Carbon Capture, Utilization, and Storage (CCUS) Market
                     Carbon Capture, Utilization, and Storage (CCUS) Market Outlook, Growth Trends,
and Industry Analysis to 2032
According to a new report published by Allied Market Research, the carbon capture, utilization,
and storage (CCUS) market size was valued at $3 billion in 2022 and is projected to reach $10.3
billion by 2032, growing at a robust  CAGR of 13.3% from 2023 to 2032. Rising concerns over
climate change,  increasing industrial  emissions,  and strong government initiatives to reduce
carbon footprints are key factors accelerating market expansion worldwide.
Key Findings
 Post-combustion capture technology accounted for nearly half of the CCUS market share
in 2022
 Capture services dominated the market with over two-thirds share
 Oil & gas remained the leading application segment
 North America emerged as the largest regional market
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Introduction to Carbon Capture, Utilization, and Storage (CCUS)
Carbon capture, utilization, and storage (CCUS) is an advanced emission reduction technology
designed  to  prevent  large  volumes  of  carbon  dioxide  (CO₂)  from  being  released  into  the
atmosphere.  The  CCUS process  includes  three primary  stages:  capture,  transportation,  and
storage.
The  capture  phase  involves  separating  CO₂  from  industrial  exhaust  gases  generated  during
power generation and manufacturing processes. The captured CO₂ is then transported using
pipelines, ships, or trucks to suitable utilization or storage sites. In the final stage, CO₂ is injected
into underground geological  formations such as depleted oil  and gas reservoirs,  deep saline
aquifers, and rock formations, where it can be safely stored for decades.
The carbon capture, utilization, and storage (CCUS) market plays a vital role in achieving global
net-zero emission targets while enabling continued industrial growth.
Market Dynamics
Key Market Drivers
One of the primary drivers of the carbon capture, utilization, and storage (CCUS) market is the
growing  global  focus  on  reducing  CO₂  emissions.  Governments  and  regulatory  bodies
worldwide  are  implementing  stricter  emission  norms  for  industrial  facilities,  compelling
industries to adopt CCUS technologies.
Another significant growth driver is the rising demand for CO₂-enhanced oil recovery (EOR). In
the oil & gas sector, captured CO₂ is increasingly used to improve oil recovery rates from mature
reservoirs, creating a revenue-generating use case for CCUS technologies.
Additionally, increasing adoption of CCUS across end-use industries such as  oil & gas, power
generation,  iron & steel,  cement,  and chemical  & petrochemical sectors  is  fueling  market
growth. These industries are among the largest contributors to global carbon emissions, making
CCUS an essential decarbonization solution.
Investment and Industry Initiatives
Major industry players are heavily investing in CCUS projects, strategic partnerships, and pilot
programs  to  commercialize  the  technology.  For  instance,  Shell’s  Quest  project  in  Alberta,
Canada—developed in  partnership with Chevron and Canada Energy—is one of  the world’s
largest fully integrated CCUS facilities. It captures and stores more than one million tons of CO₂
annually, showcasing the commercial viability of CCUS.
Similarly,  Chevron’s  CCUS  initiatives  in  Australia’s  Gorgon  gas  fields  highlight  the  growing
adoption of CCUS in LNG and offshore energy projects.
Market Restraints
Despite strong growth potential,  the carbon capture,  utilization,  and storage (CCUS)  market
faces  challenges  such  as  high  capital  and  operational  costs.  The  deployment  of  capture
technologies,  transportation infrastructure, and storage facilities requires substantial upfront
investment.
Additionally,  declining  crude  oil  prices can  negatively  impact  CO₂-EOR  projects,  reducing
financial incentives for CCUS adoption in the oil & gas sector. Regulatory uncertainty and long
project development timelines further restrain market growth in certain regions.
Growth Opportunities
On the contrary, a rising number of upcoming CCUS projects in Asia-Pacific and Europe present
lucrative growth opportunities. Continuous R&D investments aimed at developing cost-effective
and energy-efficient carbon capture technologies are expected to improve economic feasibility
and broaden adoption across industries.
Segments Overview
The  global  carbon capture,  utilization,  and storage  (CCUS)  market  is  segmented by  service,
technology, application, and region.
By Service
 Capture
 Transportation
 Utilization
 Storage
The capture segment dominated the market in 2022, accounting for more than two-thirds of
the total market share. This dominance is attributed to increasing CO₂ emissions from industrial
operations and the urgent need for effective capture solutions.
By Technology
 Pre-combustion capture
 Oxy-fuel combustion capture
 Post-combustion capture
The post-combustion capture segment held the largest share in 2022, driven by its widespread
adoption in coal- and gas-fired power plants. Its compatibility with existing infrastructure makes
it a preferred choice for emission reduction.
By Application
 Oil & gas
 Power generation
 Iron & steel
 Chemical & petrochemical
 Cement
 Others
The oil & gas segment emerged as the leading application area, capturing more than half of the
total market share due to extensive use of CO₂ for enhanced oil recovery.
Regional Analysis
Region-wise, the carbon capture, utilization, and storage (CCUS) market is analyzed across North
America, Europe, Asia-Pacific, and LAMEA.
North America dominated the global market in 2022, accounting for more than two-fifths of
total revenue. Strong government support, favorable tax incentives, and large-scale investments
in decarbonization projects have positioned the region as a global CCUS leader.
The presence of a robust oil & gas sector and heightened focus on reducing industrial emissions
across cement, chemical, and food & beverage industries further drive regional growth. Europe
and  Asia-Pacific  are  also  witnessing  rapid  expansion  due  to  ambitious  climate  policies  and
increasing industrialization.
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Competitive Landscape
The global carbon capture, utilization, and storage (CCUS) market is highly competitive, with key
players  focusing  on  technology  innovation,  strategic  alliances,  and  large-scale  project
development.
Major companies operating in the market include:
 Royal Dutch Shell PLC
 Fluor Corporation
 Mitsubishi Heavy Industries, Ltd.
 Linde Plc
 Exxon Mobil Corporation
 Schlumberger Limited
 Honeywell International Inc.
 Halliburton
 Aker Solutions
Other notable players include Siemens AG, General  Electric,  Total  S.A.,  Equinor ASA,  and C-
Capture Ltd.
Conclusion
The carbon capture, utilization, and storage (CCUS) market is poised for strong growth through
2032,  driven  by  global  decarbonization  goals,  rising  industrial  emissions,  and  supportive
government policies.  While  high  costs  remain a challenge,  technological  advancements  and
expanding  project  pipelines  are  expected  to  unlock  significant  growth  opportunities  across
regions and industries.