The "Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Storage, Utilization), End-Use Industry (Natural Gas, Power Generation, Hydrogen, Fertilizers, Oil Refining) and Region - Global Forecast to 2026" is expected to generate a revenue of USD 7.7 billion by 2026, growing at a CAGR of 29.8% during the forecast period 2021 - 2026. The growth of the carbon capture, utilization, and storage market is driven by the increasing adoption of CCUS technology and various large-scale projects like the Petra Nova Carbon Capture Project and Boundary Dam CCS Project. Power Generation is predicted to register the largest share in the global carbon capture, utilization, and storage market during the forecast period.
North America was the largest carbon capture, utilization, and storage market, in terms of value, in 2020. The carbon capture, utilization, and storage market in North America is expected to be driven by rising environmental concerns in the region. The US Supreme Court proposed a carbon trading scheme, the US Clean Power Plan, in February 2016. This scheme aims at curbing carbon pollution from power plants in the US. Canada, especially Western Canada, is dependent on fossil fuel industries. Furthermore, high economic growth, and large-scale carbon capture, utilization, and storage projects are some of the key factors driving the carbon capture, utilization, and storage market in North America.
