CHICAGO, June 28,
2024 /PRNewswire/ -- The report "CCUS
Absorption Market by Absorption Type (Chemical
Absorption, Physical Absorption), End-Use Industry (Oil & Gas,
Power Generation, Chemical & Petrochemical, Cement, Iron &
Steel), and Region - Global Forecast to 2030", is expected to
grow at an average CAGR of 26.5%, from USD
0.4 billion in 2024 to USD 1.7
billion in 2030.
The implementation of CCUS absorption by industries is being driven
by government support and policy initiatives. In the UK, the
government has announced significant public funding for new CCUS
projects and is adopting a three-pronged approach, including policy
support, industrial hubs with shared CO2 transport and storage
infrastructure, and investment in technology innovation.
China has been building its
domestic CCUS technology capacity since 2007 and has undertaken
industry-level pilot projects for carbon capture technologies.
India has also set out a roadmap
for the adoption of CCUS, involving collaboration between industry
partners and the government. These government-led initiatives are
crucial for accelerating the deployment of CCUS technologies in
various industries.
Browse in-depth TOC on "CCUS Absorption Market"
160 – Tables
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Chemical Absorption segment comprise a major share of the
CCUS Absorption market, in terms of value and volume.
The chemical absorption process is a widely used technique for
capturing CO2 in Carbon Capture, Utilisation and Storage (CCUS)
projects. It involves the reversible reaction of CO2 with a
chemical solvent, typically an amine-based solution. In this
process, the CO2-rich flue gas first undergoes pre-treatment to
remove contaminants and cool down the gas. It then enters an
absorption column where the CO2 is continuously absorbed by the
solvent. The CO2-lean flue gas exits the top of the absorber, while
the CO2-rich solvent is transferred to a desorption unit
(stripper). In the stripper, the solvent is heated, causing the CO2
to be stripped out, resulting in a pure CO2 stream at the top. The
regenerated solvent is then circulated back to the absorber. The
captured CO2 can be further processed, compressed, and transported
for utilization or storage.
Oil & gas industry is the dominating end-use industry in
the global CCUS Absorption market in terms of value
The oil and gas end-use industry dominates the adoption of
Carbon Capture, Utilization, and Storage (CCUS) absorption
technology. This is due to the industry's significant carbon
footprint and the need to reduce emissions to meet environmental
regulations and climate change goals. CCUS technology helps the
industry by capturing CO2 emissions from natural gas processing
plants, which is a major source of emissions. The technology also
enables the industry to utilize captured CO2 in various
applications, such as enhanced oil recovery (EOR) and enhanced coal
bed methane recovery (ECBM). Additionally, CCUS technology can help
the industry to store CO2 in geological formations, reducing the
risk of leakage and environmental impact. The adoption of CCUS
technology by the oil and gas industry is crucial for achieving a
low-carbon future and reducing the industry's carbon footprint.
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Asia Pacific to be the
fastest-growing region in the CCUS Absorption market during the
forecast period
The North American region has dominated the adoption of Carbon
Capture, Utilization, and Storage (CCUS) absorption technology.
This is due to the region's significant carbon footprint from
industries such as oil and gas, power generation, and
manufacturing. The US government has been actively encouraging the
adoption of CCUS technology through policies and incentives, such
as the 45Q tax credit and the Clean Power Plan. As a result, many
companies, including ExxonMobil, Chevron, and Occidental Petroleum,
have invested heavily in CCUS projects. The region's regulatory
environment and technological advancements have also contributed to
the widespread adoption of CCUS technology. Additionally, the North
American market is expected to continue growing, driven by the
increasing focus on reducing CO2 emissions and the development of
innovative CCUS technologies.
Some of the key players in the global CCUS Absorption market
includes ExxonMobil Corporation (US), Equinor ASA (Norway), Honeywell International Inc. (US),
Fluor Corporation (US), Mitsubishi Heavy Industries Ltd.
(Japan), Royal Dutch Shell Plc
(Britain), TotalEnergies SE
(France), BASF SE (Germany), JGC Holdings Corporation
(Japan), Schlumberger Ltd. (US),
Aker Solutions (Norway), Siemens
AG (Germany), Hitachi Ltd.
(Japan), General Electric (US),
Chevron Ion Clean Energy (US).
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