Comparing 17 vendors in Carbon Capture, Utilization, and Storage across 0 criteria.
ContendersMarket Leaders 
Emerging CompaniesInnovators 
Aker Solutions
Fluor
MHI
Schlumberger
TotalEnergies
Shell
Linde
Hitachi
Halliburton
Eni
Honeywell
Drax Group
GE
JGC
Siemens
Equinor
ExxonMobil
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POWERED BY MARKETSANDMARKETS
Dec 21, 2024
Summary
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.
Frequently Asked Questions (FAQs)
A policy framework for carbon capture, use, and storage (CCUS) is a set of rules, laws, and incentives set up by the government to encourage the use of CCUS technologies. It has rules about how the project should be run, how safe it should be, and who is responsible for what. Investment is encouraged by tax credits and grants, and CCUS products are improved by funding for research and development. Building up infrastructure makes it easier to move and store CO2. Sharing information and working together are made easier by international cooperation. The idea is to make it easier for CCUS to be used by a lot of people, reduce emissions, and meet goals for preventing climate change while moving to a sustainable low-carbon economy.
Carbon capture, utilization, and storage (CCUS) offers several advantages in addressing climate change and transitioning to a low-carbon economy. Firstly, it allows for the significant reduction of CO2 emissions from industrial processes and power generation, mitigating the impact of greenhouse gases on climate change. Secondly, CCUS enables the utilization of captured CO2 for various purposes such as enhanced oil recovery, manufacturing of building materials, or producing synthetic fuels, promoting resource efficiency. Lastly, CCUS provides a viable option for long-term carbon storage, preventing CO2 from entering the atmosphere. These advantages contribute to the decarbonization of industries, enhances energy security, and supports sustainable economic growth.
An example of carbon capture utilization (CCU) is the utilization of captured carbon dioxide (CO2) for enhanced oil recovery (EOR). In this process, captured CO2 is injected into oil reservoirs to increase the pressure and facilitate the extraction of additional oil that would otherwise be difficult to recover using conventional methods. The injected CO2 can remain underground permanently once the oil recovery process is complete.
CCU in enhanced oil recovery not only increases oil production but also has the benefit of permanently storing CO2 underground. By utilizing captured CO2 in this manner, it serves a dual purpose of extracting valuable resources (oil) while simultaneously reducing CO2 emissions by storing it safely and permanently in geological formations. This demonstrates how CCU can contribute to both economic and environmental objectives.
Captured carbon dioxide (CO2) can be utilized in various ways within the framework of carbon capture, utilization, and storage (CCUS). Here are some common utilization methods:
Enhanced Oil Recovery (EOR): Captured CO2 is often used for enhanced oil recovery, where it is injected into depleted oil fields to increase oil production. The CO2 helps mobilize and push out additional oil that would otherwise be difficult to extract using conventional methods.
Carbonation: CO2 can be reacted with certain minerals or waste materials, such as fly ash or steel slag, to form stable carbonates. This process, known as carbonation, sequesters CO2 in a solid form, effectively storing it long-term.
Chemical Feedstock: Captured CO2 can serve as a raw material for the production of various chemicals and materials. For example, it can be used in the manufacture of plastics, urea, or methanol.
Synthetic Fuels: CO2 can be converted into synthetic fuels through processes like hydrogenation or methanation. By combining captured CO2 with hydrogen derived from renewable sources, synthetic fuels such as methane or even liquid fuels like methanol or dimethyl ether can be produced.
Mineralization: CO2 can be mineralized by reacting it with certain types of minerals, such as olivine or serpentine. This process converts CO2 into stable carbonates that can be stored or used in construction materials like concrete.
These utilization methods enable the captured CO2 to be utilized in a way that contributes to economic value, reduces emissions, and promotes the transition to a more sustainable and low-carbon economy.
The most common carbon capture methods include post-combustion capture, which involves capturing CO2 from flue gases after combustion; pre-combustion capture, where CO2 is captured prior to fossil fuel combustion; and oxy-fuel combustion capture, which burns fuels in an oxygen-rich environment to produce a concentrated CO2 stream. Post-combustion capture is commonly used in existing power plants and industries, while pre-combustion capture is prevalent in integrated gasification combined cycle (IGCC) plants. Oxy-fuel combustion capture is primarily employed in power plants. These methods are fundamental to carbon capture, utilization, and storage (CCUS) technologies and contribute to reducing greenhouse gas emissions.
While carbon capture technologies offer potential benefits, there are risks associated with their implementation. Firstly, there is a risk of leakage during the capture, transport, and storage of captured carbon dioxide (CO2), which could undermine the effectiveness of the process. Additionally, the long-term integrity of storage sites must be ensured to prevent CO2 leakage into the atmosphere. The use of certain capture solvents and chemicals may also pose health and environmental risks. Moreover, the high costs of carbon capture could divert resources from renewable energy and other sustainable solutions. Safeguarding against these risks requires stringent regulations, monitoring, and ongoing research and development efforts.
CCUS plays a crucial role in mitigating climate change by reducing greenhouse gas emissions. It enables the capture and storage of carbon dioxide (CO2) emitted from power plants and industrial processes that would otherwise be released into the atmosphere. By preventing CO2 from entering the atmosphere, CCUS helps in achieving significant emission reductions. Additionally, the utilization aspect of CCUS allows for the conversion of captured CO2 into valuable products and fuels, further reducing the need for fossil fuel extraction. CCUS acts as a bridging technology, complementing renewable energy sources, and providing a pathway towards a low-carbon future while transitioning to a sustainable and decarbonized economy.
The cost of implementing carbon capture and storage (CCS) varies depending on various factors, including the type of capture technology, the scale of the project, and the specific site conditions. Generally, CCS is considered a capital-intensive technology with relatively high costs compared to other emission reduction options. Estimates for the cost of CCS projects can range from $50 to $150 per tonne of CO2 captured. However, ongoing advancements, economies of scale, and supportive policies can help reduce costs over time. Furthermore, the cost of CCS can be offset by revenue from utilization of captured CO2 or through carbon pricing mechanisms and financial incentives provided by governments.
The current status of carbon capture, utilization, and storage (CCUS) deployment varies globally. While CCUS projects have been implemented in various industries, including power generation and industrial sectors, the overall deployment remains relatively limited compared to the scale needed to meet climate change mitigation goals.
However, there is increasing recognition of the importance of CCUS in achieving net-zero emissions and transitioning to a low-carbon economy. Many countries and organizations are actively working to advance CCUS deployment and create supportive policy frameworks. Governments are providing financial incentives, implementing carbon pricing mechanisms, and investing in research and development to drive innovation and reduce costs.
Future prospects for CCUS are promising. Ongoing technological advancements, such as the development of more efficient capture technologies and the exploration of new utilization methods, are expected to enhance the viability and economics of CCUS. Additionally, international collaborations and knowledge sharing are accelerating the deployment of CCUS globally.
CCUS is seen as a critical component of the portfolio of solutions needed to address climate change, and its deployment is expected to increase significantly in the coming years as countries strive to achieve their emission reduction targets and transition to a sustainable, low-carbon future.
Carbon capture and storage (CCS) technology has some limitations. Firstly, it requires significant investment and operational costs, making it economically challenging to implement on a large scale. Secondly, the capture process itself consumes energy, reducing the overall efficiency of power plants or industrial processes. Additionally, finding suitable storage sites and ensuring the long-term integrity of storage reservoirs poses challenges. There is also public perception and acceptance concerns regarding the safety and potential leakage of stored CO2. Finally, CCS does not address the root causes of greenhouse gas emissions and does not eliminate the need for transitioning to renewable energy sources.
Top CCUS companies like Fluor, Shell, Mitsubishi Heavy Industries (MHI), and ExxonMobil are categorized as quadrant leaders, contributing significantly to the market.
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Research Methodology
