Scienza e Tecnologia
Carbon Capture, Utilization, and Storage (CCUS) Market to Reach $7.0 Bn, Globally, by 2030 at 13.8% CAGR: Allied Market Research
Increase in demand of CO -EOR techniques, focus on lowering down CO emissions, and supportive government regulations drive the growth of the global carbon capture, utilization, and storage market. However, decline in crude oil prices and expensive nature of some of the carbon capture & sequestration technologies hinder the market of the market to some extent. Contrarily, increase in number of upcoming projects in the Asia-Pacific region and rise in investments in developing innovative capturing techniques and technologies create new opportunities in the coming years.
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Based on service, the capture segment accounted for the largest market share in 2020, contributing to more than two-thirds of the global carbon capture, utilization, and storage market, and is estimated to maintain its lead position during the forecast period. This is due to rise in adoption of this service from various end-use industries for lowering down the carbon footprint. However, the storage segment is expected to manifest the largest CAGR of 16.8% from 2021 to 2030, owing to surged volume of carbon capture and rise in need for storing the captured carbon that can be used for further industrial processes.
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Based on end use industry, the oil & gas segment contributed to the highest market share in 2020, holding nearly three-fifths of the global carbon capture, utilization, and storage market, and is projected to continue its leadership status during the forecast period. Moreover, this segment is expected to witness of 14.2% from 2021 to 2030. This is due to rise in generation and processing of natural gas across the globe. The research also analyzes segments including power generation, iron & steel, chemical & petrochemical, cement, and others.
Based on region, North America held the highest share in terms of revenue in 2020, accounting for more than two-fifths of the global carbon capture, utilization, and storage market, and is expected to continue its dominance in terms of revenue by 2030. This is attributed to availability of multiple large-scale CCUS facilities in the U.S. and Canada . However, Europe is projected to manifest the fastest CAGR of 14.4% during the forecast period, owing to rise in number of CCUS projects in Netherlands and the U.K.
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