The Europe carbon capture utilization market size is expected to reach USD 3,985.4 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 18.4% from 2020 to 2028. Increasing applications of CCU in the enhanced oil recovery (EOR) in the oil and gas segment are expected to contribute to the growth of the market. Further, the food and beverages, chemicals, cement, and other industries are anticipated to be the major application segments that are expected to contribute to the growth of the market over the forecast period.

Industrial emerged as the largest market share in 2020 in terms of value for application segment as it is used in the industries such as cement, chemicals, power, steel, food, and beverages to capture carbon and utilize it for a better purpose. In terms of value, cement in the industrial application segment emerged as the largest segment in 2020 as many companies are showing interest in the adoption of carbon capture and utilization technologies in their manufacturing plants in the form of pilot-scale projects to evaluate the technology and economics of carbon capture and recovery, which is expected to contribute to the growth of the market in the coming years.

The demand for carbon dioxide has been experiencing a dip in sectors such as beverage manufacturing as restaurants and bars across Europe have shut operations. Also, reduced demand for oil has resulted in halted operations in oil production in some of the exploration sites of oil & gas vendors that employ carbon dioxide-based EOR techniques. Further, the demand for industrial-grade carbon dioxide has also been on the lower side as industrial activities have slowed down in states badly affected by COVID-19.

European Carbon Capture Utilization (CCU) Key Companies & Market Share Insights:

The European Carbon Capture Utilization (CCU) market is moderately consolidated with the presence of various multinational players. This makes the industry highly competitive in nature as it also requires high initial investments and R&D costs. Some of the significant industry participants include Royal Dutch Shell, Equinor ASA, Linde, and Aker Solution. For instance, in April 2021, the company announced to join a project to build UK’s large-scale carbon capture and H2 hub as major oil players are focusing on cleaner energy. The company will team up with Harbour Energy Plc and StoreggaGeotechnologies Ltd.

In addition, in March 2021, Aker carbon capture and Siemens energy joined forces to generate sustainable power. Both companies have signed an MoU to develop a combined offering for the Carbon capture solutions that can be used in gas turbines and gas power plants. This collaboration will help both companies to explore ways to jointly track the development of major projects across the globe. Some of the prominent players in the Europe Carbon Capture Utilization market include: Aker Solutions, Equinor ASA, Fluor Corporation, Linde Plc, Mitsubishi Heavy, Industries Ltd. (MHI), Royal Dutch Shell, Siemens Energy, Sulzer Ltd.

For More Info Visit: https://www.grandviewresearch.com/industry-analysis/europe-carbon-capture-utilization-market-report?utm_source=linkewire&utm_medium=referral&utm_campaign=tushar-d