The carbon capture, utilization, and storage space was valued at USD 0.57 billion in 2024 and is projected to reach USD 34.44 billion by 2040, growing at a strong CAGR of 29.2% from 2024 to 2040. Rising global decarbonization mandates, industrial emission reduction targets, and rapid progress in (CO2) capture and storage infrastructure are driving market expansion across power, cement, steel, and hydrogen production.

A critical driver behind the expansion of the carbon capture industry is the continued growth of blue hydrogen and ammonia production, where pre-combustion capture is technically mature and economically scalable. The oil and gas sector also remains an early adopter, leveraging CCUS for refinery emissions, gas processing units, and enhanced oil recovery (EOR). Meanwhile, the cement industry—responsible for ~7% of global CO2—has advanced pilot and demonstration-scale plants integrating post-combustion capture, oxy-fuel combustion, and novel calciner technologies.

• How are net-zero commitments, decarbonization targets, and the reliance of hard-to-abate industries on CCUS boosting the growth of the carbon capture landscape?
• Why are governments and corporates investing in the direct air carbon capture and storage space, and which carbon taxes and emission performance standards are accelerating adoption?
• What are the significant growth avenues created by technological advancements across improved solvents, membranes, and sorbent systems?