Carbon Capture and Storage Industry Trends
Shares of carbon capture and storage market is on the pace for its best in the next five years as the power & energy industry is booming at a rapid pace. On this, Market Research Future published a report that says the global carbon capture and storage market is going to achieve 8.0% CAGR during the forecast period along with higher valuation as well.
Top Drivers & Key Challenges
The market for carbon capture and storage is fast expanding across the globe due to various emerging factors that are continuously working in multiple approaches. The foremost factor that has checked-in to the drivers of the market is the rising CO2 emission in the environment, which has a direct connection to the market. The technology being used Carbon Capture and Storage (CCS) is intended to prevent large amounts of carbon dioxide that is being continuously released into the environment.
At the same time, another significant reason behind the growth of the Carbon Capture and Storage Industry Trends is the severe rising concern for CO2 emission, the latent energy demands among the government and societies, thus eventually drives the carbon capture and storage market in inevitably. With this, the carbon capture and storage market is also on the verge of gaining high prominence due to the factors such as reduction of consumption of coal in emerging countries, renewable energy production, clean technologies, technological advancements in manufacturing unit to reduce emission rates, and extensive implementation of CCS technology. These factors are thus streaming to help the market to gain a strong position on the growth graph for the forecast period.
Carbon Capture and Storage Industry Segmentation
As per the study, the carbon capture and storage market have been studied under segments of technology, applications, and end-user.
The market, by technology, has included pre-combustion, post-combustion and oxy-fuel combustion
The market, by EOR segments, includes agriculture and industrial.
The market, by end-use segment, includes oil and gas, chemical, iron steel and others.
Top Regional Drivers
The market of carbon capture and storage on the basis of regional study has covered the regions of North America, Europe, Asia Pacific, and Rest of the World.
The study focuses on the North America region, at first, that possesses the highest number of CCS projects. It is the U.S. that has 16 of the 22 operational or under construction projects and has the most significant capture capacity around the world. Once under operation, the ability of these projects is found to be around 40 million tons of carbon dioxide. In a case of point, Kemper County coal CCS plant in Mississippi would be a new power plant with pre-combustion carbon capture, while it will capture 65% of emission.
While the Middle East and Africa could also emerge as a significant player in the global carbon capture and storage market over the assessment period. The growth in this region directs to the occurrence of large carbon capture projects that are going on in Saudi Arabia and Algeria.
And in the last, Europe also occupies a considerable share in the global carbon capture and storage market owing to the wide-ranging oil and gas operations going in the North Sea. Such activities might have a massive possibility of carbon storage in oil wells in the region.
Market Key Players
The foremost key player in global CCS market are listed as Cansolv Technologies Inc (Canada), Dakota Gasification Company (U.S.), Fluor Corporation (U.S.), Japan CCS (Japan), Aker Solutions (U.S.), The Linde Group (Germany), NRG Energy (U.S.), Climeworks AG (Switzerland), Chevron Corporation (U.S.), and Shell (U.S.). They are known for being highly capable of offering the most exceptional service in the market.
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