CCUS Market Growth Driven by CO2 Emission Reduction & Enhanced Oil Recovery Demand

🌍 Carbon Capture, Utilization, and Storage (CCUS) Market to Reach $10.3B by 2032, Growing at 13.3% CAGR

WILMINGTON, DE, UNITED STATES, August 14, 2025 /EINPresswire.com/ --

According to a recent report by Allied Market Research, the carbon capture, utilization, and storage (CCUS) market was valued at $3 billion in 2022 and is projected to reach $10.3 billion by 2032, registering a CAGR of 13.3% from 2023 to 2032. Growing global initiatives to curb CO2 emissions and the expanding use of CO2 for Enhanced Oil Recovery (EOR) are driving rapid market expansion.

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Key Findings from the Study

Technology: Post-combustion capture leads the market and is projected to maintain dominance.

Service: Capture accounts for more than two-thirds of the market revenue.

Application: Oil & gas remains the largest consumer of CCUS solutions.

Region: North America holds the largest market share due to advanced infrastructure and government support.

Introduction to CCUS Technology

Carbon capture, utilization, and storage (CCUS) is a pivotal climate solution aimed at preventing large volumes of carbon dioxide from being released into the atmosphere. The process involves three core stages:

Capture – Separating CO2 from industrial gases generated during activities such as power generation and manufacturing.

Transport – Moving the captured CO2 to storage sites via pipelines, trucks, or ships.

Storage – Injecting CO2 into deep underground rock formations, depleted oil and gas fields, or saline aquifers for long-term containment.

These technologies are increasingly integrated into oil & gas, power generation, cement, steel, and chemical industries.

Market Dynamics Driving Growth

Key Growth Factors

Emission Reduction Initiatives: Global climate goals and government regulations are encouraging industries to adopt CCUS solutions.

Enhanced Oil Recovery (EOR) Demand: Using CO2 for EOR boosts oil extraction efficiency while reducing emissions.

Industry Investment: Major energy companies like Shell, Chevron, and ExxonMobil are investing heavily in large-scale CCUS projects. For example, Shell’s Quest project in Alberta, Canada captures over 1 million tons of CO2 annually.

Notable Projects

Quest CCSU Project: A collaboration between Shell, Canada Energy, and Chevron, marking the first large-scale CCUS application in oil sands.

Gorgon Project in Australia: Chevron’s initiative to store CO2 from natural gas production under the seabed.

Market Challenges

Despite strong momentum, the CCUS market faces:

High Implementation Costs: Capital-intensive infrastructure and technology remain barriers for widespread adoption.

Volatile Oil Prices: Fluctuations can reduce incentives for CO2-based EOR projects.

Emerging Opportunities

Asia-Pacific and Europe Expansion: Upcoming CCUS projects in these regions promise strong market potential.

Technology Innovation: Advances in capture efficiency and cost reduction could accelerate adoption across industries.

Government Support: Subsidies, tax credits, and carbon pricing mechanisms are encouraging industrial uptake.

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Segment Analysis

By Service

Capture Segment: Held the largest share in 2022 (over two-thirds) due to increasing adoption in high-emission industries like cement, steel, and power generation.

By Technology

Post-Combustion Capture: Accounted for more than two-fifths of the market in 2022, widely used in retrofitting coal and gas power plants.

By Application

Oil & Gas Industry: Dominated the market with over half the share in 2022, primarily due to CO2 demand in EOR processes.

Regional Insights

North America

Market Leader: Captured more than two-fifths of the global share in 2022.

Growth Drivers: Strong oil & gas sector, federal emission targets, and significant CCUS project funding.

Europe & Asia-Pacific

High Potential: Rapid industrialization in Asia-Pacific and stringent EU carbon policies are expected to create lucrative opportunities.

Notable Investments: India-Japan collaborations in energy efficiency and carbon reduction.

Key Market Players

Prominent companies shaping the carbon capture, utilization, and storage (CCUS) market include:

Royal Dutch Shell PLC

Fluor Corporation

Mitsubishi Heavy Industries, Ltd.

Linde Plc

Exxon Mobil Corporation

JGC Holdings Corporation

Schlumberger Limited

Aker Solutions

Honeywell International Inc.

Halliburton

Other notable players: Siemens AG, Total S.A., Equinor ASA, General Electric, and Hitachi, Ltd.

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Conclusion

The global carbon capture, utilization, and storage (CCUS) market is on a steep growth trajectory, driven by climate commitments, industrial adoption, and technological innovation. While high costs remain a challenge, government incentives, ongoing R&D, and growing corporate responsibility are paving the way for widespread adoption. By 2032, CCUS will not only be a cornerstone of emission reduction strategies but also a critical tool for industries aiming to balance profitability with environmental stewardship. 🌱⚡

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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