Carbon capture, utilization, and storage (also referred to as CCUS) is a process that involves capturing carbon dioxide (CO2), transporting it through pipelines, ships, and other modes of transport and storing it under the Earth’s surface to prevent CO2 emissions. The stringent eco-friendly lawas emphasizing on curbing the CO2 emissions from industrial and power plants, is driving the growth of the market. The global carbon capture, utilization, and storage market size is expected to grow from USD 1.9 billion in 2021 to USD 4.1 billion by 2026, at a CAGR of 17.0% during the forecast period.
Over the past years, companies have strengthened their position in the global carbon capture, utilization, and sstorage market by adopting expansions as a major strategy. From 2016 to 2021, the partnership was the key strategies adopted by the market players to maintain growth in the global carbon capture, utilization, and storage market.
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North America is the largest carbon capture, utilization, and sequestration market owing to the presence of multiple large-scale CCS facilities in the US and Canada. Century plant, Shute Creek Plant, BPundaryy Dam, Petra Nova Plant, ENID Fertiliser plant are some few projects that are operational in eth US and Canada, The carbon capture, utilization, and storage market in North America is expected to be driven by rising environmental concerns in the region. Current operational projects in eth region include Boundary Dam (Canada), Petra Nova (US), Alberta Carbon Trunk Line (ACTL (Canada), and ENID Fertiliser plant (US), among others .
Royal Dutch Shell is an international energy company that specializes in the exploration, production, refining and marketing of oil and natural gas. In July 2021, Royal Dutch Shell, Royal Dutch Shell revealed its plan to invest and expand its presence by 2023 in Alberta, Canada by building a large-scale carbon capture and storage (CCS) project near Edmonton, Alberta. The ammbitious CCS project would capture emissions from Shell’s Scotford refinery and chemical plant. It woul have capacity to store 300 million tonnes of carbon over its lifetime.
In June 2020, Aker Solutions signed and agreemet with Norcem (a subsidiary of Heidelberg Cement), for engineering, procurement and construction delivery of a CO2 capture, liquification and intermediate storage plant at Norcem’s cement factory in Brevik, Norway. The project is a part of the Norwegian carbon capture demonstration project that would be funded by the Norwegian government.
The key players in the market include Fluor Corpoation (US), Royal Dutch Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries, Ltd. (Japan), Linde PLC (UK), Hitachi, Ltd.(Japan), Exxon Mobil Corporation (US), JGC Holdings Corporation (Japan), Honeywell International, Inc. (US), Halliburton (US), and Schlumberger Limited (US) among others. COVID-19 has majorly affected the commercial sectors CCUS projects, such as cement plants, chemical plants, and others. Moreover, upcoming carbon capture, utilization, and storage projects are expected to delay due to the outbreak of COVID – 19 pandemic.
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