The CCUS market sees heavy growth potential with support from investments and government initiatives.
LONDON, May 18, 2022 /PRNewswire/ -- North America has the largest carbon capture market size, accounting for 34.3% of the total market in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the CCUS market will be Asia Pacific and the Middle East where growth will be at CAGRs of 15.0% and 13.8% respectively. These will be followed by Africa, and, South America where the markets are expected to grow at CAGRs of 13.7% and 12.1% respectively.
The global carbon capture, utilization, and storage market size is expected to grow from $1.62 billion in 2021 to $1.91 billion in 2022 at a compound annual growth rate (CAGR) of 17.6%. The global CCUS market size is expected to grow to $3.62 billion in 2026 at a CAGR of 17.4%.
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Carbon Capture And Storage Technologies Market Trends
Carbon dioxide manufacturers are exploring opportunities to supply industrial greenhouses. In order to increase crop yields. The essential process of photosynthesis for plant growth requires CO2. Throughout any given day, there is a variation in the levels of CO2 concentration depending on the time of day, the season, and the number of CO2 producing industries. Hence, it is important for the levels of CO2 to be regulated within the greenhouse, the carbon dioxide level may reduce to 150-200 parts per million in the daytime in a sealed greenhouse. For example, Dutch Greenhouses use CO2 enrichment in greenhouses allowing crops to meet their photosynthesis potential. The air can be enriched with CO2 by using the combustion of natural gas or with liquid CO2. The supply of extra carbon dioxide is a common method to increase the yield of greenhouse crops.
Key CCUS Market Players And Their Strategies
Carbon capture, utilization and storage companies are partnering and acquiring other manufacturers to expand their product portfolios and expand to a wider market. In November 2020, Baker Hughes, a US-based company that provides carbon capture and storage services, acquired Compact Carbon Capture (3C) for an undisclosed amount. The acquisition reinforced Baker Hughes' strategic commitment to energy transition by providing decarbonization solutions for carbon-intensive industries such as oil and gas, as well as broader industrial operations. Compact Carbon Capture (3C) is a Norway-based technology company specializing in the development of carbon capture solutions.
The global carbon capture, utilization, and storage market is fairly concentrated. The top ten competitors in the market made up to 35.59% of the total market in 2021. Major companies are focusing on investing in carbon capture, utilization, and storage projects to reduce carbon emissions. The increasing investments by governments and organizations are an emerging trend in the CCUS market. Shell plc was the largest competitor with 15.02% share of the market, followed by Aker Solutions, Linde PLC, Fluor Corporation, Mitsubishi Heavy Industries, Ltd., Equinor, Carbon Engineering Ltd., Schlumberger Limited, Exxon Mobil Corporation, and JGC Holdings Corporation.
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