The global carbon capture, utilisation and storage (CCUS) market is set to reach $51.6bn by 2050, according to new analysis from Astute Analytica. This projected expansion reflects heightened global commitment to reducing carbon emissions, with governments and industries investing heavily in CCUS technologies to combat the environmental impacts of industrial activities.
The report highlights CCUS as a key technology in achieving carbon neutrality by 2050, particularly as industries face mounting pressure to align with international climate targets.
According to Astute Analytica, “The CCUS market is poised for robust growth as more industries look to decarbonise and meet stricter emissions targets.” The report identifies North America and Europe as leaders in the deployment of CCUS projects, fuelled by supportive government policies and considerable financial backing.
The CCUS process involves capturing carbon dioxide (CO2) emissions from industrial sources before they can enter the atmosphere, subsequently storing or repurposing the captured CO2.
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