Europe Carbon Capture Utilization Market Is Estimated To Register A CAGR Of 18.4% By 2028

Posted by rahul nikade on September 26th, 2022

Europe Carbon Capture Utilization Industry Overview

The Europe carbon capture utilization market size was valued at USD 1,032.26 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 18.4% from 2020 to 2028. 

Factors such as increasing applications of CCU in the enhanced oil recovery (EOR) in the oil & gas segment are expected to contribute to the growth of the market. Further, the food & beverages, chemicals, cement, and other industries are anticipated to be the major application segments that are expected to contribute to the growth of the market for carbon capture utilization in Europe over the forecast period. Germany is one of the major contributors to carbon dioxide emissions and a major market for carbon capture and utilization in Europe.

Gather more insights about the market drivers, restrains and growth of the Europe Carbon Capture Utilization Market

Government initiatives, supporting policies and plans, and availability of funds are some of the factors that are expected to drive the CCU market in the country. The country is engaged in research and development for finding ways to reduce carbon dioxide emissions. For instance, it is emphasizing on generating power through renewable sources instead of non-renewable sources. Researchers have been trying to find other industrial applications of carbon dioxide to reduce overall carbon dioxide emissions. This is anticipated to boost the demand for CCU technology in the country. The market for carbon capture utilization in Europe is estimated to have a linear growth rate by 2025 due to several installations of CCU facilities at each end-use industry such as chemicals, cement, oil and gas, power, steel, and food and beverages.

The growth is expected to show a slow decline by 2026 due to the market consolidation. Furthermore, in July 2020, the Bundestag and the Bundesrat adopted the act on the phase-out of coal-fired power plants and the structural reinforcement act for mining regions by 2038.

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  • Enhanced Oil Recovery Market - The global enhanced oil recovery market size was valued at USD 38.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030. An increasing number of aged wells, along with decreasing production from existing oilfields, is expected to drive the market demand over the forecast period.
  • Carbon Dioxide Market - The global carbon dioxide market size was valued at USD 3.68 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030. Increasing utilization of Carbon Dioxide (CO2) for Enhanced Oil Recovery (EOR) and its surging usage in food & beverages and medical industries are anticipated to fuel the growth of the global market during the forecast period.

Europe Carbon Capture Utilization Market Segmentation

Grand View Research has segmented the Europe Carbon Capture Utilization market based on application and country

Europe Carbon Capture Utilization Application Outlook (Volume, Million Tons; Revenue, USD Million, 2017 - 2028)

  • Enhanced Oil Recovery (EOR)
  • Industrial
    1. Chemicals
    2. Cement
    3. Others
  • Agriculture

Europe Carbon Capture Utilization Country Outlook (Volume, Million Tons; Revenue, USD Million, 2017 - 2028)

  • Germany
  • France
  • Netherlands
  • Poland
  • Austria

Market Share Insights

  • April 2021: The company announced to join a project to build UK’s large-scale carbon capture and H2 hub as major oil players are focusing on cleaner energy. The company will team up with Harbour Energy Plc and StoreggaGeotechnologies Ltd.
  • March 2021: Aker carbon capture and Siemens energy joined forces to generate sustainable power. Both companies have signed an MoU to develop a combined offering for the Carbon capture solutions that can be used in gas turbines and gas power plants.

Key Companies profiled:

Some prominent players in the Europe carbon capture utilization market include

  • Aker Solutions
  • Equinor ASA
  • Fluor Corporation
  • Linde Plc
  • Mitsubishi Heavy Industries Ltd. (MHI)
  • Royal Dutch Shell
  • Siemens Energy
  • Sulzer Ltd.

Order a free sample PDF of the Europe Carbon Capture Utilization Market Intelligence Study, published by Grand View Research. 

About Grand View Research

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rahul nikade

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rahul nikade
Joined: July 20th, 2022
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