Carbon Capture, Utilisation, and Storage (CCUS) technologies are essential for reducing carbon dioxide (CO2) emissions from major industrial sources. According to ABI Research, the CCUS market is projected to grow from $4.89 billion in 2024 to $8.04 billion by 2030, with a compound annual growth rate (CAGR) of 8.7%. While growth may slow until around 2026-2027, an increase in new projects will drive future expansion.
CCUS is crucial for meeting net-zero targets, particularly for industries with hard-to-abate emissions. Factors propelling the market include growing environmental concerns, regulatory support for sustainable practices, and pressure from consumers to lower emissions, as noted by research analyst Alex McQueen.
North America currently dominates the CCUS market, accounting for $2.47 billion in 2024 and around 50% of global operational capacity, largely due to extensive oil and gas projects. Europe, however, is expected to experience the fastest growth from 2024 to 2030, with a remarkable CAGR of 35.2%, fuelled by significant EU investments, including $1.5 billion from the Innovation Fund for CCUS demonstration initiatives.
Most CCUS projects are found within oil, gas, and chemical sectors, but opportunities in the steel and cement industries are anticipated to rise as technology advances. Major corporations like Shell, BP, and Honeywell are heavily investing in CCUS, enhancing both capture technologies and transport/storage infrastructures.
Despite its potential, the current adoption of CCUS is insufficient for the ambitious net-zero scenario, hampered by high costs and long implementation times. Meeting future decarbonisation goals will require substantial investments and innovations to lower costs and expand capture capacities.
