The global carbon capture, utilisation and storage (CCUS) market is set to reach $51.6bn by 2050. This is according to a new report from Astute Analytica, published in October.

Writing in the summary overview of the report, Astute’s analysts say the IEA, envisaging the achievement of net-zero emissions by 2050, has issued a growth estimate on CCUS deployment of 1.6 billion tonnes in 2030. This is compared with the current capture rate of 40 million tonnes.

The writers attribute the projected CCUS expansion to improved government intervention and innovation and “growing company’s awareness of the need to protect the environment.” They say the segment’s demand has also been “majorly stimulated by the governments who offer monetary rewards and supplies to help make CCUS cheap.” Examples cited include policies such as the US 45Q tax credit, the EU’s Green Deal, and the UK’s Ten Point Plan.

Overall, they say, approximately $5 billion in tax incentives and financing to promote CCUS “have been brought forth in about 30 countries which include the US as well as China.”

Enhancing the appeal of government incentives is the fact that companies can also earn profits from carbon by-products. This is because CCUS technology enables captured CO₂ to be used in products such as  synthetic fuels, plastics, and concrete.

Read the full overview and access the report here.