Europe Carbon Capture Utilization Market is expected to expand at a CAGR of 18.4% from 2020 to 2028

 Europe Carbon Capture Utilization Industry Overview

The Europe carbon capture utilization market size is expected to reach USD 3,985.4 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 18.4% from 2020 to 2028. Increasing applications of CCU in the enhanced oil recovery (EOR) in the oil and gas segment are expected to contribute to the growth of the market. Further, the food and 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 over the forecast period.

Europe Carbon Capture Utilization Market Report Highlights

  • In terms of revenue, the industrial application segment accounted for a prominent share in the market in 2020 and is further expected to witness prominent growth over the forecast period
  • As of 2020, Germany accounted for 20.0% revenue share in the overall market. Government initiatives, supporting policies and plans, and availability of funds are some of the factors that are expected to drive the market in the country
  • Various strategic initiatives were recorded over the past few years to boost the growth of the market. For instance, in 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. This collaboration will help both companies to explore ways to jointly track the development of major projects across the globe

Europe Carbon Capture Utilization Market Segmentation

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

Based on the Application Insights, the market is segmented into Enhanced Oil Recovery (EOR), Industrial, and Agriculture

  • The industrial application segment led the market for carbon capture utilization in Europe and accounted for more than 41.0% revenue share in 2020and is anticipated to maintain its dominance over the forecast period. The industrial segment is further sub-segmented into applications such as Properties such as higher toughness and impact strength, light transmittance, protection from Ultraviolet (UV) radiations, and chemical and heat resistance make recycled PC resins suitable for use in electrical and electronic device components such as television frames, mobile cases, electrical housing, and others. The global demand for recycled PC polymer in electrical and electronics is expected to rise in the forthcoming years.
  • Carbon capture utilization in EOR is one of the significant industries, which has a growth rate of 18.2% from 2020 to 2028. The strong underpinning expertise and the availability of high-end technologies are the most crucial factors favoring the adoption of carbon capture utilization across the oil & gas industry. Furthermore, factors such as comprehensive value chain relationships, access to low-cost finance, and revenues generated by the market players, are used to fund to adopt the carbon capture utilization in the oil and gas industry.

 

Europe Carbon Capture Utilization Country Outlook

  • Germany
  • France
  • Netherlands
  • Poland
  • Austria 

 

Key Companies Profile & Market Share Insights

The European Carbon Capture Utilization (CCU) market is moderately consolidated with the presence of various multinational players. This makes the industry highly competitive in nature as it also requires high initial investments and R&D costs. 

 Some of the 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. 

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