In the ever-evolving landscape of global industrialization, one concern stands out prominently: carbon dioxide emissions. As the world races toward finding sustainable solutions, the market for carbon dioxide utilization is emerging as a crucial player. With a projected Compound Annual Growth Rate (CAGR) of 14.3% during the period from 2023 to 2030, the carbon dioxide utilization market is expected to reach a remarkable value of approximately US$9.9 billion by the end of 2030.
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Market Analysis in Brief
Industrial expansion and progress are invariably accompanied by an increase in carbon dioxide emissions. Governments worldwide are recognizing the urgency to reduce their carbon footprint and are actively investing in carbon dioxide capture and storage facilities. This growing trend is expected to drive the growth of the carbon dioxide utilization market throughout the forecast period. The process of carbon capture, utilization, and storage (CCUS) involves capturing carbon dioxide from various sources, transporting it, and either using it to produce goods or services or securely storing it underground. Notably, this technology also sets the foundation for carbon removal and negative emissions when carbon dioxide originates from bio-based processes or the atmosphere itself.
Carbon Dioxide Utilization Market: Key Insights
1. Demonstrated Revenue Expansion
The market for carbon dioxide utilization is anticipated to experience significant revenue expansion over the next decade, spanning from 2023 to 2030.
2. Demand for Post-Combustion Capture
Among various carbon dioxide utilization methods, the demand for post-combustion capture remains high, driving the market's growth trajectory.
3. Dominance of Oil & Gas Power Generation
In 2022, the oil & gas power generation sector held the highest revenue share in the carbon dioxide utilization market, underlining its pivotal role.
4. North America Leading the Way
North America is poised to maintain its leading position in the carbon dioxide utilization market, with the Asia Pacific region expected to exhibit remarkable growth potential.
Growth Drivers
Meeting Environmental Goals with Natural Gas
The demand for carbon capture, utilization, and storage is escalating due to stringent environmental regulations. Traditional energy sources like petrol, diesel, and petroleum products contribute significantly to environmental degradation. Natural gas emerges as a more environmentally friendly alternative, effectively reducing greenhouse gas emissions and mitigating global warming.
Global Climate Targets and Carbon Dioxide Utilization
Carbon dioxide utilization plays a pivotal role in achieving ambitious global climate targets. Regions such as North America and Europe are investing heavily in this technology, driven by the need for carbon-derived goods across various industries.
Market Opportunities
Enhanced Oil Recovery with Carbon Dioxide
Enhanced oil recovery techniques utilizing carbon dioxide are gaining traction, creating substantial opportunities for both onshore and offshore operations. The oil and gas industry's demand for carbon dioxide to support enhanced oil recovery activities is expected to generate significant growth prospects.
Key Segments: Chemical Conversion and Direct Air Capture
The dominance of chemical conversion and direct air capture technology is foreseen in the carbon dioxide utilization market. Chemical conversion technology yields synthetic fuels and chemicals, while direct air capture offers a promising means to convert carbon dioxide into various products.
Chemicals and Fuels Leading the Way
The segments of chemicals and fuels are expected to hold the highest market share in the carbon dioxide utilization market. The utilization of carbon dioxide for chemical production not only curbs emissions but also reduces dependence on fossil fuels.
Regional Growth Outlook
North America's Dominance
The carbon dioxide utilization market will continue to be dominated by North America, driven by its focus on clean technology and significant investment in enhanced oil recovery practices.
Asia Pacific's Promising Potential
The Asia Pacific region is poised to experience substantial growth in the carbon dioxide utilization market, fueled by rapid industrial development, particularly in countries like China.
Competitive Landscape
Prominent players in the carbon dioxide utilization market include Carbon Recycling International, Royal Dutch Shell Plc, LanzaTech Inc., and TotalEnergies SE. These companies are actively contributing to the growth and advancement of carbon dioxide utilization technologies, paving the way for a sustainable future.
In conclusion, the global carbon dioxide utilization market is on an upward trajectory, fueled by the pressing need to reduce carbon emissions and combat climate change. As governments, industries, and individuals alike seek effective solutions, the market's growth potential is immense. With North America leading the charge and the Asia Pacific region offering promising prospects, the path toward a more sustainable future is illuminated by the promise of carbon dioxide utilization.
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