Carbon Capture, Utilization, and Storage (CCUS) Market Set for Robust Growth by 2032

CCUS Market Set to Grow at 13.3% CAGR by 2032, Backed by Tech Innovations and Oil & Gas Sector Adoption

WILMINGTON, DE, UNITED STATES, July 31, 2025 /EINPresswire.com/ --

The global carbon capture, utilization, and storage (CCUS) market was valued at $3 billion in 2022 and is projected to reach $10.3 billion by 2032, growing at a robust CAGR of 13.3% from 2023 to 2032, according to a recent report by Allied Market Research. This impressive growth reflects the increasing urgency to combat climate change and reduce CO₂ emissions from industrial sources worldwide.

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📌 Key Highlights

· Post-combustion capture leads the technology segment due to its flexibility and efficiency.

· The capture service dominates due to high CO₂ output across industrial sectors.

· Oil & gas remains the largest application area, driven by EOR use cases.

· North America holds the majority share due to early adoption and infrastructure readiness.

🔬 What is CCUS?

Carbon Capture, Utilization, and Storage (CCUS) refers to a three-step process that captures carbon dioxide emissions, transports them via pipelines, trucks, or ships, and finally stores them deep underground in geological formations. This technology plays a crucial role in decarbonizing hard-to-abate sectors like power generation, cement, iron & steel, and chemical & petrochemical industries.

The process involves:

Capture: Separating CO₂ from gases emitted in industrial processes.

Transport: Moving the captured CO₂ to storage sites.

Storage: Injecting CO₂ into deep underground reservoirs, depleted oil wells, or saline formations for long-term containment.

⚙️ Market Drivers

The rising demand for Enhanced Oil Recovery (EOR) applications and the increasing pressure from governments to lower carbon emissions are the key factors driving the CCUS market growth. Several global corporations are making aggressive investments to expand their CCUS capabilities.

One notable example is Shell, which partnered with Chevron and Canada Energy to launch the Quest project in Alberta, Canada — the world’s largest fully integrated CCSU facility, capable of storing over a million tons of CO₂ annually. Similarly, Chevron is also leading a major CCUS initiative at the Gorgon gas fields in Western Australia.

Moreover, increasing penetration across various end-use industries, including oil & gas, power generation, and heavy industries, is fueling the adoption of CCUS technologies globally.

💸 Challenges and Opportunities

Despite its promising growth, the market faces hurdles such as:

High operational and installation costs

Declining crude oil prices

However, these challenges are being offset by the emergence of cost-efficient, innovative carbon capturing technologies and a surge in new project deployments across Asia-Pacific and Europe.

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📊 Segmentation Insights

✔️ By Service:

Capture holds the largest share (over two-thirds in 2022) due to the high demand across industrial sectors.

Other services include transportation, utilization, and storage.

✔️ By Technology:

Post-combustion capture dominated with over 40% market share in 2022. This method is widely used in coal and gas power plants due to its retrofit compatibility.

✔️ By Application:

The oil & gas segment was the market leader in 2022, accounting for nearly 60% of the total share. This dominance is attributed to the use of CO₂ in EOR operations.

🌎 Regional Landscape

In terms of geography, North America led the global CCUS market in 2022, capturing over two-fifths of the total revenue. The region’s strong foothold is supported by:

Well-established oil & gas infrastructure

Government initiatives to reduce industrial carbon emissions

Robust manufacturing and refining sectors

Europe and Asia-Pacific are also witnessing rapid growth, driven by stringent environmental regulations, decarbonization goals, and investments in sustainable technologies.

🏭 Key Industry Players

Prominent players in the global CCUS market include:

Royal Dutch Shell PLC

Fluor Corporation

Mitsubishi Heavy Industries, Ltd.

Linde Plc

Exxon Mobil Corporation

Aker Solutions

Honeywell International Inc.

Halliburton

Schlumberger Limited

JGC Holdings Corporation

Other notable innovators include C-Capture Ltd., Carbicrete, Hitachi, Ltd., Siemens AG, and Total S.A.

These companies are actively involved in R&D, pilot projects, and international collaborations to develop cost-efficient, scalable CCUS systems.

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✅ Conclusion

As climate change becomes an undeniable global priority, the carbon capture, utilization, and storage (CCUS) market is gaining momentum. With an expanding portfolio of commercial projects, increasing investments, and growing regulatory support, the market is poised for transformative growth. The integration of CCUS across heavy industries not only helps reduce emissions but also supports global sustainability and net-zero carbon goals. 🌱

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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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