Global Carbon Capture Utilization and Storage Market 2021

Market Overview

The global carbon capture utilization and storage (CCUS) market was valued at $2,100 million in 2021 and is projected to reach $12,160 million by 2031, growing at a CAGR of 19.2% between 2022 and 2031. The market is driven by the increasing focus on reducing carbon emissions and the growing demand for enhanced oil recovery (EOR). However, there are key restraining factors, such as the lack of storage facilities and CO2 leakage from underground storage.

The growth of the CCUS market is primarily fueled by the rising emphasis on reducing carbon dioxide (CO2) emissions, supportive government initiatives, and the growing demand for CO2 for enhanced oil recovery (EOR). CCUS involves capturing CO2 from large point sources like power generation plants, cement industries, and other industrial facilities that use fossil fuels or biomass. The captured CO2 is then compressed and transported for various applications or injected into deep geological formations for permanent storage. Some captured carbon is also utilized in the production of end products like urea and beverages. The surge in industrialization worldwide has led to increased CO2 emissions, prompting governments around the world, including the U.S., the Netherlands, the U.K., China, and India, to establish CO2 capture and storage plants. Additionally, the focus on minimizing greenhouse gas emissions creates potential market demand for CCUS.

Product Type

Market Report

No. of Pages


Release Date

May 2022

Base Year


Forecast Period


Market Size

USD 2.1 billion in 2020

Market Segments

Application, Capture Technology, Region



No. of Companies Mentioned


The global CCUS market is still in its early stages, with emerging technologies like bio-based capturing and membrane capturing expected to reduce the cost of the carbon capture process.

As the world strives for net-zero emissions, there is a shift toward eco-friendly industrial practices, particularly in the oil and gas industry in regions like North America and the Middle East. The U.S. currently has the largest CCUS industry, with oil and gas companies utilizing captured carbon for enhanced oil recovery.

The impact of COVID-19 on the CCUS market has been limited since it is not yet fully commercialized. Most investments in CCUS plants were announced before the pandemic and are currently under construction.

New CCUS plants, such as the iCORD project in Croatia and the Dry Fork Power Plant in the U.S., are expected to start operations in 2025. Due to the industry’s delayed nature, it did not experience significant impacts.

Demand drivers for the global CCUS market include favorable government policies, the increasing demand for CO2 in EOR, and the adoption of net-zero emissions targets. However, the market also faces limitations, including the high initial cost of the carbon capture process and the potential leakage of CO2 from underground storage reservoirs.

Market Segmentation

The market is segmented based on various factors, including application, capture technology, and region.

Segmentation by Application
Oil and Gas Industry
Power Industry
Others (Cement Industry and Chemical Industry)

Segmentation by Capture Technology
Pre-Combustion Carbon Capture
Post-Combustion Carbon Capture
Oxy-Fuel Combustion Carbon Capture

Segmentation by Region
North America – U.S. and Canada
Europe – Belgium, Norway, Croatia, Iceland, and Rest-of-Europe
Asia-Pacific – China and Australia
Middle East- U.A.E., Qatar, and Saudi Arabia
Rest-of-the-World – South America and Africa

The global CCUS market is predominantly influenced by the oil and gas industry, which holds a significant 61.7% share. Within this industry, the primary application of CO2 is enhanced oil recovery (EOR), wherein pressurized CO2 is injected into oil and gas reservoirs to extract additional hydrocarbons. This usage is expected to continue dominating the CCUS market during the forecast period from 2022 to 2031. The growing adoption of carbon dioxide for EOR in the oil and gas sector is driven by its dual role as both utilization and storage for captured carbon. Additionally, the utilization of CCUS to capture CO2 from flue gases and store it within geological reservoirs further contributes to the growth of this application.

Among the various CCUS technologies, post-combustion carbon capture technology holds a commanding 95% share of the global market, primarily due to its commercial viability compared to other technologies. Post-combustion capture led the market in 2021 and is projected to maintain its dominance throughout the forecast period from 2022 to 2031. This technology is widely utilized due to its advantages, including lower installation costs, simplicity relative to other carbon capture processes, and easy availability. Post-combustion capture has proven efficacy in capturing CO2 from flue gases, and ongoing research is continually advancing and improving existing systems, further driving the growth of this particular type.

In terms of regional distribution, North America holds a significant 68% share of the global CCUS market, mainly attributable to operational CCUS plants in locations such as Texas and Wyoming in the United States, as well as Saskatchewan and Alberta in Canada. North America emerged as the leader in the carbon capture utilization and storage market in 2021 and is expected to maintain its dominance throughout the forecast period. This can be attributed to numerous upcoming projects in the region, along with improved government initiatives aimed at developing and deploying CCUS technologies. The CCUS market in North America is primarily driven by growing demand from various end-use applications and stricter environmental regulations aimed at achieving net-zero emissions by 2050, which are anticipated to fuel market growth from 2022 to 2031.

Competitive Landscape

The selection of the profiled companies was made by gathering inputs from primary experts and conducting an analysis of their company coverage, product portfolio, and market penetration.

Key companies profiled in this report include Fluor Corporation, ExxonMobil Corporation, Linde plc, Shell plc, Mitsubishi Heavy Industries, Ltd, JGC Holdings Corporation, Equinor ASA, Schlumberger Limited, Aker Carbon Capture, Carbon Clean Solutions Limited, C-Capture, Halliburton, Siemens, Hitachi, Ltd, Honeywell International Inc, Mirreco, SeeO2 Energy Inc., Neustark AG, CarbonFree, Cemvita Factory Inc.

Recent Industry Developments

ExxonMobil Corporation announced in March 2022 that it would be establishing a hydrogen production facility and carbon capture and storage projects at its integrated refining and petrochemical site in Baytown, Texas, U.S. These initiatives are aimed at supporting emission reduction efforts within local industries and the company’s own operations.

In November 2021, ExxonMobil Corporation and Petronas entered into a Memorandum of Understanding (MoU) to collaborate on exploring potential carbon capture and storage projects in Malaysia. This MoU strengthens the longstanding strategic partnership between ExxonMobil and Petronas, with the shared objective of assisting Malaysia in reducing emissions and achieving its net-zero ambitions.

In May 2021, Linde plc was chosen by the U.S. Department of Energy’s National Energy Technology Laboratory (NETL) to install and test a large-scale pilot plant capable of capturing 200 tons of CO2 per day. This pilot plant will be set up at the City Water, Light & Power (CWLP) power plant in Springfield, IL. The project is a collaborative effort involving BASF, the University of Illinois at Urbana Champaign, ACS, and CWLP. The operation of this facility presents an opportunity to demonstrate economically viable and innovative carbon capture techniques.

Key Questions Answered

What are the key factors and trends influencing the carbon capture utilization and storage market?

How has the global carbon capture utilization and storage market been affected by the COVID-19 pandemic?

Which industries are at the forefront of adopting CCUS technology?

Among post-combustion, pre-combustion, and oxy-fuel combustion technologies, which one is predominantly preferred by the key industries using CCUS?

What recent advancements have been made in different countries regarding the development of the carbon capture utilization and storage industry?

What are the latest governmental regulations and initiatives aimed at promoting the global deployment of CCUS technology?

Original price was: USD 5,250.Current price is: USD 3,150.

Want to customize this report? Our industry specialist will collaborate with you to deliver tailored data within a limited timeframe.
Scroll to Top

Request Free Sample Report

Global Carbon Capture Utilization and Storage Market 2021

Please fill out our form and we will get back to you.


Global Carbon Capture Utilization and Storage Market 2021

Please fill out our form and we will get back to you.