BAKU, Azerbaijan, September 5. The global market for Carbon Capture, Utilization, and Storage (CCUS) to reduce CO₂ emissions is expected to grow at an average rate of 24 percent per year, Trend reports via international environmental expert Pravin Dabde's social media publication.
"The CCUS market was valued at $3.1 billion in 2023 and could grow to $12.9 billion by 2030, driven by the expanding global adoption of CCUS technologies, particularly in the oil and gas, chemical, and energy industries," the publication said.
Dabde identified Royal Dutch Shell, Fluor Corp., Mitsubishi, ExxonMobil, Schlumberger, Honeywell International, Equinor, Aker Solutions, Linde Plc, and Japan's JGC Holdings as the key players in the global CCUS market.
"There are many technologies for capturing carbon dioxide. As for its utilization, CO2 can be used, for instance, in enhanced oil recovery, concrete production, plastics, and chemicals. For CO2 storage, underground geological formations, often in old hydrocarbon fields, are primarily used worldwide," Dabde explained.
CCUS is essential for mitigating climate change, supporting the energy transition, and helping economies adapt to this transition, he added.
The upcoming 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change, which will take place in Baku in November, will also feature discussions on CCUS.
