CCUS Absorption Market

According to a research report "CCUS Absorption Market”, by Absorption Type  (Physical absorption and Chemical Absorption), Capture Technology (Oxy-Fuel Combustion, Pre-Combustion Capture, Post-Combustion Capture), Service (Capture, Transportation, Storage, Utilization), Utilization Technology  (Uptake, Catalytic Conversion, Mineralization), End-User (Oil and Gas, Hydrogen, Power Generation, Fertilizers, Chemical and Petrochemical, Cement, Iron and Steel and Others), & Region - Global Forecast To 2032"

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• 140 - Market Data Tables 
• 71 - List of Figures
• 165 - Pages

Market Overview: Carbon capture, Utilization and storage (CCUS) has three main parts which are capturing CO2 from industries, turning CO2 into useful stuff like chemicals and fuels, and storing captured CO2 deep underground for a long time. CCUS is a process where CO2 is captured from large sources like power plants or industrial facilities that use fossil fuels or biomass. Once captured, the CO2 is compressed and transported through pipelines, ships, trains or trucks. It can be used in various applications or injected deep underground into depleted oil and gas reservoirs or saline aquifers. By capturing CO2 before it builds up in the atmosphere, CCUS provides an immediate way to make existing fossil fuel facilities cleaner. It also supports the development of new sustainable industries such as blue hydrogen and BECCS (bio-energy with carbon capture and storage). This makes CCUS crucial for reducing global CO2 emissions and meeting the Paris Agreement goal of limiting global warming to 2°C. With the rising issues of climate change and global warming mount, the need for CCUS technologies is rising. Governments, industries, and environmental groups are all seeking for ways to cut down on CO2 emissions which is driving up demand for these technologies. CCUS technologies encompass various methods to manage carbon dioxide emissions effectively. Capture technologies retrieve CO2 from exhaust gases or stationary sources using techniques such as pre-combustion, post-combustion or oxy-combustion. Sequestration involves depositing captured CO2 into geological formations, while Enhanced Oil Recovery modifies oil properties using techniques such as chemical flooding or CO2 injection to extract more oil from fields. Utilization involves using captured CO2 directly in processes like cement manufacturing or converting it into chemicals and fuels. Mobile Carbon Capture captures CO2 from mobile sources for storage or use. Direct air capture retrieves CO2 from the atmosphere for storage or use which bypasses emission sources. Bio energy carbon capture and storage focuses on extracting CO2 from biomass, a renewable energy source. Nature also plays a role as natural carbon sinks for example mangrove trees and algae, which sequester CO2 effectively and can be utilized for products like biofuels and animal feed.

Market Dynamics

Drivers:

• Stringent regulations aimed at reducing carbon emissions
• Increasing global awareness and concern about climate change
• Government incentives promoting the adoption of carbon capture technologies

Opportunities:

• Growing demand for carbon emission reduction solutions
• Expansion of sustainable industrial applications
• Technological advancements in capture and storage methods

The CCUS Absorption Market is dominated by North America.

By analysing the CCUS Absorption market globally across various country like North America, Europe, Asia-Pacific, and LAMEA in which North America holds the largest market share during the forecast period, driven by its significant carbon emissions from industries like oil and gas, power generation, and manufacturing. The US government actively supports CCUS with policies such as the 45Q tax credit and the Clean Power Plan which encourages companies like ExxonMobil, Chevron and Occidental Petroleum to invest in CCUS projects. Regulatory support and technological progress further boost CCUS adoption. The North American market is expected to keep growing as efforts to cut CO2 emissions intensify and new CCUS technologies develop.

Key Players covered in the market report:

• ExxonMobil Corporation (US)
• Equinor ASA (Norway)
• Honeywell International Inc. (US)
• Fluor Corporation (US)
• Mitsubishi Heavy Industries Ltd. (Japan)
• Royal Dutch Shell Plc (Britain),
• TotalEnergies SE (France)
• BASF SE (Germany)
• JGC Holdings Corporation (Japan)
• Schlumberger Ltd. (US)
• Aker Solutions (Norway)
• Siemens AG (Germany)
• Hitachi Ltd. (Japan)
• General Electric (US)
• Chevron Ion Clean Energy (US)

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Segmentations analysis of CCUS Absorption market: -

• By Absorption Type:
• By Capture Technology
• By Service
• By Utilization Technology
• By End-User
• By Region

Recent Development: August 2022, Shell PLC purchased Sprang Energy Group, a company focused on renewable energy and reducing carbon emissions. The acquisition focuses on boosting Shell PLC's capacity in carbon capture and storage and expanding its market presence.

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