Beyond Capture in the Carbon Capture, Utilization and Storage Market

The Carbon Capture, Utilization and Storage Market extends beyond capture equipment to utilization, transport and storage. Polaris Market Research values the industry at USD 5.81 billion in 2025 and projects USD 40.47 billion by 2034, a CAGR of 24.10% from 2026 to 2034. The report names rising concern about CO₂ emissions from existing industrial operations, especially process emissions in cement, steel, chemicals and power, as the leading driver.

Carbon Utilization

Growing investment in carbon utilization is a listed driver. The report describes utilization routes that produce chemicals, fuels, building materials and carbon-based products. In June 2026, Australia's MCI Carbon launched a pilot carbon refinery in New South Wales that uses CO₂ from Orica's ammonia plant. It has a stated capacity of 2,500 tons of CO₂ per year and makes concrete, paper and glass. In May 2026, the UK government published final summaries for its CCUS Innovation 2.0 competition, covering monolithic MOFs and concrete-based carbon mineralization. Utilization is described as a moderate-sized service segment, and the report gives no shares for storage.

Geological Storage

Geological storage takes place in saline formations and depleted oil and gas reservoirs. In Europe, cross-border storage in Norway, Denmark and the Netherlands supports demand, while in Asia Pacific limited domestic storage in some countries is driving interest in cross-border CO₂ transport. In the Middle East and Africa, oil and gas infrastructure and storage suitability support the market, and the region held a 6.80% share in 2025. U.S. tax credits are set at USD 29.28 per metric ton for storage in 2026.

CO₂ Transport Infrastructure

Pipeline transport is preferred for large volumes, and the report describes the expansion of shared CO₂ transport infrastructure as a trend. Norway's Northern Lights expects capacity to rise from 1.5 million tons to 5 million tons per year by 2028. Transportation is projected to grow at a CAGR of 25.20%, though it is described as smaller than capture, which held 63.80% of services in 2025.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

https://www.polarismarketresearch.com/industry-analysis/carbon-capture-utilization-and-storage-market 

Blue Hydrogen and Hydrogen Hubs

Blue hydrogen is a stated opportunity. CO₂ is captured during natural-gas-based hydrogen production, and the report points to hydrogen hubs and industrial parks as settings where this can be organized. Hydrogen interest also supports the Middle East and Africa. The report notes that CCUS can support low-carbon hydrogen more broadly, alongside carbon dioxide removal.

Measurement, Reporting and Verification

A greater focus on measurement, reporting and verification is the second trend the report names, with standardized methods and digital monitoring. Monitoring and verification is also the final stage in the CCUS process. The report also notes that IRS Notice 2026-50 broadened a safe harbor tied to EPA Subpart RR reporting for geological storage and EOR use.

The Process Chain and End Uses

The CCUS chain runs from capture, conditioning and transportation to utilization, storage, and monitoring and verification. Oil and gas held a 34.50% share of end use in 2025, and chemical and petrochemical users are projected to grow at a CAGR of 25.50%. Iron and steel, cement, power generation and other users are also covered, although the report gives no figures for them.

Regional Context

North America held a 38.20% share in 2025, driven largely by the U.S. and, in Canada, by federal and provincial incentives. Europe held 27.50%, supported by emissions standards and the EU ETS. Asia Pacific is projected to grow at a CAGR of 26.00%, with China, Japan, South Korea, Australia and India as key markets, and Latin America at 22.50%, with potential in oil and gas, cement, power and chemicals. In India, the Union Budget 2026-27 allocated about INR 20,000 crore over five years for CCUS readiness and test beds in steel, cement and refining, and a field lab opened at IIT Bombay in May 2026.

Costs and Constraints

High capital and operating costs are the main restraint. The report cites about USD 100 per ton for capture at power plants in 2026, compared with below USD 35 per ton for ethanol production, and notes that these figures cover capture only.

Competitive Positioning

Shell is positioned across capture, transport and storage, with Northern Lights, Polaris CCS and Atlas Hub in Canada. Equinor is a storage and full-chain operator through Sleipner and Northern Lights, ExxonMobil provides capture and storage services including a Baytown transport-and-storage agreement with Calpine, and TotalEnergies is a full-chain partner and co-investor in the Northern Lights expansion. Fluor offers engineering and EPC delivery, with a Carbix MOU for mineral storage exploration.

Listed companies include Aker Solutions, ATCO EnPower, Calpine, Equinor, ExxonMobil, Fluor, Honeywell, JGC Holdings, Linde, Mitsubishi Heavy Industries, Shell, SLB N.V. and TotalEnergies.

Conclusion

The Carbon Capture, Utilization and Storage Market will be shaped by how well utilization, storage and transport are linked into complete projects. Shared infrastructure, hydrogen hubs and stronger verification point to the next phase, and companies that can deliver across the chain, while managing high capital and operating costs, are best placed as the industry grows from USD 5.81 billion in 2025 toward USD 40.47 billion by 2034.

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