Carbon Capture, Utilization, and Storage Market Size, Share, Growth, Report 2025 to 2034

Carbon Capture, Utilization, and Storage Market Size, Growth 2025 to 2034

The global carbon capture, utilization, and storage market size was valued at USD 3.84 billion in 2024 and is anticipated to surpass around USD 16.58 billion by 2034, growing at a compound annual growth rate (CAGR) of 24.5% over the forecast period from 2025 to 2034.

The carbon capture, utilization, and storage (CCUS) market is picking up its pace as industries are under increasing pressure with respect to reducing climate change by adopting green operations, green certifications and net-zero pledges. Major industrial development requires more than traditional emission control practices; climate-friendly technologies need to not only minimize embodied carbon but also maximize energy efficiency, support resource circularity, and be in line with global goals set to reverse global warming. Growth in more regulatory burdens on environmental regulations, greater corporate environmental, social, and governance responsibilities, and a drive to reduce the worsening effects of global warming are also contributing to the deployment of CCUS in various industries.

What is Carbon Capture, Utilization, and Storage?

CCUS is already being relied upon to facilitate sustainable industrial transformation: intercept CO2 at source and have it turned into useful commodities or sequestered down deep in the earth where it cannot enter the atmosphere. New breakthroughs in solvent efficiency, membrane separation, direct air capture and mineralization are rendering these solutions more scalable and economical. CCUS technologies are extending to heavy industries and power generation, commercial plants and infrastructure projects, which ensures decarbonization, asset life-extension, efficiency and lifecycle emissions reduction. With the incorporation of CCUS, the industries are fast-tracking the transition to the low-carbon future ensuring economic competitiveness and achieving global climate goals.

Carbon Capture, Utilization, and Storage Market Report Highlights

• By Region, North America led with 37.4% in 2024 due to strong federal incentives, state-level clean energy programs, and abundant storage capacity. The region’s mature oil and gas infrastructure supports both storage and utilization. The U.S. DOE’s September 2024 $1.2B funding for DAC hubs in Texas and Louisiana accelerated adoption.
• By Technology, the post-combustion capture segment led with 48.7% in 2024 as it can be retrofitted onto existing fossil fuel plants without major redesigns. This adaptability reduces deployment costs and speeds up rollout. Leadership was reinforced by the April 2024 Petra Nova restart in Texas, capturing 1.4M tons COâ‚‚ annually.
• By Application, the power generation segment held revenue share of 41.3% in 2024 due to aggressive decarbonization mandates and the adoption of BECCS at large biomass plants. Its scalability and base-load compatibility make it essential for net-zero targets. Drax Power Station’s August 2024 expansion to 4M tons/year capture exemplifies the trend. 
• By End User, the enhanced pil recovery (EOR) segment captured revenue share of 39.5% in 2024 as it provides both a COâ‚‚ utilization pathway and higher oil extraction yields. Mature infrastructure in key oil regions reduces project risk and cost. Occidental’s June 2024 expansion of its COâ‚‚ pipeline network in the Permian Basin boosted capacity significantly.
• By Method, the absorption segment commanded revenue share of 42.1% in 2024 for its high capture efficiency and proven use in large-scale facilities. Amine-based systems remain the industry standard for post-combustion applications. Shell–MHI’s May 2024 launch of an advanced amine system at the Alberta Carbon Trunk Line improved energy efficiency.

Carbon Capture, Utilization, and Storage Market Trends

• CCUS in Industrial Clusters Integration: An emerging pattern is the use of shared industrial centers to implement CCUS technologies and various facilities capture CO2 and transport it to a shared storage location. This will lower the cost by sharing infrastructure and accelerate large-scale adoption. Over in March 2024, the East Coast Cluster in the UK reached another milestone to move a step closer in its development, which involves a group of chemical plants, petroleum refineries, and power stations to be linked into a single CO2 pipeline system. These clustering plans also are useful in easing regulatory endorsement and developing regional carbon management environments. The model is becoming popular in Europe and Asia, thereby increasing scalability and efficiency in the deployment of CCUS.
• Direct Air Capture (DAC) coupled with Utilization: The combination of DAC and carbon conversion processes gives rise to a promising market trend, where there is an opportunity to convert the captured atmospheric CO2 into reservoirs to become fuels, chemicals, or building materials. The Mammoth DAC plant In September 2023, Climeworks commenced operation of its Mammoth DAC plant in Iceland that has joined forces with Carbfix to lock up CO2 in the ground, but also research CO2 into synthetic fuels pathways. This bi-pronged strategy would offer climate mitigation as well as an activity to generate incomes. The technology prices are falling to the point where more firms are looking to use DAC + to develop commercial products with sustainability goals in mind. Such a tendency is in line with the international popularity of the circular economy model of carbon.

Report Scope

Carbon Capture, Utilization, and Storage Market Dynamics

Market Drivers 

• Empowering International Climate Measures: The environmentally strict policies are serving as one the main catalysts of the adoption of the CCUS, which encourages industries to keenly capture and store the carbon emissions. In November 2023, the European Commission authorised new financing of the Innovation Fund in funding large-scale projects in CCUS with a priority on cement, steel and chemicals. Such policy pushes require compliance on the one hand and earlier movers to be rewarded on the other hand through fiscal favors. Binding emissions reduction targets are also being established by governments and this is making CCUS to rise above being a voluntary climate solution to an absolute must in carrying out operations. Capture and storage technologies are improving the industrial investment as industrial mechanisms continue to boost strong policy frameworks.
• Corporate Net-Zero Pledges: Multinational companies are becoming more focused on achieving net-zero goals, which is also stimulating a desire to buy CCUS solutions in order to mitigate unavoidable emissions. ExxonMobil said in July 2024 it has expanded its plan to use an existing Houston hub to capture carbon and store it underground to many other industries working toward becoming carbon neutral by 2050. The projects enable firms to mitigate their Scope 1 and Scope 2 emissions and show them as leaders in dealing with climate change. Besides enhancing the brand value, the corporate ESG drive can lead to access to green finance. Increased accountability as requested by stakeholders is a factor that makes CCUS adoption a strategic investment towards remaining competitive in the market.

Market Restraints

• Elevated Capital and Operational Expenditures: The CCUS (carbon capture, storage, and utilization) technology still lag behind in implementation and adoption in comparison to other sectors due to it being capital intensive. This is due to the high upfront investment capture units, pipelines, and storage facilities require. As an example, a CCUS retrofit proposed on a coal plant in the Midwest of the tear in the US was postponed in April 2024 due to over a billion dollar prepositioned estimate which could not be justified. Without strong government policy incentives or a working cap and trade system, the adoption of CCUS is invariably going to be hindered. As such, until a point of economic efficiency is achieved, capital expenditure will be a barrier to adoption in small scale or less profitable industrial settings.
• Geographic Restrictions for Storage Sites: The coverage of the proven and permitted geological storage sites is a known constraint for CCUS technology. This is best illustrated by the environmental review delays for the Canadian storage project in Alberta due to the estimated potential seismic risks. Without geological structural CO2 storage, industries face endless challenges in legally and logistically dealing with capture solutions. This challenge is magnified in countries that are ignorant to geological surveys and public opinion on CO2 storage. This is a clear indicator that early site scouting and regulations that enable a streamlined approach should be adopted.

Market Challenges

• Issues with Public Opposition and Perception: Skepticism concerning the safety of COâ‚‚ storage remains problematic for the Public Perception and the CCUS rollout. Communities express concerns about leakage and environmental impacts, even when the scientific evidence suggests otherwise. In June 2023, protests by Porthos offshore CCUS opposing stakeholders in the Netherlands suspended the CCUS project due to the lack of further environmental assurances. Moving past opposition tends to need proven engagement, unreserved two-way communication, and partnership that enables the equitable sharing of community benefits. In the absence of trust, global projects suffer stalling for time and money, wasted resource budgets, or total abandonment even when fully capable.
• Integration with the Current Technology System: Retrofitting CCUS to older or existing industrial sites incurs operational and engineering difficulties, often leading to long project downtimes and overhauls. In August 2024, a European Steel plant CCUS upgrade toward the integration of the blast furnace operations was stalled for 6 months due to these CCUS upgrade integration difficulties. Aside from these integration difficulties, there also exist challenges with rigid facility frameworks, persistent habitual operational models, and unwavering rigid facility frameworks. All of these the integration and operation downtime challenges, habit, and risk aversion have a direct negative impact to output efficiency and overall profitability.

Market Opportunities

• CO2 Use to produce Green Fuels and Resources: The trapped CO2 metabolic recycling to products drives the creation of the market as well as alleviates the cost of the CCUS. In May 2024, a U.S. carbon transformation company, Twelve, produced sustainable aviation fuel (SAF) made by utilizing captured CO2 and renewable hydrogen. This strategy reduces the overdependency on fossil feedstocks and at the same time earns revenues related to carbon management. The more such technologies are implemented in general, the more CCUS has the opportunities to become not a cost-intensive system of compliance but a money-making industry, which has the potential to popularize it.
• Unity of Cross-Border CO, Transport and Storage: The commitment of the international cooperation in the field of transport and CO2 storage opens up new opportunities in the regions where there is no storage capacity. In October 2023, Norway brought the Northern Lights Project to sign contracts on the storage of captured CO2 in France-French and the Netherlands facilities, an event that signaled the development of cross-border collaboration in carbon management in nations. The storage-limited countries can become part of active mass decarbonization in such collaborations. Regional emissions of CO2 are currently being developed, which can catalyze the creation of an intercontinental carbon network, including Europe and Asia, among other.

Carbon Capture, Utilization, and Storage Market Segmental Analysis

Technology Analysis

Post-Combustion Capture: The more widely used post-combustion capture method removes CO2 from flue gases once fossil fuels are burned, generally via solvents or sorbents. It has wide use in upgrading already existing power and industrial plants. Petra Nova in Texas was restarted in January 2024 with an improved version of amine-based capture technology aiming at the removal of 90 percent of the CO2 in a coal unit. It is preferred because it is sustainable to the available infrastructure and in particular in power generation and cement manufacturing.

Pre-Combustion Capture: Pre-combustion capture removes the CO2 before fuel is burned by converting the fuel to syngas and separate carbon and hydrogen before burning the syngas and other fuels. It is common in Integrated Gasification Combined Cycle (IGCC) plants. In June 2023, the Kemper County Energy Facility in Mississippi enhanced the success of its pre-combustion capture experiments to increase the efficiency of the hydrogen manufacturing process. The method is more efficient in new-build plants but needs much redesign of processes relative to post-combustion.

Oxy-Fuel Combustion: Oxy-fuel combustion burns fuel using almost pure oxygen rather than air and allows a flue gas consisting mostly of CO2 and water vapor to be more easily captured. It increases efficiency and minimizes the emission of nitrogen oxide. The Callide Oxyfuel Project in Japan shifted gears in March 2024 to show storage capacity of CO2 emitted by its oxygen coal plant. It has concentrated stream of CO2 which facilitates separation easier yet costs money to produce oxygen.

Air Direct Capture (DAC): DAC allows diffuse emissions to be removed directly and directly use CO2 gas present in the atmosphere, which can be accomplished by chemical solvents or sorbents. It is important in negative emissions strategies. Climeworks Iceland In September 2023, Climeworks opened its “Mammoth” DAC plant in Iceland, with capacity larger than the previous “Orca” system. DAC is both energy-intensive and location-flexible and enables the production of synthetic fuels.

Application Analysis

Power Generation: CCUS in power generation involves capturing the CO2 emission into coal, gas or biomass power plants hence avoiding its emission to the atmosphere. This is one of the areas that large carbon reduction targets are focused on. In April 2024 the SaskPower company in Canada made an upgrade to its Boundary Dam Unit 3 by installing new and improved solvent technology to increase the rate of capturing CO2. These types of applications are essential to the decarbonization of electricity grids.

Industrial Processes: The industrial application consists of technologies that capture CO2 emitted by industries whose production process inevitably involves the production of emissions such as cement, steel, chemicals, etc. Holcim started to operate its cement plant CCUS system in Germany in May 2024 intending to capture 1 million tonnes each year. This category is concerned with hard-to-abate emissions that cannot be met by electrification.

Carbon Capture, Utilization, and Storage Market Share, By Application, 2024 (%)

Oil and Gas: CCUS in oil and gas involves a capturing of CO2 in the production of refineries, LNG plants as well as petrochemical units to produce the commodity, store, or reuse. In February 2024, the ADNOC in the UAE built its Al Reyadah CCUS plant larger to capture additional fumes in the steel and gas production processes. This industry utilizes the current know-how on subsurface storage.

Waste Management: Waste management CCUS collects CO2 emitted by burning plants, waste-to-energy, or treatment of landfill gas. In August 2023, Oslo’s Klemetsrud waste-to-energy plant began installing a large-scale COâ‚‚ capture system to handle urban waste emissions. It helps to achieve the aims of a circular economy because it decreases landfill methane and CO2 emissions.

End User Analysis

Enhanced Oil Recovery (EOR): EOR involves the use of captured carbon dioxide to increase the production of oil in aging fields as well as storing the gas in the ground. In July 2024 Occidental Petroleum doubled its operations of CO2 -EOR at Permian Basin to be combined with DAC. This is a way of integrating economic values with carbon storing.

Carbonated Beverages: The carbonation process in the food and beverage industry utilises captured CO2, meaning that the company has a safe chain supply. In October 2023, Ardagh Group collaborated with one of the UK breweries to use a CO2 produced in the nearby bioethanol plant to make carbonated beer. This lessens fertilizer dependency on industrial fossil-based CO2.

Carbon Capture, Utilization, and Storage Market Share, By End User, 2024 (%)

Building Materials: The CO2 that has actually been captured can also be mineralized into construction materials such as concrete, bricks and aggregates making carbon permanently unavailable. In May 2024, CarbonCure technologies increased production of CO2 -injected concrete on the North American continent, which reduces the carbon footprint of building. Unlike the previous ones, this end use integrates decarbonization with innovation in material.

Chemicals: CO conquered the chemical industry where CO2 is refined into methanol, urea, and other substance chemicals. Mitsui Chemicals in Japan started operation of methanol production in March 2024 that uses CO2 it has captured and renewable hydrogen. This encourages the mitigation of emissions as well as diversification of chemical sources.

Method Analysis

Absorption: Absorption involves absorbing CO2 by capturing it in a solvent liquid such as amines (usually) which are then subsequently regenerated to release the gas. In November 2023, Mitsubishi Heavy Industries commissioned a KS-21 amine technology in one of the Japanese biomass power plants. It is an established mature technique that is employed in post-combustion capture.

Adsorption: Adsorption involves using stationary solids such as zeolites or activated carbon to capture morsels of CO2 gases, and it serves best in small to large scale or cyclical working. Svante commissioned their solid sorbent capture facility in April 2024 in Canada to be used in the cement industry. In certain conditions, it provides less regeneration energy requirements than absorption.

Carbon Capture, Utilization, and Storage Market Share, By Method, 2024 (%)

Membrane Separation: In this method CO2 is separated using CO2 selective membranes with respect to solubility or molecular size of the gas mixture. Air Products had started testing polymer membranes to remove CO2 in processing of natural gas in Texas in June 2023. It is space saving and modular and can fit with facilities that have limited spaces.

Chemical Looping: Chemical looping Limited metal oxides are used to move oxygen between reactors forming a pure stream of CO2 without any direct air-fuel interaction. In January 2024, the Ohio State University showed a pilot plant of coal chemical looping combustion. It generates intrinsic CO2 separation although it still remains at the early commercialisation phases.

Carbon Capture, Utilization, and Storage Market Regional Analysis

The carbon capture, utilization, and storage market is segmented into several key regions: North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). Here’s an in-depth look at each region.

Why is North America dominating the carbon capture, utilization, and storage market?

• The North America carbon capture, utilization, and storage market size was valued at USD 1.44 billion in 2024 and is expected to reach around USD 6.20 billion by 2034.

Government support through decarbonization policies as well as industrial retrofit and the adoption of CCUS in power generation and manufacturing industries have led the North American CCUS market to speed up. The projects are on the large-scale capture facilities, shared CO2 pipeline infrastructure and expansions in enhanced oil recovery (EOR). Industrial investments include investing along the path toward reduced emissions in sectors that have been labeled as hard-to cut such as cement and steel. In January 2025, officials at the U.S. Department of Energy said a large CO2 pipeline had been built in Louisiana to link a number of industrial emitters to a central storage point. This will be cementing the position of North America as a leader in commercial scalability of viable CCUS networks.

Europe CCUS Market Trends

• The Europe carbon capture, utilization, and storage market size was estimated at USD 1.14 billion in 2024 and is expected to hit around USD 4.94 billion by 2034.

In Europe, the CCUS sector is progressing with stringent EU climate regulations, circular carbon policies and net-zero industrial policies. The focus is on cross-country deals on CO2 transportation, off-shore storage at the North Sea, and connection to the renewable production of hydrogen. To reduce expenses and derive the biggest impact, the European governments are emphasizing the use of clusters in industries, where the same CCUS infrastructure can be shared. In February 2025, the Northern Lights project in Norway inked new transport deals to sequester CO2 that could emerge at industrial plants in both France and Belgium, further cementing the European legacy in inter-state carbon management. Such efforts are establishing worldwide standards of broad-scale, collaborative decarbonization.

Why is Asia-Pacific fast growing in the CCUS market?

• The Asia-Pacific carbon capture, utilization, and storage market size was accounted for USD 0.97 billion in 2024 and is projected to surpass around USD 4.18 billion by 2034.

Asia-Pacific CCUS market is one of the fast growing markets, so we have growing industrial emissions, government support of reduction of carbon footprint and pilot projects of direct air captures and uses. The region has prioritised the integration of CCUS in the power generation, steelmaking, and chemicals, as well as offshore storage exploration. Technological alliances amid foreign companies and international leaders in CCUS development are starting to be a trend to accelerate the use. In May 2025, Japan inaugurated the first large-scale CCUS project powered by a coal-fired power plant in Hokkaido and aimed to store CO2 as well as produce methanol. These trends point to Asia-Pacific evolving in its technical capabilities on large-scale carbon management.

Carbon Capture, Utilization, and Storage Market Share, By Region, 2024 (%)

LAMEA is gaining momentum in the CCUS market

• The LAMEA carbon capture, utilization, and storage market was valued at USD 0.29 billion in 2024 and is predicted to grow around USD 1.26 billion by 2034.

The market is gaining momentum in the LAMEA CCUS market due to the growth in renewable energy development, carbon reduction endeavors in the oil and gas sector, and soaking up of CO2 in EOR and production of synthetic fuel. Middle East countries are also exploiting their experience in subsurface storage to become active leaders in initiative within the region, and Africa is pilot testing CCUS applications in cement and natural gas industries. In April 2025 the UAE commissioned a large CCUS facility at a steel plant which is expected to capture and store over 800,000 tonnes of CO2 per annum and reuse it in industry. These initiatives are making LAMEA an emerging centre of carbon capture characterisation and implementation in diverse climatic and industrial conditions.

Carbon Capture, Utilization, and Storage Market Top Companies

• Equinor
• ExxonMobil
• BP
• Global CCS Institute 
• Aker Solutions
• TechnipFMC
• Shell
• Linde
• Chevron
• TotalEnergies
• Air Products and Chemicals
• Climeworks
• Bechtel
• Carbon Clean Solutions
• Siemens

Recent Developments

• In July 2025, TGS and Equinor have deepened their collaboration to advance the digital transformation of carbon capture and storage (CCS) operations, particularly within the Northern Lights project. By integrating TGS’s Prediktor Data Gateway, the partnership enables real-time data management across the entire COâ‚‚ value chain, supporting efficient operations, regulatory compliance, and transparent reporting in areas like simulation, capacity planning, and safety—ultimately helping streamline workflows and ensure operational excellence in large-scale carbon storage initiatives.
• In June 2021, Bechtel and Drax have formed a strategic partnership to explore global opportunities for developing new Bioenergy with Carbon Capture and Storage (BECCS) plants, aiming to help meet climate targets set by the Paris Agreement. Their collaboration focuses on designing and building efficient BECCS facilities using the latest technologies in regions such as North America and Western Europe, with Drax leveraging its experience in converting power stations from coal to biomass as part of Europe's largest decarbonization project. By advancing BECCS, which is recognized as a crucial negative emissions technology, they intend to permanently remove COâ‚‚ from the atmosphere and support efforts to limit global warming to 1.5°C.

Market Segmentation

By Service

• Capture
• Transportation
• Utilization
• Storage

By Technology

• Post-Combustion Capture
• Pre-Combustion Capture
• Oxy-Fuel Combustion
• Direct Air Capture

By Method

• Absorption
• Adsorption
• Membrane Separation
• Chemical Looping

By Application

• Power Generation
• Industrial Processes
• Oil and Gas
• Waste Management
• Others

By End User

• Enhanced Oil Recovery
• Carbonated Beverages
• Building Materials
• Chemicals

By Region

• North America
• APAC
• Europe
• LAMEA