The global carbon capture, utilization, and storage market size is expected to grow from USD 1.6 billion in 2020 to USD 3.5 billion by 2025, at a CAGR of 17.0% during the forecast period. The carbon capture, utilization, and storage market are growing due to the increasing usage of CCSU systems in the oil & gas and power generation sector to reduce harmful carbon emissions.
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Current and upcoming projects of CCUS in the APAC region have created an excellent gateway toward the adoption of CCUS. China and Australia are the early adopters of CCUS in the APAC region. The current line-up of carbon capture and sequestration projects in these countries is expected to create an immense opportunity for the companies operating in the carbon capture, utilization, and sequestration ecosystem. Other than Australia and China, South Korea and India are also focusing on adopting CCUS. For instance, South Korea has already taken a step toward CCUS in the Korea CCS 1&2 project, which is currently in an early development stage and is expected to be operational by 2021. India, in 2016, initiated the operation of a carbon capture and utilization system, which was capable of capturing 60,000 tons of C02 per year from coal-fired power plants.
In May 2020, Royal Dutch Shell, together with Equinor ASA (Norway), and Total SE (France) have invested in the Northern Lights carbon capture and storage (CCS) project in Norway. With this investment of USD 682.3 million, the trio intends to set up a joint-venture company. This unique project opens for the decarbonization of industries with restricted opportunities for CO2 reductions.
In November 2015, Flour Corporation signed a contract with Shell (US), wherein Flour corporation constructed Shell’s Quest Carbon Capture and Storage (CCS) project in Alberta, Canada. This project demonstrated Flour’s third-generation modular execution capabilities.
The key players in the global carbon capture, utilization, and sequestration market a Royal Dutch Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries, Ltd. (Japan), Linde PLC (UK), Hitachi, tLd.(Japan), Exxon Mobil Corporation (US), JGC Holdings Corporation (Japan), Honeywell International, Inc. (US), Halliburton (US), and Schlumberger Limited (US).
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