Carbon Capture, Utilization, and Storage Market worth $13.53 billion by 2031 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Sept. 24, 2026 /PRNewswire/ -- According to MarketsandMarkets™, the Carbon Capture Utilization and Storage Market is projected to reach USD 13.53 billion by 2031 from USD 5.67 billion in 2026, at a CAGR of 19%.

Browse 350 market data Tables and 100 Figures spread through 320 Pages and in-depth TOC on "Carbon Capture, Utilization, and Storage Market - Global Forecast to 2031"

Carbon Capture, Utilization, and Storage Market Size & Forecast:

• Market Size Available for Years: 2021-2031
• 2026 Market Size: USD 5.67 billion
• 2031 Projected Market Size: USD 13.53 billion
• CAGR (2026-2031): 19%

Carbon Capture, Utilization, and Storage Market Trends & Insights:

• The carbon capture, utilization, and storage market is set to grow as demand for industrial decarbonization solutions increases, offering high-volume emission reduction while enabling continuous baseline energy generation as a viable alternative to operational shutdowns. The increasing net-zero commitments, stringent environmental regulations, and corporate sustainability targets are driving market growth. CCUS technologies are increasingly adopted across power generation, cement, iron & steel, chemical, and oil & gas facilities because they capture CO2 emissions directly from flue gas streams or atmospheric sources before permanent underground storage or industrial utilization.
• Europe is projected to record the highest CAGR of 19.5% in the carbon capture, utilization, and storage market during the forecast period.
• By service, the capture segment dominated the market, accounting for a share of 57.5%, in terms of value, in 2025.
• By technology, the chemical looping segment dominated the market, in terms of value, in 2025.
• By end-use industry, the oil & gas segment held the majority of market share of 75.6%, in terms of value, in 2025.
• Equinor ASA, Shell Plc, ExxonMobil Corporation, Fluor Corporation, and TotalEnergies SE are star players in the capture, utilization, and storage market, given their broad industry coverage and strong operational and financial strength.
• Carbon Clean, Tandem Technical, and C-Capture Ltd.  have distinguished themselves among startups and SMEs due to their well-developed marketing channels and extensive funding to build their product portfolios.

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The presence of several major energy and technology companies significantly influences the carbon capture, utilization, and storage market. Equinor (Norway), Shell plc (UK), TotalEnergies SE (France), ExxonMobil (US), Fluor Corporation (US), Linde plc (UK), Mitsubishi Heavy Industries, Ltd. (Japan), Schlumberger Limited (US), Aker Solutions (Norway), and Honeywell International (US) are some of the key developers and technology providers driving market development. These companies deliver integrated CCUS solutions that leverage post-combustion capture, direct air capture (DAC), chemical absorption, and permanent geological storage technologies. These solutions are applied across hard-to-abate sectors such as power generation, oil & gas, chemicals, cement, and steel production. Key regional applications include shared transport and storage hubs, such as the Northern Lights project in Norway and the Porthos project in the Netherlands, which utilize cross-border pipelines and subsea storage formations to aggregate emissions from multiple industrial sites.

"By service, the capture segment accounted for the largest market share in 2025"

Carbon capture services accounted for the largest market share in 2025, supported by their foundational role in enabling downstream CO₂ utilization and storage activities. Segmental growth is driven by high capital requirements, complex integration with point-source emission systems, and increasingly stringent net-zero regulations across power generation, cement, steel, and chemical manufacturing. High capture efficiency, reliable continuous operation, and modular scalability offered by advanced solvent, membrane, and adsorption technologies further support adoption. In addition, rising carbon prices, fiscal incentives, and the expansion of commercial-scale CCUS projects are accelerating the demand for carbon capture services.

"By end-use industry, the chemicals & petrochemicals segment accounted for the third-largest market share, in terms of value and volume, in 2025"

In 2025, chemicals & petrochemicals held the third-largest end-use industry segment in the carbon capture utilization and storage industry, supported by the high concentration of CO2 streams inherently produced during industrial processing. The widespread need for point-source emission reduction in refineries, ethylene plants, and ammonia facilities is accelerating retrofits. Capturing carbon in chemical production offers key operational benefits, including direct integration into existing gas separation loops, reduced capital intensity per ton captured, and revenue opportunities through feedstock conversion into urea, methanol, or enhanced oil recovery (EOR) media. Furthermore, tightening environmental compliance standards and high internal engineering expertise are accelerating project execution

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"By region, Europe is projected to be the fastest-growing market during the forecast period"

Europe is expected to exhibit the highest CAGR in the global carbon capture, utilization, and storage market during the forecast period, driven by aggressive decarbonization mandates under the EU Green Deal, strict Emissions Trading System (ETS) carbon pricing, and heavy public funding. Heightened climate policies and corporate net-zero commitments are propelling adoption across dense industrial clusters. The growth of shared transport and storage networks, rapid development of offshore North Sea storage formations, and expanding cross-border pipeline infrastructure (such as Northern Lights and Porthos) are creating vast deployment opportunities. Additionally, public-private co-funding, regulatory support for industrial carbon management, and strategic capital allocation across steel, cement, and power facilities will sustain market growth across the region.

Key Players

Leading players in the carbon capture utilization and storage companies include Fluor Corporation (US), Exxon Mobil Corporation (US), Linde plc (UK), Shell Plc. (UK), Mitsubishi Heavy Industries, Ltd. (Japan), JGC Holdings Corporation (Japan), Schlumberger Limited (US), Aker Solutions (Norway), Honeywell International (US), Equinor ASA (Norway), TotalEnergies SE (France), Hitachi Ltd (Japan), Siemens AG (Germany), GE Vernova (US), and Halliburton (US), among others.

Investment Funding

The global carbon capture, utilization, and storage market is attracting substantial capital to scale capture capacity, construct transport infrastructure, and expand commercial storage hubs. In April 2025, Shell, together with its partners Equinor and TotalEnergies, announced a USD 714 million investment to expand the Northern Lights CCS project. The financing will boost CO₂ storage capacity from 1.5 million to 5 million tons annually under long-term commercial agreements and cross-border European framework support.

In addition, the US Department of Energy (DOE) made available USD 96 million in federal funding targeting point-source carbon capture technologies for natural gas power plants and industrial applications. Furthermore, equity funding in early-stage startups remains active, with over 15 venture deals closed in early 2026 totaling USD 178 million, signaling a transition toward smaller, specialized capital rounds and modular technology deployments.

Revenue Shift

The carbon capture, utilization, and storage market is expanding as policy mandates and corporate decarbonization goals drive demand for large-scale carbon management across power generation, oil & gas, cement, and chemical manufacturing. The market is projected to increase from USD 5.67 billion in 2026 to USD 13.53 billion by 2031, at a CAGR of 19.0%. Growth is primarily accelerated by point-source capture deployments, which represent over 60% of operational capacity, as well as rising utilization in enhanced oil recovery (EOR) and synthetic fuels. Direct air capture (DAC) and industrial modular units are also gaining commercial traction to offset hard-to-abate industrial emissions.

Mergers and Acquisitions

Mergers and acquisitions in the carbon capture, utilization, and storage market remained active, with major players focusing on expanding geographic reach and geological storage capacity, improving CO₂ transport infrastructure, and adopting point-source capture technologies. In March 2026, Svante acquired Carbon Alpha Corporation for an undisclosed sum, expanding its carbon management platform into project development and storage capabilities. In July 2025, Baker Hughes agreed to acquire Chart Industries for approximately USD 13,600 million, significantly strengthening its liquefaction, heat transfer, and carbon management portfolio across the carbon capture, utilization, and storage value chain. Earlier, ExxonMobil acquired Denbury for approximately USD 4,900 million, securing extensive CO₂ pipeline infrastructure and carbon storage assets across the US Gulf Coast.

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