PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1499663
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1499663
Europe Carbon Capture, Utilization, and Storage Market is valued approximately USD 1.0 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 14.57% over the forecast period 2024-2032. Carbon capture, utilization, and storage (CCUS) involves capturing carbon dioxide emissions from fuel combustion or industrial activities, transporting the CO2 via ship or pipeline, and either repurposing it to create valuable products or permanently storing it in deep geological formations. When CO2 is collected from bio-based processes or directly from the atmosphere, CCUS technology can remove carbon from the environment, achieving negative emissions. Furthermore, rising integration of hybrid carbon capture systems are gaining attention towards Europe Carbon Capture, Utilization, and Storage Market. Hybrid carbon capture systems combine different capture technologies, such as chemical absorption, physical adsorption, and membrane separation. This integration enhances the overall efficiency of CO2 capture by optimizing the strengths of each technology, leading to higher capture rates and reduced energy consumption.
The Europe Carbon Capture, Utilization, and Storage Market is driven by stringent regulatory frameworks toward climate neutrality and sustainable initiatives toward corporate ESG goals across the region. The EU Green Deal, which aims to transform Europe into the first climate-neutral continent, includes substantial support for Carbon Capture, Utilization, and Storage technologies as part of its strategy to reduce carbon emissions across various sectors. In addition, corporations in Europe are increasingly integrating ESG criteria into their business strategies and reporting frameworks. CCUS technologies align with the environmental component of ESG by helping companies reduce their carbon footprint and meet stringent emissions reduction targets. Companies are leveraging CCUS to demonstrate their commitment to sustainability and climate responsibility in their ESG reports. However, high pricing of carbon capture, utilization, and storage and safety concerns at storage sites is going to impede the overall demand for the market during the forecast period 2024-2032.
The key countries considered for the Europe Carbon Capture, Utilization, and Storage market study includes UK, Germany, France, Italy, Spain, and Rest of Europe. In 2023, Germany was the largest regional market in terms of revenue owing to factors such as increasing power generation capacities across the region. Germany has set ambitious climate goals, including significant reductions in greenhouse gas emissions, and achieving carbon neutrality by 2045. To meet these targets, the government supports the development and implementation of CCUS technologies, providing regulatory and financial incentives. Furthermore, the market in UK, on the other hand, is expected to develop at the fastest rate over the forecast period 2024-2032.