North America Carbon Capture Utilization and Storage (CCUS) Market Size, Trends and Insights By Service (Capture, Transportation, Utilization, Storage), By Transportation (Ships, Pipelines, Terminals), By Utilization (E-fuel, E-chemical), By Technology (Pre-combustion Capture, Oxy-fuel combustion Capture, Post-combustion Capture), By End Use Industry (Oil & Gas, Power Generation, Iron & Steel, Chemical & Petrochemical, Cement, Others), and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI39968

Published Date: January 2024

Pages: 320+

Category: Technology

Report Snapshot

CAGR: 7.4%
14.32B
2022
18.23B
2023
50.91B
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: North America
Largest Market: North America

Major Players

  • ExxonMobil Corporation
  • Chevron Corporation
  • Occidental Petroleum Corporation
  • Royal Dutch Shell plc
  • Others

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Reports Description

As per the current market research conducted by the CMI Team, the North America CCUS Market is expected to record a CAGR of 7.4% from 2023 to 2050. In 2023, the market size is projected to reach a valuation of USD 18.23 Billion. By 2032, the valuation is anticipated to reach USD 50.91 Billion.

The North America Carbon Capture Utilization and Storage (CCUS) market involves the capture, utilization, and storage of carbon dioxide emissions to mitigate climate change. Driven by environmental concerns, government initiatives, and technological advancements, the market focuses on reducing carbon footprints across industries.

Key players, such as ExxonMobil, Chevron, and Linde, lead in developing innovative solutions. Recent trends include a heightened emphasis on ESG priorities, increased public awareness, and partnerships for sustainable practices.

The market represents a dynamic landscape where companies collaborate, invest, and implement strategies to advance carbon capture technologies and contribute to global sustainability goals.

North America CCUS Market – Significant Growth Factors

The North America CCUS Market presents significant growth opportunities due to several factors:

  • Stringent Environmental Regulations: Increasingly strict environmental regulations and carbon reduction targets set by governments drive industries to adopt CCUS technologies to achieve compliance and mitigate their carbon footprints.
  • Growing Corporate Emphasis on ESG Goals: The rising importance of Environmental, Social, and Governance (ESG) considerations compels corporations to integrate CCUS initiatives into their sustainability strategies, fostering increased adoption and investment.
  • Advancements in CCUS Technologies: Ongoing technological innovations, such as more efficient capture methods and enhanced storage techniques, propel the development and deployment of advanced CCUS solutions, making them more cost-effective and scalable.
  • Government Incentives and Funding: Substantial government incentives, grants, and funding programs aimed at supporting carbon capture initiatives provide financial impetus for companies to invest in and accelerate the implementation of CCUS projects.
  • Expansion of Carbon Capture in Industrial Sectors: The opportunity to expand CCUS applications beyond power generation to industrial sectors, such as manufacturing and refining, presents a significant avenue for market growth, as these sectors contribute significantly to carbon emissions.
  • International Collaboration and Partnerships: Opportunities lie in fostering international collaborations and partnerships, enabling the exchange of knowledge, technologies, and investments in CCUS projects, thereby contributing to a more globally integrated approach towards carbon reduction and storage.
  • Strategic Partnerships for Funding and Innovation: Collaborations and partnerships within the industry and with research institutions were strengthened to pool resources, share expertise, and secure funding for CCUS projects. Joint ventures and alliances helped overcome financial challenges and fostered innovation in the sector.

North America CCUS Market – Mergers and Acquisitions

The North America CCUS Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the North America Carbon Capture Utilization and Storage (CCUS) Market include:

  • In 2023, Carbfix hf. expands globally with a new carbon capture plant in Iceland, set to capture 3,000 tons of carbon annually. The initiative underscores the company’s commitment to sustainable practices, contributing to environmental efforts and fostering carbon capture technology advancements.
  • In 2022, Shell PLC acquires Sprang Energy, a renewable energy firm focused on reducing carbon emissions. The strategic takeover aims to enhance Shell’s carbon capture and storage capabilities, fortifying its commitment to sustainable practices and reinforcing its position in the market.
  • In 2020, ExxonMobil and FuelCell Energy ink a USD 60 million, two-year joint-development deal to advance carbonate fuel cell technology for industrial CO2 capture. The collaboration targets optimizing core technology, process integration, and the large-scale deployment of carbon capture solutions, reinforcing their commitment to sustainable practices.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the North America CCUS Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

North America CCUS Market Photonic Integrated Circuits (PICs) Market Carbon Capture Utilization and Storage (CCUS) Market
CAGR 7.4% (Approx) CAGR 18.8% (Approx) CAGR 13.3% (Approx)
USD 50.91 Billion by 2032 USD 52.1 Billion by 2032 USD 7.5 Billion by 2032

North America CCUS Market – Significant Threats

The North America CCUS Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

  • Economic Viability and Cost Challenges: The high upfront costs and operational expenses associated with Carbon Capture Utilization and Storage (CCUS) technologies pose a significant threat. Economic viability remains a challenge, especially in industries facing financial constraints, hindering widespread adoption.
  • Uncertain Regulatory Landscape: Rapidly evolving and uncertain regulatory frameworks can pose challenges for CCUS projects. Ambiguous policies or inconsistent regulations may create barriers to investment and hinder the development of a stable market environment.
  • Public Opposition and Social Acceptance: Public resistance to the storage of captured carbon dioxide, concerns about potential environmental risks, and issues related to social acceptance can impede the progress of CCUS projects. Overcoming negative perceptions and garnering public support is crucial for success.
  • Competition from Renewable Energy Sources: The increasing prominence of renewable energy sources, such as solar and wind power, poses a threat to CCUS adoption. These alternatives may divert attention and investment away from carbon capture technologies, impacting their market share and growth potential.
  • Limited Infrastructure and Storage Capacity: The lack of sufficient infrastructure, including pipelines and storage facilities, poses a threat to the scalability of CCUS projects. Expanding storage capacity and transportation networks for captured carbon dioxide is essential for the widespread deployment of CCUS technologies.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 18.23 Billion
Projected Market Size in 2032 USD 50.91 Billion
Market Size in 2022 USD 14.32 Billion
CAGR Growth Rate 7.4% CAGR
Base Year 2022
Forecast Period 2023-2032
Key Segment By Service, Transportation, Utilization, Technology, End Use Industry and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Category-Wise Insights

By Service

  • Capture: The process of capturing carbon dioxide emissions from industrial processes or power plants. Advancements in capture technologies focus on enhancing efficiency and reducing costs, driven by increased demand for sustainable solutions and stringent emission reduction goals in North America.
  • Transportation: The movement of captured carbon dioxide from the source to utilization or storage sites. Growing emphasis on developing efficient and cost-effective transportation infrastructure to support the expanding Carbon Capture Utilization and Storage (CCUS) market in North America.
  • Utilization: The conversion of captured carbon dioxide into valuable products or services. Increasing interest in utilizing captured CO2 for the production of fuels, chemicals, and materials, aligning with sustainability goals and driving innovation in the North American CCUS market.
  • Storage: The secure and permanent storage of captured carbon dioxide underground to prevent its release into the atmosphere. Rising investments in geological storage projects and exploration of novel storage methods to ensure safe and effective long-term carbon sequestration in North America.

By Transportation

  • Ships: Ships transport captured carbon dioxide from industrial sites to storage or utilization locations. An emerging trend involves the optimization of shipping routes, enhancing efficiency, and reducing emissions, contributing to sustainable transportation in the carbon capture process.
  • Pipelines: Pipelines facilitate the efficient and cost-effective transportation of captured carbon dioxide over long distances. A growing trend involves expanding pipeline infrastructure to connect industrial sources with storage or utilization sites, ensuring a reliable and interconnected network.
  • Terminals: Terminals act as crucial nodes in the CCUS transportation chain, serving as points for loading and unloading captured carbon dioxide. The current trend includes the development of strategically located terminals to enhance logistics, storage capacity, and connectivity within the North American CCUS infrastructure.

North America CCUS Market 2023–2032 (By Billion)

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By Utilization

  • E-Fuel: E-fuel, derived from capturing and utilizing carbon emissions, is gaining traction. In North America, a trend involves using renewable energy to convert captured CO2 into synthetic fuels, addressing energy storage challenges and promoting sustainable alternatives, aligning with the region’s commitment to carbon-neutral practices.
  • E-Chemical: E-chemical utilization in the North America CCUS market focuses on transforming captured carbon into chemicals, reducing greenhouse gas emissions. A key trend involves the development of innovative processes to convert CO2 into valuable chemical products, fostering sustainable practices and circular economy initiatives in the region.

By Technology

  • Pre-combustion Capture: Pre-combustion capture involves capturing carbon dioxide before the combustion process, often in gasification of fossil fuels. This method separates CO2 from other gases, reducing emissions. Increasing adoption driven by its efficiency in capturing carbon at the source, aligning with stringent emission reduction targets.
  • Oxy-fuel Combustion Capture: Oxy-fuel combustion capture involves burning fuel in oxygen-rich environments, simplifying carbon capture. The resulting flue gas is primarily composed of CO2, facilitating separation and storage. Growing interest due to its potential for high-purity CO2 capture and the feasibility of retrofitting existing facilities.
  • Post-combustion Capture: Post-combustion capture involves capturing CO2 from flue gases after combustion, often in power plants. This method allows for retrofitting existing facilities to reduce emissions. Widely adopted due to its applicability to existing infrastructure, fostering flexibility in implementing carbon capture technologies.

By End Use Industry

  • Oil & Gas: Involves capturing and storing carbon emissions from oil and gas operations. Growing emphasis on reducing emissions in the oil and gas sector, driven by regulatory pressure and corporate sustainability goals, leading to increased adoption of CCUS technologies.
  • Power Generation: Involves capturing and storing carbon emissions from power plants. Integration of CCUS in power generation to meet stringent emission standards, with a focus on enhancing energy security and reducing the carbon footprint of electricity production.
  • Iron & Steel: Involves capturing and storing carbon emissions from iron and steel manufacturing processes. Rising demand for sustainable steel production, driving investments in CCUS technologies to reduce emissions and comply with environmental regulations.
  • Chemical & Petrochemical: Involves capturing and storing carbon emissions from chemical and petrochemical manufacturing processes. Adoption of CCUS to mitigate emissions in chemical and petrochemical industries, addressing environmental concerns and ensuring compliance with regulations.
  • Cement: Involves capturing and storing carbon emissions from cement manufacturing. Increasing focus on decarbonizing the cement industry, with CCUS technologies seen as a critical solution to reduce emissions and achieve sustainability targets.
  • Others: Encompasses diverse industries adopting CCUS technologies for emission reduction. Diverse applications of CCUS in sectors like refining, manufacturing, and bioenergy, reflect a broadening market scope driven by a collective effort to address climate change across industries.

North America CCUS Market 2023–2032 (By Utilization)

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Competitive Landscape – North America CCUS Market

The North America Carbon Capture Utilization and Storage (CCUS) Market is highly competitive, with a large number of manufacturers and retailers operating. Some of the key players in the market include:

  • ExxonMobil Corporation
  • Chevron Corporation
  • Occidental Petroleum Corporation
  • Royal Dutch Shell plc
  • BHP Group Limited
  • Air Products and Chemicals, Inc.
  • Southern Company
  • Linde plc
  • Carbon Clean Solutions Limited
  • Cenovus Energy Inc.
  • Kiewit Corporation
  • BP plc
  • Equinor ASA
  • TotalEnergies SE
  • TransAlta Corporation 24M Technologies Inc.
  • Battery Resourcers Inc.
  • Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

Several new players have entered the North America CCUS Market with a focus on innovation. Companies like Redwood Materials have adopted advanced recycling technologies for retired batteries.

Dominating the market are established players such as Gopher Resource LLC, known for efficient recycling processes, and Lithium Werks BV, a key player in the development of second-life battery applications.

These dominant players leverage their experience, robust R&D capabilities, and strategic partnerships to pioneer technological advancements, shaping the market landscape and driving sustainable growth in repurposing retired electric vehicle batteries for various applications across North America.

North America CCUS Market 2023–2032 (By Transportation)

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The North America CCUS Market is segmented as follows:

By Service

  • Capture
  • Transportation
  • Utilization
  • Storage

By Transportation

  • Ships
  • Pipelines
  • Terminals

By Utilization

  • E-fuel
  • E-chemical

By Technology

  • Pre-combustion Capture
  • Oxy-fuel combustion Capture
  • Post-combustion Capture

By End Use Industry

  • Oil & Gas
  • Power Generation
  • Iron & Steel
  • Chemical & Petrochemical
  • Cement
  • Others

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 North America CCUS Market, (2023 – 2032) (USD Billion)
    • 2.2 North America CCUS Market: snapshot
  • Chapter 3. North America CCUS Market – Industry Analysis
    • 3.1 North America CCUS Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Stringent Emission Reduction Targets
      • 3.2.2 Government Funding and Incentives
      • 3.2.3 Technological Advancements
      • 3.2.4 Corporate Commitment to Sustainability
      • 3.2.5 Hydrogen Production Integration
      • 3.2.6 Expansion into Industrial Sectors.
      • 3.2.7 Stringent Environmental Regulations
      • 3.2.8 Growing Corporate Emphasis on ESG Goals
      • 3.2.9 Advancements in CCUS Technologies
      • 3.2.10 Government Incentives and Funding
      • 3.2.11 Expansion of Carbon Capture in Industrial Sectors
      • 3.2.12 International Collaboration and Partnerships
      • 3.2.13 Strategic Partnerships for Funding and Innovation.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Service
      • 3.7.2 Market Attractiveness Analysis By Transportation
      • 3.7.3 Market Attractiveness Analysis By Utilization
      • 3.7.4 Market Attractiveness Analysis By Technology
      • 3.7.5 Market Attractiveness Analysis By End Use Industry
  • Chapter 4. North America CCUS Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 North America CCUS Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. North America CCUS Market – Service Analysis
    • 5.1 North America CCUS Market Overview: By Service
      • 5.1.1 North America CCUS Market Share, By Service, 2022 and 2032
    • 5.2 Capture
      • 5.2.1 North America CCUS Market by Capture, 2023 – 2032 (USD Billion)
    • 5.3 Transportation
      • 5.3.1 North America CCUS Market by Transportation, 2023 – 2032 (USD Billion)
    • 5.4 Utilization
      • 5.4.1 North America CCUS Market by Utilization, 2023 – 2032 (USD Billion)
    • 5.5 Storage
      • 5.5.1 North America CCUS Market by Storage, 2023 – 2032 (USD Billion)
  • Chapter 6. North America CCUS Market – Transportation Analysis
    • 6.1 North America CCUS Market Overview: By Transportation
      • 6.1.1 North America CCUS Market Share, By Transportation, 2022 and 2032
    • 6.2 Ships
      • 6.2.1 North America CCUS Market by Ships, 2023 – 2032 (USD Billion)
    • 6.3 Pipelines
      • 6.3.1 North America CCUS Market by Pipelines, 2023 – 2032 (USD Billion)
    • 6.4 Terminals
      • 6.4.1 North America CCUS Market by Terminals, 2023 – 2032 (USD Billion)
  • Chapter 7. North America CCUS Market – Utilization Analysis
    • 7.1 North America CCUS Market Overview: By Utilization
      • 7.1.1 North America CCUS Market Share, By Utilization, 2022 and 2032
    • 7.2 E-fuel
      • 7.2.1 North America CCUS Market by E-fuel, 2023 – 2032 (USD Billion)
    • 7.3 E-chemical
      • 7.3.1 North America CCUS Market by E-chemical, 2023 – 2032 (USD Billion)
  • Chapter 8. North America CCUS Market – Technology Analysis
    • 8.1 North America CCUS Market Overview: By Technology
      • 8.1.1 North America CCUS Market Share, By Technology, 2022 and 2032
    • 8.2 Pre-combustion Capture
      • 8.2.1 North America CCUS Market by Pre-combustion Capture, 2023 – 2032 (USD Billion)
    • 8.3 Oxy-fuel Combustion Capture
      • 8.3.1 North America CCUS Market by Oxy-fuel Combustion Capture, 2023 – 2032 (USD Billion)
    • 8.4 Post-combustion Capture
      • 8.4.1 North America CCUS Market by Post-combustion Capture, 2023 – 2032 (USD Billion)
  • Chapter 9. North America CCUS Market – End Use Industry Analysis
    • 9.1 North America CCUS Market Overview: By End Use Industry
      • 9.1.1 North America CCUS Market Share, By End Use Industry, 2022 and 2032
    • 9.2 Oil & Gas
      • 9.2.1 North America CCUS Market by Oil & Gas, 2023 – 2032 (USD Billion)
    • 9.3 Power Generation
      • 9.3.1 North America CCUS Market by Power Generation, 2023 – 2032 (USD Billion)
    • 9.4 Iron & Steel
      • 9.4.1 North America CCUS Market by Iron & Steel, 2023 – 2032 (USD Billion)
    • 9.5 Chemical & Petrochemical
      • 9.5.1 North America CCUS Market by Chemical & Petrochemical, 2023 – 2032 (USD Billion)
    • 9.6 Cement
      • 9.6.1 North America CCUS Market by Cement, 2023 – 2032 (USD Billion)
    • 9.7 Others
      • 9.7.1 North America CCUS Market by Others, 2023 – 2032 (USD Billion)
  • Chapter 10. North America CCUS Market – Regional Analysis
    • 10.1 North America CCUS Market Regional Overview
    • 10.2 North America CCUS Market Share, by Region, 2022 & 2032 (USD Billion)
    • 10.3. North America
      • 10.3.1 North America North America CCUS Market, 2023 – 2032 (USD Billion)
        • 10.3.1.1 North America North America CCUS Market, by Country, 2023 – 2032 (USD Billion)
    • 10.4 North America North America CCUS Market, by Service, 2023 – 2032
      • 10.4.1 North America North America CCUS Market, by Service, 2023 – 2032 (USD Billion)
    • 10.5 North America North America CCUS Market, by Transportation, 2023 – 2032
      • 10.5.1 North America North America CCUS Market, by Transportation, 2023 – 2032 (USD Billion)
    • 10.6 North America North America CCUS Market, by Utilization, 2023 – 2032
      • 10.6.1 North America North America CCUS Market, by Utilization, 2023 – 2032 (USD Billion)
    • 10.7 North America North America CCUS Market, by Technology, 2023 – 2032
      • 10.7.1 North America North America CCUS Market, by Technology, 2023 – 2032 (USD Billion)
    • 10.8 North America North America CCUS Market, by End Use Industry, 2023 – 2032
      • 10.8.1 North America North America CCUS Market, by End Use Industry, 2023 – 2032 (USD Billion)
  • Chapter 11. Company Profiles
    • 11.1 ExxonMobil Corporation
      • 11.1.1 Overview
      • 11.1.2 Financials
      • 11.1.3 Product Portfolio
      • 11.1.4 Business Strategy
      • 11.1.5 Recent Developments
    • 11.2 Chevron Corporation
      • 11.2.1 Overview
      • 11.2.2 Financials
      • 11.2.3 Product Portfolio
      • 11.2.4 Business Strategy
      • 11.2.5 Recent Developments
    • 11.3 Occidental Petroleum Corporation
      • 11.3.1 Overview
      • 11.3.2 Financials
      • 11.3.3 Product Portfolio
      • 11.3.4 Business Strategy
      • 11.3.5 Recent Developments
    • 11.4 Royal Dutch Shell plc
      • 11.4.1 Overview
      • 11.4.2 Financials
      • 11.4.3 Product Portfolio
      • 11.4.4 Business Strategy
      • 11.4.5 Recent Developments
    • 11.5 BHP Group Limited
      • 11.5.1 Overview
      • 11.5.2 Financials
      • 11.5.3 Product Portfolio
      • 11.5.4 Business Strategy
      • 11.5.5 Recent Developments
    • 11.6 Air Products and Chemicals Inc.
      • 11.6.1 Overview
      • 11.6.2 Financials
      • 11.6.3 Product Portfolio
      • 11.6.4 Business Strategy
      • 11.6.5 Recent Developments
    • 11.7 Southern Company
      • 11.7.1 Overview
      • 11.7.2 Financials
      • 11.7.3 Product Portfolio
      • 11.7.4 Business Strategy
      • 11.7.5 Recent Developments
    • 11.8 Linde plc
      • 11.8.1 Overview
      • 11.8.2 Financials
      • 11.8.3 Product Portfolio
      • 11.8.4 Business Strategy
      • 11.8.5 Recent Developments
    • 11.9 Carbon Clean Solutions Limited
      • 11.9.1 Overview
      • 11.9.2 Financials
      • 11.9.3 Product Portfolio
      • 11.9.4 Business Strategy
      • 11.9.5 Recent Developments
    • 11.10 Cenovus Energy Inc.
      • 11.10.1 Overview
      • 11.10.2 Financials
      • 11.10.3 Product Portfolio
      • 11.10.4 Business Strategy
      • 11.10.5 Recent Developments
    • 11.11 Kiewit Corporation
      • 11.11.1 Overview
      • 11.11.2 Financials
      • 11.11.3 Product Portfolio
      • 11.11.4 Business Strategy
      • 11.11.5 Recent Developments
    • 11.12 BP plc
      • 11.12.1 Overview
      • 11.12.2 Financials
      • 11.12.3 Product Portfolio
      • 11.12.4 Business Strategy
      • 11.12.5 Recent Developments
    • 11.13 Equinor ASA
      • 11.13.1 Overview
      • 11.13.2 Financials
      • 11.13.3 Product Portfolio
      • 11.13.4 Business Strategy
      • 11.13.5 Recent Developments
    • 11.14 TotalEnergies SE
      • 11.14.1 Overview
      • 11.14.2 Financials
      • 11.14.3 Product Portfolio
      • 11.14.4 Business Strategy
      • 11.14.5 Recent Developments
    • 11.15 TransAlta Corporation 24M Technologies Inc.
      • 11.15.1 Overview
      • 11.15.2 Financials
      • 11.15.3 Product Portfolio
      • 11.15.4 Business Strategy
      • 11.15.5 Recent Developments
    • 11.16 Battery Resourcers Inc.
      • 11.16.1 Overview
      • 11.16.2 Financials
      • 11.16.3 Product Portfolio
      • 11.16.4 Business Strategy
      • 11.16.5 Recent Developments
    • 11.17 Others.
      • 11.17.1 Overview
      • 11.17.2 Financials
      • 11.17.3 Product Portfolio
      • 11.17.4 Business Strategy
      • 11.17.5 Recent Developments

List Of Figures

Figures No 1 to 34

List Of Tables

Tables No 1 to 7

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • ExxonMobil Corporation
  • Chevron Corporation
  • Occidental Petroleum Corporation
  • Royal Dutch Shell plc
  • BHP Group Limited
  • Air Products and Chemicals, Inc.
  • Southern Company
  • Linde plc
  • Carbon Clean Solutions Limited
  • Cenovus Energy Inc.
  • Kiewit Corporation
  • BP plc
  • Equinor ASA
  • TotalEnergies SE
  • TransAlta Corporation 24M Technologies Inc.
  • Battery Resourcers Inc.
  • Others

FAQs

The key factors driving the Market are Stringent Environmental Regulations, Growing Corporate Emphasis on ESG Goals, Advancements in CCUS Technologies, Government Incentives and Funding, Expansion of Carbon Capture in Industrial Sectors, International Collaboration and Partnerships And Strategic Partnerships for Funding and Innovation.

The key players in the market are ExxonMobil Corporation, Chevron Corporation, Occidental Petroleum Corporation, Royal Dutch Shell plc, BHP Group Limited, Air Products and Chemicals, Inc., Southern Company, Linde plc, Carbon Clean Solutions Limited, Cenovus Energy Inc., Kiewit Corporation, BP plc, Equinor ASA, TotalEnergies SE, TransAlta Corporation 24M Technologies Inc., Battery Resourcers Inc., Others.

The market is projected to grow at a CAGR of 7.4% during the forecast period, 2023-2032.

The North America Carbon Capture Utilization and Storage (CCUS) Market size was valued at USD 18.23 Billion in 2023.

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