The carbon capture, utilisation and storage (CCUS), market is expected to grow at an average CAGR of 24 per cent from $3.1 billion in 2023 to $12.9 billion in 2030, according to a report by Markets and Markets.

This technology is primarily used in the oil and gas, power generation, and chemical and petrochemical sectors to minimise carbon emissions and tackle climate change. The market is driven by government initiatives aiming for net-zero emissions.

The oil and gas industry dominates the global CCUS market in terms of value, with high initial adoption rates and ongoing projects, like the Century Plant in the US, Shute Creek Gas Processing Plant in the US, Uthmaniyah Gas Plant in Saudi Arabia, and Petrobras Santos Basin Plant in Brazil. The market dynamics include a growing focus on reducing CO2 emissions, a high cost of carbon capture and storage, opportunities for continuous investments in developing innovative capturing technologies, and a major challenge of reducing carbon capturing costs.