factors of propelling growth. However, the high cost of technology is hampering the market. Moreover, growing CO2 enhanced oil recovery techniques provide ample opportunities for the growth of the market.
Carbon Capture, Utilization & Storage (CCUS) is a method for reducing greenhouse gas emissions into the atmosphere by capturing CO2 from immobile sources and using the CO2 in new applications or storing the CO2 in underground storage sites. Carbon capture is a procedure designed to separate carbon dioxide (CO2) out of the flue stream produced by coal, natural gas, and petroleum-fired power plants. By separating the CO2, it can be transferred in liquid form to storage in deep geologic formations or, in some cases, utilized in enhanced oil or gas recovery, enhanced coal bed methane recovery, or calcification.
Based on Technology, the post-combustion capture segment is going to have a lucrative growth during the forecast period due to its usage in diverse industries, such as natural gas and refinery treatment plants. Post-combustion processes separate CO2 from combustion exhaust gases. CO2 can be captured by using a liquid solvent or other separation methods. In a solvent absorption-based approach, once absorbed by the solvent, the CO2 is released by heating to form a high purity CO2 stream. This technology is extensively used to capture CO2 for use in the food and beverage industry.