Newark, June 12, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 5.32 billion in 2022 carbon capture and storage market will reach USD 24.47 billion by 2032. As concerns about the negative impacts of carbon emissions on the environment have grown, carbon capture and storage technology have been developed. Many governments are promoting the adoption of the technology through pilot projects in various industries because it can be used as a large-scale solution for achieving challenging CO2 emission reduction goals and climate management objectives.
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Key Insight of the Carbon Capture and Storage Market
Europe is anticipated to expand at the highest CAGR of 18.06% over the projection period.
Europe is expected to grow at the highest CAGR of 18.06% over the forecast period. The European Union funding programmes aim to accelerate the establishment of large-scale CCS projects in the area and to speed up research and development for carbon capture and storage technology in the region.
Over the projected period, the post-combustion segment is expected to register the highest CAGR of 19.48% in the carbon capture and storage market.
In the carbon capture and storage market, the post-combustion segment is anticipated to experience the highest CAGR of 19.48% during the forecasted period. Significant growth in post-combustion capture technology is anticipated. The key reasons driving its demand during the projected period are increased energy generation, newly created advanced amine systems, and heat integration systems.
Over the projected period, the oil & gas segment is expected to register the highest CAGR of 18.21% in the carbon capture and storage market.
Over the forecasted period, the oil & gas segment is anticipated to grow at the highest CAGR of 18.21% in the carbon capture and storage market. Oil and gas companies frequently use carbon capture and storage due to rising carbon dioxide emissions from the engineering, procurement, and construction (EPC) sectors. Global carbon dioxide emissions from cement production and burning fossil fuels increased by 1.0% in 2022. Carbon capture and storage are used in oil rigs and facilities for improved oil recovery. Through procedures like chemical flooding, carbon dioxide injection, or thermal recovery, carbon capture and storage assists in recovering oil from oil fields by changing the oil's original properties. Oil recovery from operations is a worldwide focus for significant oil and gas firms. These reasons will accelerate the segment's expansion.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 16.49% |
| 2032 Value Projection | USD 24.47 Billion |
| Base Year | 2022 |
| Asia Pacific Cosmetics Market Size in 2022 | USD 5.32 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 236 |
| Segments covered | Capture Technology, Application |
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Market Dynamics
Driver: The rise in investments and advancements in technology
In recent years, there has been an increase in financial investment in the study and development of cutting-edge capturing technologies. Government-sponsored CCS technology promotion initiatives are also being launched, promoting industrial growth. Both the public and corporate sectors are dedicating substantial resources to creating and spreading low-carbon technology because doing so will lower carbon prices and safeguard the environment.
Opportunity: The need for carbon capture and storage is growing
Strict environmental regulations and legislation have increased the necessity for carbon capture and storage. The primary energy fuels currently used are natural gas, petrol, diesel and petroleum products. These fuels' exploration and production have a detrimental effect on the environment. On the other hand, natural gas is viewed as a replacement fuel for sustainable development because it reduces carbon emissions, moderates global warming, and lowers GH emissions. The government has established various rules and regulations to lessen the risks associated with using petrol and diesel as fuel and promote the use of natural gas. Countries with significant natural gas reserves are considering the advantages of implementing carbon capture and storage, reducing carbon emissions.
Challenge: Safety issues with storage techniques and locations
One of the main problems with storing carbon dioxide below the surface of the Earth is carbon dioxide leakage. CO2 leaks can cause cryogenic fires, water pollution, soil acidification, and groundwater alterations. Therefore, choosing the proper location for CO2 storage is necessary to assess the magnitude of the dangers and likelihood. After CO2 has been injected underground, it may escape through various geological structures, including rock fissures. Leakage through wells is another issue that could arise. Well-blowouts, as well as ongoing CO2 leakage from both active and inactive wells, are both potential causes. Continuous leakage occurs over time and is caused by poor well construction, such as cement deterioration, casing failures, and well blowouts, which are typically contributed by poor pressure control. Although well blowouts are uncommon, they can cause rapid leakage and have serious environmental effects that could cause human and animal mortality.
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Some of the major players operating in the carbon capture and storage market are:
• Aker Solutions
• Dakota Gasification Company
• Siemens Energy
• Sulzer Ltd.
• Japan CCS Co., Ltd.
• LanzaTech
• Shell PLC
• Linde plc
• Mitsubishi Heavy Industries
• Equinor ASA
• Carbon Engineering Ltd.
• Fluor Corporation
Key Segments cover in the market:
By Capture Technology:
• Industrial Process
• Post-combustion
• Pre-combustion
• Oxy-combustion
By Application:
• Oil & Gas
• Cement
• Power Generation
• Metal Production
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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