Carbon capture, utilization, and storage (CCUS), also known as carbon capture, utilization, and sequestration (CCUS), is a method of absorbing carbon dioxide emissions from sources such as coal-fired power plants and utilizing or storing the waste so that it does not reach the environment. According to BlueQuark Research & Consulting, the global Carbon Capture, Utilization & Storage market is expected to witness a significant growth rate during the forecasted period. Factors like the increasing use of Carbon Capture, Utilization & Storage in the oil & gas industry, which helps store CO2 caused by human activity to prevent it from being released into the atmosphere, are expected to drive the global market. Further, carbon capture, utilization, and storage in power stations are a viable mitigation approach in fossil-fuel power plants to reduce greenhouse gas emissions and are projected to drive the global market. Furthermore, when combined with carbon capture, utilization, and storage technologies, bioenergy generates energy in heat, power, or transportation fuels, effectively replacing fossil fuels in the energy system, driving the global market. However, Oil combustion produces more significant CO2 emissions, exacerbating global warming's consequences. Therefore, carbon capture, utilization, and storage, for the most part, contribute to climate change rather than preventing emissions. It also has to compete for funding with renewable energy sources is expected to hinder the global market growth.

Carbon capture, utilization, and storage systems typically aim for 90% efficiency, which means that a power station releases 90% of the carbon dioxide that is trapped and stored. It comprises capturing carbon dioxide (CO2) emissions from industrial processes, including steel and cement manufacture and fossil fuel combustion in electricity generation. The carbon is then transferred by ship or pipeline from where it was created and buried deep down in geological formations.

The Oil & Gas Industry is the primary and vital consumer of Carbon Capture, Utilization & Storage and is estimated to drive global demand. The oil & gas industry is one of the earliest adopters of carbon capture, utilization & storage. They are linked to the production of enormous amounts of carbon dioxide gas. Carbon dioxide gas is a low-cost energy source for industry representatives, driving the Global Carbon Capture, Utilization & Storage market. In 2021, the United States remained the world's most significant oil and gas producer, producing about 4 billion barrels of crude oil. This is a decrease from the peak in 2019, although it is still higher than before that year. With an estimated 4,485,635,000 barrels produced in 2019, crude oil output in the United States achieved a new high. Due to the global epidemic, production fell marginally in 2020 and 2019. They not only aim for maximum output from their carbon capture, utilization & storage procedures, but they also protect the environment. Carbon-based emissions are kept below recommended levels due to the deployment of carbon capture equipment, driving the global market. Thus, the above factors have made the Oil & Gas Industry a vital growth segment for the Global market of Carbon Capture, Utilization & Storage. 

The North American region is expected to be the leader in producing and consuming Carbon Capture, Utilization & Storage, with most consumption in countries like the US and Canada. There is increasing use of Carbon Capture, Utilization & Storage due to rising needs for oil & gas. Carbon capture, utilization, and storage solutions significantly boost the environment, society, and governance for oil and gas industry operators, thus driving the global Carbon Capture, Utilization & Storage market. Carbon capture, utilization, and storage technology in power stations is an essential solution for avoiding emissions lock-in from the enormous fleet of existing fossil-fuelled power plants while simultaneously providing plant owners with a strategy to protect recent investments, driving the global Carbon Capture, Utilization & Storage market. Bioenergy combined with carbon capture, utilization, and storage technologies is one of the primary methods for removing CO2 from the atmosphere, which is critical for meeting long-term climate goals and driving the global market. In the fertilizer industry, as a highly concentrated CO2 stream is already produced during the ammonia manufacturing process, it is low-hanging fruit for carbon capture and storage when such facilities become available. This is called blue ammonia with carbon capture, utilization & storage, which is the other way of decarbonizing the fertilizer producing sector, driving the global Carbon Capture, Utilization & Storage market. The iron and steel industry uses oxygen blast furnace gas recycling after CO2 capture by carbon capture, utilization & storage system in a pressure swing adsorber for reducing CO2 emissions through their capture, driving the global Carbon Capture, Utilization & Storage market. Carbon capture, utilization, and storage assess the use of amines for post-combustion capture in the cement industry, driving the global market. The mentioned factors have made North America an important region for growth in the Carbon Capture, Utilization & Storage Market.

Some of the market's key players are Fluor Corporation, Royal Dutch Shell Plc, Mitsubishi Heavy Industries, Ltd., Exxon Mobil Corporation, JGC Holdings Corporation, among others.

In July 2021, Royal Dutch Shell announced plans to create a large-scale carbon capture and storage (CCS) facility near Edmonton, Alberta, joining a slew of other corporations proposing clean energy projects in the country's largest oil-producing province.

In September 2021, the TotalEnergies Normandy platform in France was collaborating with Air Liquide to decarbonize hydrogen production. This project will allow Air Liquide to promptly supply low-carbon hydrogen to TotalEnergies, utilizing Air Liquide's hydrogen network in Normandy and implementing a large-scale CO2 capture and storage system (CCS).

The Global Carbon Capture, Utilization & Storage Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Carbon Capture, Utilization & Storage market by segmenting based on the By Technology (Oxy-Fuel Combustion Capture, Pre-Combustion Capture, Post-Combustion Capture, Others), By Application (Oil & Gas, Power Station, Bioenergy, Fertilizers, Iron & Steel, Cement, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.