Europe Carbon Capture Utilization Market to Expand at 18.4% CAGR During the Forecast Period 2022-2028

San Francisco, California , USA, Mar 21, 2023 — /EPR Network/ —

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.

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.

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

Industrial emerged as the largest market share in 2020 in terms of value for application segment as it is used in the industries such as cement, chemicals, power, steel, food, and beverages to capture carbon and utilize it for a better purpose. In terms of value, cement in the industrial application segment emerged as the largest segment in 2020 as many companies are showing interest in the adoption of carbon capture and utilization technologies in their manufacturing plants in the form of pilot-scale projects to evaluate the technology and economics of carbon capture and recovery, which is expected to contribute to the growth of the market in the coming years.

The demand for carbon dioxide has been experiencing a dip in sectors such as beverage manufacturing as restaurants and bars across Europe have shut operations. Also, reduced demand for oil has resulted in halted operations in oil production in some of the exploration sites of oil & gas vendors that employ carbon dioxide-based EOR techniques. Further, the demand for industrial-grade carbon dioxide has also been on the lower side as industrial activities have slowed down in states badly affected by COVID-19.

Browse through Grand View Research’s Distribution & Utilities Industry Related Reports

  • Middle East Switchgears Market The Middle East switchgears market size was estimated at USD 10.29 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 3.4% from 2023 to 2030.
  • Carbon Capture And Storage Market The global carbon capture and storage market size was valued at USD 3.09 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030.

Europe Carbon Capture Utilization Industry 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
  • Agriculture

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

  • Germany
  • France
  • Netherlands
  • Poland
  • Austria

Key Companies profiled:

Some prominent players in the Europe Carbon Capture Utilization Industry 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

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

Matched content

Editor’s pick

Express Press Release Distribution