|
Carbon Capture, Utilization, and Storage Market to Reach US$8.04 Billion in 2030, Yet Growth Still Limited by High Costs and Long Lead Times
Thursday, September 12, 2024
NEW YORK, Sept. 4, 2024 /PRNewswire/ -- Carbon Capture, Utilization, and Storage (CCUS) technologies involve the capture of carbon dioxide (CO2) from large emissions source points, typically industrial facilities, for later use, transportation, or storage. In recent research, global technology intelligence firm ABI Research forecasts that the CCUS market will increase from US$4.89 billion in 2024 to US$8.04 billion in 2030 at a Compound Annual Growth Rate (CAGR) of 8.7%. Growth in the market is expected to slow until 2026-2027 before accelerating as projects are completed and the number of new planned carbon capture projects increases.
"CCUS technologies are considered critical for achieving net-zero targets, having immense decarbonizing potential necessary for cutting hard-to-abate emissions from large industrial facilities. The CCUS market is being driven by a combination of rising global environmental concerns, regulatory initiatives for promoting sustainable industrial processes, and customer pressure to cut operational emissions," explains Alex McQueen, Research Analyst at ABI Research.
North America holds the majority share of the CCUS market at US$2.47 million in 2024, with around 50% of current global operational capacity, and is expected to lead throughout the forecast period. The region has been pioneering CCUS with several large-scale projects in oil & gas facilities. Europe is expected to see the fastest growth between 2024 and 2030, with a CAGR of 35.2%, with the EU investing heavily through government initiatives like the Innovation Fund, which has granted US$1.5 billion toward CCUS demonstration projects.
From an industry perspective, most projects have been integrated into oil & gas and chemical facilities, with the expectation that use cases in the highly polluting steel and cement industries will increase as the technology develops. Global industrial leaders such as Shell, BP, Honeywell, and Air Liquide are investing heavily in CCUS technology, developing a range of capture technologies and supporting transport and storage capacity growth. Demand for the technology has led to an increasing number of dedicated companies providing carbon capture technology. These include Aker Carbon Capture, Climeworks, and Carbfix.
"Despite being a key technological component of the global decarbonization strategy, current levels of adoption are considerably short of what is required in the Net-Zero Scenario. The current penetration of CCUS is limited by the high costs of equipment and energy needed for capture and compression, as well as long lead times for implementation. For CCUS to play its expected pivotal role in the energy transition, significantly higher capacity will be needed to increase CO2 capture rates. Costs of CCUS infrastructure will decline as innovation and technological developments increase, but achieving this will require billions, if not trillions, of investment. The effectiveness of carbon capture as a decarbonization tool will depend on its development over the next decade," concludes McQueen.
These findings are from ABI Research's Carbon Capture, Utilization, and Storage market data report. This report is part of the company's Sustainability for Industrial Markets research service, which includes research, data, and ABI Insights. Market Data spreadsheets comprise deep data, market share analysis, and highly segmented, service-specific forecasts to provide detailed insight into where opportunities lie.
About ABI Research
ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.
ABI Research????????????????????????????????????????????????????????????????????????????????????????????????????
For more information about ABI Research's services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
Contact Info:
Global
Deborah Petrara
Tel: +1.516.624.2558
pr@abiresearch.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/carbon-capture-utilization-and-storage-market-to-reach-us8-04-billion-in-2030--yet-growth-still-limited-by-high-costs-and-long-lead-times-302237534.html
SOURCE ABI Research
|
|
|
|
|
|
 |
Energy Toolbase Launches Energy Storage Partnership with Sungrow to Support PowerStack 255CS and PowerTitan 2.0 | Jan 22, 2026
|
|
RS now offers Phoenix Contact's pioneering new NearFi technology | Jan 22, 2026
|
|
Quantum Art Raises $100 Million in Series A Round to Drive Scalable, Multi-Core Quantum Computing | Jan 22, 2026
|
|
MetaOptics to Showcase Five Breakthrough Metalens-Powered Products at CES 2026 | Jan 22, 2026
|
|
Fresco Raises EUR15m Series C to Power the Future of AI-Driven Cooking and the Connected Kitchen Ecosystem | Jan 22, 2026
|
|
No Assembly Required: Barrett Distribution Centers Powers Maxwood Furniture's West Coast DTC Expansion | Jan 22, 2026
|
|
SCAILIUM Debuts "AI Production Layer" to Overcome GPU Starvation and Slash AI Energy Waste | Jan 22, 2026
|
|
Einride and IonQ Partnership Uses Quantum Computing to Optimize the Logistics of Electric and Autonomous Freight | Jan 22, 2026
|
|
Hesai Recognized as the Only Lidar Company on Morgan Stanley's "Humanoid Tech 25" of Global Robotics Leaders | Jan 22, 2026
|
|
Ekinops New C700HC Chassis Efficiently Connects the Data Center and the Central Office | Jan 22, 2026
|
|
|
|
