The partnership between ExxonMobil and Nucor Corporation to implement CCUS in steelmaking highlights this trend. 5.5. Market Challenges Despite the positive growth outlook, the CCUS market faces several challenges: High costs: The capital and operating costs of CCUS technologies remain high, making widespread adoption challenging without significant financial support. Regulatory Barriers: Inconsistent regulations and a lack of clear policies in some regions can hinder the development and deployment of CCUS projects. Technological Obstacles: While progress is being made, technical challenges remain regarding the efficiency and scalability of carbon capture technologies. 5.6. Future Outlook The future of the CCUS market looks positive, driven by continued technological innovation, supportive policies, and increasing investment.
By 2030, global annual CO2 capture capacity is philippines b2b leads expected to reach around 800 million tonnes, making a significant contribution to global efforts to mitigate climate change. The integration of CCUS with renewable energy sources and the development of new materials and capture methods will be crucial to the success of the market. 6. Patent Landscape in CO2 Capture 6.1. Overview of Patents in CO2 Capture Technology The patent landscape in the CO2 capture industry is vibrant and continuously evolving, reflecting the significant innovation and investment in this critical area. Analyzing the data from various patent records provides valuable insight into the leading players, geographical distribution, and types of patents that are shaping the future of carbon capture technologies.