Leading sector research, growth advisory, and analytics firm, MarketsandMarkets unveiled 360 Quadrant for the “Top 17 CCUS Companies, Worldwide 2023,” classifying industry players Fluor, Schlumberger, Honeywell, and Aker Solutions into distinct categories that reflect their exceptional contributions to the CCUS arena.
These four companies have solidified their positions in the CCUS quadrant through their substantial contributions to the field. Their relentless efforts in reducing carbon emissions, advancing CCUS technology, and fostering sustainability have earned them recognition in this exclusive quadrant. Their track record of innovation and dedication to environmental goals have positioned them as leaders in the CCUS landscape.
The CCUS Companies Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for CCUS. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 110 companies of which the Top 17 CCUS Companies were categorized and recognized as the quadrant leaders.
The 360 Quadrant efficiently maps the CCUS companies based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the CCUS quadrant. While the top criteria for product footprint evaluation included Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), Technology (Chemical Looping, Solvents and Sorbents, Membrane), and End-Use Industry.
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Fluor, Schlumberger, Honeywell, and Aker Solutions – The Leaders Explained
Fluor Secures a Position as a Market Leader Among the “Top 17 CCUS Companies, Worldwide 2023” by MarketsandMarkets 360 Quadrant.
Flour Corporation plays a significant role in carbon capture, storage, and utilization (CCUS) through its ongoing contributions to the field. The company is actively involved in developing and implementing CCUS technologies and solutions. It has been recognized as the “Market Leader” in the ” Top 17 CCUS Companies, Worldwide 2023″ by MarketsandMarkets 360 Quadrant owing to its robust product portfolio and wide geographical presence.
Fluor offers complete engineering, procurement, and construction (EPC) solutions for carbon capture projects, including CO2 compression and transportation. The company has two patented carbon dioxide recovery process technologies that reduce greenhouse gas emissions, namely Fluor Econamine FG Plus technology and Fluor Solvent Process. While Fluor Econamine FG Plus technology is a propriety carbon capture solution, Fluor Solvent Process uses a dry propylene solvent to remove CO2 from gas streams. The company recently, in July 2023, signed a memorandum of understanding (MOU) with Carbfix, a CO2 mineral storage operator. The MOU will enable the two companies to pursue CO2 removal projects such as direct air capture and bioenergy carbon capture and storage (CCS).
Fluor’s recognition as a market leader among the “Top 17 CCUS Companies, Worldwide 2023” highlights its dedication to innovation, sustainability, and excellence. Fluor plays a crucial role in influencing the future of energy distribution and management, as the world moves towards more efficient, resilient, and sustainable energy systems.
Schlumberger (SLB) Recognized as a Contender in ” Top 17 CCUS Companies, Worldwide 2023″ by MarketsandMarkets 360 Quadrant
Schlumberger is a notable company with a significant role in the CCUS (Carbon Capture, Utilization, and Storage) industry. Owing to its expertise in carbon capture, utilization, and sequestration, the company was recognized among the contenders on the quadrant for Top 17 CCUS Companies, Worldwide 2023″ by MarketsandMarkets 360 Quadrant. SLB’s carbon capture technology addresses different streams of CO2 emissions using a unique, versatile nonaqueous solvent to drive down carbon capture costs. The company has partnered with RTI International to industrialize and scale up an absorption-based carbon capture technology, which can be applied across a broad range of industrial sectors ranging from cement and steel manufacturing, coal and gas power generation, chemicals, and hydrogen.
The company is expanding its diverse carbon capture portfolio to encompass a wide array of emissions streams. This includes solutions for various industrial emissions as well as those associated with typically challenging and low-concentration CO2 streams. Their service offerings encompass carbon capture and processing, carbon transport, carbon sequestration selection and design, carbon sequestration construction, and carbon monitoring, verification, and reporting. Additionally, the company also provides carbon capture, utilization, and sequestration (CCUS) project solutions and services.
This recognition by 360 Quadrants recognizes not only the company’s substantial market presence but also its well-established brand and an array of tailored products and services designed to meet diverse customer requirements. Although Schlumberger may not offer an exhaustive range of offerings compared to market leaders, its undeniable impact and contributions within the CCUS sector are evident. Schlumberger’s deliberate emphasis on specific technologies and its dedication to achieving leadership within specific segments underscore its position as a significant and forward-looking participant in the field.
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Honeywell Recognized as an Innovator in ” Top 17 CCUS Companies, Worldwide 2023″ by MarketsandMarkets 360 Quadrant
With decades of experience in carbon capture technology, Honeywell’s innovative solutions have played a pivotal role in advancing the field of carbon capture, utilization, and storage, addressing the critical global challenge of reducing carbon emissions. Its inclusion in the “Top 17 CCUS Companies, Worldwide 2023” reflects its pioneering role in the CCUS industry, where its innovative innovations have established it as one of the leaders, leaving a substantial mark on the CCUS landscape.
Honeywell has demonstrated its dedication to pioneering a sustainable future, leveraging technology and expertise to drive environmental progress. The company offers a suite of solvent, membrane, adsorbent, and cryogenics technologies with capture of CO₂ emissions. Additionally, in collaboration with the University of Texas, Honeywell also offers an advanced solvent technology to lower CO₂ emissions generated from combustion flue gases in hard-to-abate industries, such as power, steel, cement, refining, petrochemical, and other industrial plants.
Honeywell, as an innovator, offers a robust product portfolio that pushes the industry forward with forward-looking strategies. Although its current market share may be smaller than that of market leaders, Honeywell has the potential to ascend and become a notable player, driven by its innovative spirit and commitment to excellence. The company continues to inspire the industry through its innovative approach to CCUS excellence, establishing fresh benchmarks for the future.
Aker Solutions Gained Recognition as an Emerging Company in the ” Top 17 CCUS Companies, worldwide 2023″ by MarketsandMarkets 360 Quadrant.
Aker Solutions holds a significant role in the global Carbon Capture, Utilization, and Storage (CCUS) industry. Over the years, the company has actively engaged in engineering projects related to CCUS, collaborating with various technology partners for CO2 capture technologies. Its extensive experience, track record in onshore plant projects, and expertise in subsea systems enable it to provide cost-effective and commercially viable solutions for carbon capture, transport, storage, and injection. Their substantial expertise has earned them recognition as an Emerging Leader among the “Top 17 CCUS Companies, Worldwide 2023.”
The company offers Advanced Carbon Capture technology that can be applied across a wide range of industries onshore. Some of the offerings of the company include Just Catch: A modular, cost-efficient carbon capture plant, Just Catch Offshore: Reducing the emissions from offshore gas turbines, Big Catch, Carbon Capture as a Service: an integrated, full value chain offering for reducing emissions by CCS, and Just Test: Mobile Test Unit (MTU) – a complete carbon capture plant. The company is also involved in various projects such as the Norwegian government’s Longship project for establishing full-scale CCS facilities in line with the country’s international climate agreements. It also partners with other companies to deploy the CCUS modular solutions across various geographies.
Aker Solutions, with a dedicated focus, offers specialized expertise, precise support, adaptable terms, and competitive pricing in the CCUS sector. While the company may have certain limitations, it stands as the preferred choice for specific use cases due to its strategic approach to expanding sales initiatives and broadening its client base. Aker Solutions’ commitment to addressing specialized requirements and its ongoing growth aligns well with industry dynamics.
As global market dynamics continue to evolve, Fluor, Schlumberger, Honeywell, and Aker Solutions remain at the forefront of innovation, setting benchmarks for excellence in the CCUS landscape. Their inclusion in the “Top 17 CCUS Companies, Worldwide 2023” by MarketsandMarkets 360 Quadrant reaffirms their commitment to delivering cutting-edge solutions to a dynamic and ever-changing market.
360 Quadrants Scoring Methodology
360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects, and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.
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