Comparing 17 vendors in Carbon Capture, Utilization, and Storage across 0 criteria.
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The CCUS Companies Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for CCUS. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 110 companies of which the Top 17 CCUS Companies were categorized and recognized as the quadrant leaders.
Carbon capture, utilization, and storage (also referred to as CCUS) is a process that involves capturing carbon dioxide (CO2), transporting it through pipelines, ships, and other modes of transport, and storing it under the Earth's surface to prevent CO2 emissions, leading to a better atmosphere. CCUS is a crucial component of global climate change mitigation initiatives. As concerns about greenhouse gas emissions continue to grow, CCUS technologies have attracted increased interest as potential solutions.
The 360 Quadrant efficiently maps the CCUS companies based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the CCUS quadrant. While the top criteria for product footprint evaluation included Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), Technology (Chemical Looping, Solvents and Sorbents, Membrane), and End-Use Industry.
Key trends highlighted in 360 Quadrants:
- The CCUS market is projected to grow from USD 3.0 billion in 2022 and is projected to reach USD 14.2 billion by 2030 at a CAGR of 21.5%. Globally, the CCUS market is expanding significantly, and over the forecast period, a similar trend is anticipated. The North American region dominated the CCUS market. This growth can be attributed to stringent government regulations, especially in the US. The oil & gas fields in the North American region have been using the EOR technique to drive fuel to the well during oil & gas production. This process involves using CO2 to pump oil and gas to the well.
- The major applications of CCUS include construction, transportation, wind energy, aerospace and defense, marine, electrical and electronics, and others. The CCUS market is witnessing high demand from these end-use industries and is driven by several factors, including the need to increase the efficiency of operations, reduce maintenance costs, and enhance safety, thereby increasing the business of CCUS companies.
- The capture segment held a market share of nearly 68.8% in the CCUS market, in terms of value, in 2022. The rising carbon emissions are driving CCUS companies towards achieving higher capture goals. Some of the notable CCUS companies include Fluor, Shell, ExxonMobil, and Mitsubishi Heavy Industries (MHI). The transportation segment on the other hand was reported as the second largest segment in the overall market share.
- In terms of regional analysis, North America accounted for the largest share of the market owing to the presence of multiple large-scale CCUS projects in the US and Canada. In North America, the United States has around 80 projects aiming to be operational before 2030 and could see its CO2 capture capacity increase by close to a factor of five, from over 20 Mt CO2 to over 100 Mt CO2 per year. Canada is also poised to see increased CO2 capture deployment, with around 15 projects currently in various phases of development. This is set to foster the growth of CCUS companies in the region.
- While the Asia Pacific was the second largest market and is expected to be driven by the upcoming projects in China, Australia, and other Asia-Pacific countries. For instance, Korea announced plans to invest up to USD 2 billion to develop CCUS technologies by 2030. Around 30% of this investment will be used to assess CO2 storage resources, with the majority of the remainder earmarked to develop an offshore full-chain CCUS project. In early 2022, Indonesia announced that it is drafting regulations to establish a legal and regulatory framework for CCUS activities, the first of its kind in the region. Such plans are creating a plethora of opportunities for the CCUS companies in the region and thereby fostering the growth of the region.
- Another prominent factor supporting the growth of the CCUS companies is the role of governments in the CCUS industry. Governments throughout the world are recognizing the significance of CCUS and implementing policies to encourage its deployment. This consists of financial incentives, tax exemptions, and regulatory frameworks that encourage investment in CCUS initiatives. The expansion of the CCUS market is anticipated to be driven by expanding policy support.
- As per the International Energy Agency (IEA), project developers have announced ambitions for over 200 new capture facilities to be operating by 2030, capturing over 220 Mt CO2 per year. The widespread adoption of economy-wide decarbonization targets for 2050 is stimulating the diversification of CO2 capture applications.
- Currently, around 65% of operating CO2 capture capacity is at natural gas processing plants, one of the lowest-cost CO2 capture applications, but new CCUS developments are increasingly targeting other applications. Based on the current project pipeline, by 2030 annual capture capacity from both new construction and retrofits could amount to around 70 Mt CO2 from hydrogen production, 70 Mt CO2 from power generation, and 20 Mt CO2 from industrial facilities (cement, steel, and chemicals).
- The development of more efficient and cost-effective CCUS technologies is a significant trend in the industry. The solvents & sorbents technology segment held a market share of nearly 48% in the overall CCUS market in terms of value in 2022. This rise in the adoption rate of the technology is mainly due to the rise in power generation and chemical plant installations.
- Companies like Flour Corporation, Mitsubishi Heavy Industries (MHI), Shell plc, and ExxonMobil are among the top CCUS companies in the market. These companies are backed by their technological capabilities, geographical presence, wide product portfolio, and adoption of various growth strategies. For instance, In September 2022, Mitsui & Co., Ltd. and Shell signed a joint agreement to explore the technical and commercial feasibility of carbon capture and storage (CCS) in Asia Pacific, including Japan.
- In June 2022, ExxonMobil, Shell, CNOOC, and the Guangdong Provincial Development & Reform Commission signed a MoU to evaluate the potential for a world-scale carbon capture and storage project to reduce greenhouse gas emissions at the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, China. Moreover, in December 2022, Shell signed a Memorandum of Understanding (MoU) with ONGC (India), to cooperate in CCUS studies, focusing on joint CO2 storage study and EOR screening assessment for “key basins” in India, including depleted oil and gas fields and saline aquifers. With such activities gaining a rapid pace, the growth of the CCUS companies is bound to take place.
The Full List
|Company||Headquarters||Year Founded||Holding Type|
|Aker Solutions||Fornebu, Norway||1841||Public|
|Drax Group||Selby, UK||2005||Public|