Carbon Capture and Storage Market is Projected to Reach US$ 5.04 Billion in 2028

The Carbon Capture and Storage Market is expected to reach US$ 5.04 Billion in 2028, growing at a CAGR of 5.71% during 2022- 2028, reports Stratview Research.

Detroit, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Carbon Capture and Storage Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.

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How is the Report Helpful?

The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.

Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.

What are the Top Market Drivers?

According to the report, the Carbon Capture and Storage market is driven by a host of factors, some of which are noted below:

  • Rising industrialization along with growing concern about increasing emissions.
  • The use of carbon capture and storage technology has been deemed necessary as a result of the growing awareness of the damaging effects of carbon emissions on the environment.
  • Growing emphasis on reducing CO2 emissions, supporting government initiatives, and increasing demand for CO2-EOR techniques.

The report also includes growth rate estimates based on the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.

Carbon Capture and Storage Market Segmentation:

Stratview Research has segmented the market in the following ways which fulfil the market data needs of multiple stakeholders across the industry value chain.

  • By Technology Type (Pre-Combustion, Post Combustion, and Oxy-Fuel Combustion),
  • By Application Type (Oil & Gas, Chemical Processing, Power Generation, and Others),
  • By Region (North America, Europe, Asia-Pacific, and the Rest of the World).

Carbon Capture and Storage Market Insights

Market Trends by Technology Type

The Pre-combustion segment is projected to be the largest segment of the market share of more than 53.2% in 2021.

The market is segmented as pre-combustion, post-combustion, and oxy-fuel combustion. Growing demand from the industrial sector including food processing and chemical is likely to boost the market for the pre-combustion segment.

Globally, pre-combustion CO2 capture using the Acid Gas Removal (AGR) technology is presently being used commercially. The benefit of adopting this capture technology under pressure is that it uses 20% less energy than current PCC technology at 90% CO2 capture.

Market Trends by Application Type

The Power Generation segment is projected to remain the largest market share of more than 38.8% in 2021.

Increasing Based The market is segmented as oil & gas, chemical processing, power generation, and others.  Investment in the upstream oil & gas industry to cater to energy demand will drive the demand for the market.

Power plants that burn coal are the main sources of carbon dioxide emissions. Power plants are now subject to regulations, making the use of CCS facilities necessary to reduce carbon emissions to the required levels. To potentially allow the ongoing use of coal resources for electricity generation while reducing CO2 emissions, these technologies must be adopted.

Which region offers the best opportunity and growth?

North America is estimated to be the largest market share of more than 35% in 2021 led by the USA.

Shale gas exploration, huge energy demand, stringent regulations, and the adoption of new technologies in the USA are the major factors behind the dominance of the region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

Owing to the raising demand from the oil and gas sector, coupled with strict government regulations to reduce carbon emissions, it dominated the market for CO2 capture and storage, and is expected to continue over the coming years. Canada owns the second-largest share of the CCS market.

These EU support programmes aim to expedite the development for carbon capture and storage technologies in the region as well as the growth of commercial-scale CCS plants in the region.

COVID-19 Impact on the Carbon Capture and Storage Market

COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.

To know more about the covid-19 impact, get a free sample report, here:

Who are the Top Market Players?

After a thorough analysis of the market, the experts have listed a few key players and discussed the company profiles of the below-given players -

  • Exxon Mobil
  • General Electric
  • Halliburton
  • Aker Solutions
  • Schlumberger Limited
  • Linde
  • Siemens
  • NRG Energy, Inc.
  • Fluor Corporation
  • Shell Cansolv

What deliverables will you get in this report?

  • In-depth analysis of the Carbon Capture and Storage Market
  • Detailed market segmentation.
  • Competitive landscape analysis.
  • Historical, present, and future market size analysis.
  • Industry trends, technologies, and advancements.
  • Growth and operation strategies adopted by key players.
  • Potential segments/regions offering promising growth.
  • Geographical presence of the key players.

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