Europe Carbon Capture Utilization Industry Overview
The Europe carbon capture utilization market size was valued at USD 1,032.26 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 18.4% from 2020 to 2028. Factors such as increasing applications of CCU in the enhanced oil recovery (EOR) in the oil & gas segment are expected to contribute to the growth of the market. Further, the food & beverages, chemicals, cement, and other industries are anticipated to be the major application segments that are expected to contribute to the growth of the market for carbon capture utilization in Europe over the forecast period. Germany is one of the major contributors to carbon dioxide emissions and a major market for carbon capture and utilization in Europe.
Government initiatives, supporting policies and plans, and availability of funds are some of the factors that are expected to drive the CCU market in the country. The country is engaged in research and development for finding ways to reduce carbon dioxide emissions. For instance, it is emphasizing on generating power through renewable sources instead of non-renewable sources. Researchers have been trying to find other industrial applications of carbon dioxide to reduce overall carbon dioxide emissions. This is anticipated to boost the demand for CCU technology in the country. The market for carbon capture utilization in Europe is estimated to have a linear growth rate by 2025 due to several installations of CCU facilities at each end-use industry such as chemicals, cement, oil and gas, power, steel, and food and beverages.
Gather more insights about the market drivers, restraints and growth of the Europe Carbon Capture Utilization market
Industrial emerged as the largest market share in 2020 in terms of value for application segment as it is used in the industries such as cement, chemicals, power, steel, food, and beverages to capture carbon and utilize it for a better purpose. In terms of value, cement in the industrial application segment emerged as the largest segment in 2020 as many companies are showing interest in the adoption of carbon capture and utilization technologies in their manufacturing plants in the form of pilot-scale projects to evaluate the technology and economics of carbon capture and recovery, which is expected to contribute to the growth of the market in the coming years.
The demand for carbon dioxide has been experiencing a dip in sectors such as beverage manufacturing as restaurants and bars across Europe have shut operations. Also, reduced demand for oil has resulted in halted operations in oil production in some of the exploration sites of oil & gas vendors that employ carbon dioxide-based EOR techniques. Further, the demand for industrial-grade carbon dioxide has also been on the lower side as industrial activities have slowed down in states badly affected by COVID-19.
Browse through Grand View Research's Distribution & Utilities Industry Related Reports
Industrial Batteries Market - The global industrial batteries market size to be valued at USD 27.4 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% during the forecast period.
Carbon Capture And Storage Market - The global carbon capture and storage market size was valued at USD 3.09 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030.
Europe Carbon Capture Utilization Industry Segmentation
Grand View Research has segmented the Europe Carbon Capture Utilization market based on application and country
Europe Carbon Capture Utilization Application Outlook (Volume, Million Tons; Revenue, USD Million, 2017 - 2028)
- Enhanced Oil Recovery (EOR)
- Industrial
- Agriculture
Europe Carbon Capture Utilization Country Outlook (Volume, Million Tons; Revenue, USD Million, 2017 - 2028)
- Germany
- France
- Netherlands
- Poland
- Austria
Market Share Insights:
March 2021: Aker carbon capture and Siemens energy joined forces to generate sustainable power. Both companies have signed an MoU to develop a combined offering for the Carbon capture solutions that can be used in gas turbines and gas power plants. This collaboration will help both companies to explore ways to jointly track the development of major projects across the globe.
Key Companies profiled:
Some prominent players in the Europe Carbon Capture Utilization Industry include
- Aker Solutions
- Equinor ASA
- Fluor Corporation
- Linde Plc
- Mitsubishi Heavy Industries Ltd. (MHI)
- Royal Dutch Shell
- Siemens Energy
- Sulzer Ltd.
Order a free sample PDF of the Europe Carbon Capture Utilization Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment