Global Radiation-Hardened Electronics for Space Application Market 2023

Description
The global CCUS market is projected to grow at a CAGR of 15.0% between 2023 and 2029, reaching $6.79 billion. Drivers include reducing carbon emissions and demand for enhanced oil recovery (EOR). Restraints include storage facilities and CO2 leakage. CCUS captures CO2 from sources like power plants and stores or uses it. Governments establish CO2 capture and storage plants. The U.S. has the largest CCUS industry. COVID-19 had limited impact. New CCUS plants start in 2025. Challenges include costs and CO2 leakage.

Market Segmentation
The market is segmented based on various factors, including application, capture technology, and region.

Segmentation by Application
Oil and Gas Industry
Power Industry
Others (Cement Industry and Chemical Industry)

Segmentation by Capture Technology
Pre-Combustion Carbon Capture
Post-Combustion Carbon Capture
Oxy-Fuel Combustion Carbon Capture

Segmentation by Region
North America - U.S. and Canada
Europe - Belgium, Norway, Croatia, Iceland, and Rest-of-Europe
Asia-Pacific - China and Australia
Middle East- U.A.E., Qatar, and Saudi Arabia
Rest-of-the-World - South America and Africa

The oil and gas industry dominates the global CCUS market with a 61.3% share, primarily driven by CO2 utilization in enhanced oil recovery (EOR). This application is expected to continue leading the market from 2023 to 2029. The dual role of CO2 in EOR as both utilization and storage contributes to its growing adoption. The capture of CO2 from flue gases and its storage in geological reservoirs also fuels market growth.

Post-combustion carbon capture technology holds a 94% share of the global market, surpassing other technologies due to its commercial viability, lower installation costs, simplicity, and availability. It is projected to maintain its dominance from 2023 to 2029, driven by its effectiveness in capturing CO2 from flue gases and ongoing research advancements.

North America holds a 69% share of the global CCUS market, driven by operational plants in the United States and Canada. The region is expected to maintain its leadership position due to upcoming projects and government initiatives promoting CCUS technologies. Growing demand from various applications and stricter environmental regulations contribute to market growth in North America from 2023 to 2029.

Competitive Landscape
The selection of profiled companies was based on inputs from primary experts and an analysis of their market coverage, product portfolio, and market penetration. Key companies profiled in this report include Fluor Corporation, ExxonMobil Corporation, Linde plc, Shell plc, Mitsubishi Heavy Industries, Ltd, JGC Holdings Corporation, Equinor ASA, Schlumberger Limited, Aker Carbon Capture, Carbon Clean Solutions Limited, C-Capture, Halliburton, Siemens, Hitachi, Ltd, Honeywell International Inc, Mirreco, SeeO2 Energy Inc., Neustark AG, CarbonFree, and Cemvita Factory Inc.

Recent Industry Developments
ExxonMobil Corporation announced plans in March 2022 to establish a hydrogen production facility and carbon capture and storage projects at its integrated refining and petrochemical site in Baytown, Texas, U.S. These initiatives aim to support emission reduction efforts in local industries and the company's own operations.

In November 2021, ExxonMobil Corporation and Petronas signed a Memorandum of Understanding (MoU) to collaborate on potential carbon capture and storage projects in Malaysia. This MoU strengthens the longstanding strategic partnership between the two companies, with the shared goal of helping Malaysia reduce emissions and achieve its net-zero ambitions.

Linde plc was selected by the U.S. Department of Energy's National Energy Technology Laboratory (NETL) in May 2021 to install and test a large-scale pilot plant capable of capturing 200 tons of CO2 per day. The pilot plant will be located at the City Water, Light & Power (CWLP) power plant in Springfield, IL. This project involves collaboration between BASF, the University of Illinois at Urbana Champaign, ACS, and CWLP. The operation of this facility provides an opportunity to demonstrate economically viable and innovative carbon capture techniques.