According to the latest report from markets and markets, the global carbon capture, utilization and storage (CCSU) market is expected to reach US $1.6 billion by 2020, and to US $3.5 billion by 2025, with a compound annual growth rate of 17%.
According to the report, this is due to the increasing use of CCSU systems in the fields of oil, gas and power generation to reduce harmful carbon emissions. Capture is the first step in the CCUs process and involves the capture of CO2 from its emission sources. It can be applied to any large-scale emission process, including coal-fired power plants; gas and oil production; and manufacturing industries such as cement, steel and steel.
In the forecast period, carbon capture will occupy the majority of CCUs market. In addition, high costs captured by power generation, steel, cement and other industries are one of the main reasons for the high market share in this sector.
In terms of application market, the oil and gas industry occupies the largest market share in the global carbon capture, utilization and storage market. The use of EOR in the oil and gas industry has also driven the growth of the oil and gas industry in the carbon capture, utilization and storage market.
Covid-19 has little impact on the market due to continued investment in carbon capture and storage, which is also expected to grow at a significant rate in 2020. At present, CCUs is widely used in natural gas processing plants and power plants. The operations of these plants are not affected by the covid-19 pandemic; therefore, the blockade caused by the pandemic has little impact on the CCUs market.
From the perspective of market region, North America will occupy the largest market share in carbon capture, utilization and storage market. North America is expected to be the largest carbon capture, utilization and storage market in the forecast period due to the presence of a number of large CCS facilities in the United States and Canada.
From the perspective of enterprises, oil and gas enterprises will become major players in the global carbon capture, utilization and storage market in the forecast period, including shell (Netherlands) and Aker Solutions (Norway), Mitsubishi Heavy Industries (Japan), Linde (UK), Hitachi (Japan), ExxonMobil (USA), JGC Holdings (Japan), Honeywell (USA), Halliburton (USA) and Schlumberger (USA).