Pune, India, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global carbon capture and sequestration market to grow at a CAGR of 19.5% and reach USD 7.00 billion during forecast period of 2021-2028. The market was valued USD 1.96 billion in 2020. The market growth is attributed to factors such as the increasing partnerships between industry giants to commercialize the CCS technology by completing large scale production facilities. Rising need to lower carbon emission will favor growth.
Key Industry Developments-
July 2021: Shell announced its objectives to construct a large-scale carbon capture and storage (CCS) facility in Alberta, Canada. The plant is projected to seize CO2 from the company’s chemical and refinery plant store 300 million tonnes of carbon over its lifespan.
July 2020: Four major companies signed an agreement to create a carbon capture, utilization and sequestration (CCUS) system for capturing and using carbon dioxide in Singapore.
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Market Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 19.5% |
| Carbon Capture and Sequestration Market Size Projection in 2028 | USD 7.00 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 1.96 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 180 |
| Segments covered | By End-Use (Enhanced Oil Recovery {EOR} and Dedicated Storage & Treatment), By Capture Source (Chemicals, Natural Gas Processing, Power Generation, Fertilizers Production, and Others) and Regional |
| Growth Drivers | Increasing Government Action Plans to Curb Emissions of Greenhouse Gases to Aid Growth |
| Vast Untapped Potential and Planned Projects to Drive Market in Asia Pacific |
Carbon Capture and Sequestration Market Analysis:
Market Drivers and Restraints-
The governments of various countries are introducing stringent action plans to eliminate the problem of carbon emissions and to normalize climate change for a longer period of time. The major driver for the carbon capture and sequestration market growth is the implementation of stern steps for curbing and monitoring the emissions of greenhouse gases (GHG) from every power generation facility.
The International Energy Agency (IEA), for instance, mentioned that the global energy-related CO2 emissions was 32.2 gigatonnes (Gt) in 2015. It surged to 33.3 Gt in 2019, thereby exhibiting an increase of up to 3.4% in only 5 years. However, the outbreak of the COVID-19 pandemic is set to impact the market for CCS severely backed by the halting of operations in various countries.
However, high initial costs may hinder market growth.
Covid-19 Impact-
The emergence of the COVID-19 pandemic has taken a toll on the global economy. Various companies have halted their operations because of the disruptions in supply chains and complete lockdown measures implemented by the regulatory bodies. The medical institutions are striving to invent a vaccine to cure coronavirus. Our reports would help you in regaining business confidence by selecting the best strategy.
Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/industry-reports/carbon-capture-and-sequestration-market-100819
Market Segmentation-
Natural Gas Processing Segment to Grow Steadily Backed by Rising Demand for Energy
Based on capture source, the market is divided into chemicals, natural gas processing, fertilizers production, power generation, and others. Out of these, the natural gas processing segment earned 47.3% in terms of CCS market share in 2019. This growth is attributable to the presence of high capacity production plants, as well as the increasing demand for energy. In addition to this, the rising production of oil and gas worldwide is further leading to the construction of new processing facilities. It would also contribute to the growth of this segment.
Regional Market Insights-
The report geographically segments the global carbon capture and storage market in the Middle East and Africa, Asia Pacific, Latin America, North America, and Europe. Amongst these regions, North America had generated a considerably high global carbon capture and storage market share in 2018. The region is expected to exhibit growth during the forecast period owing to the technologically advanced research and development facilities that are situated in the U.S.A. and Canada. Also, numerous large scale plants are present in this region. Both these factors are anticipated to impact the carbon capture and storage industry positively. Asia Pacific, on the other hand, is projected to exhibit the highest growth rate in the global market. This growth is attributed to the expansion potential in countries, such as Australia and China. Combined with this, the extensive untapped areas and numerous planned projects will propel the market growth during the forecast period.
The Middle East, known for its vast gas and oil reservoirs, has been facing exploitation of resources since the past few decades. These gigantic reservoirs, coupled with exposure to deep and shallow water storage spots, are likely to appease the regional landscape. Fortune Business Insights predicts that Europe will also witness notable growth of the carbon capture and storage market share in the forthcoming years due to the strict rules and regulations that have been put forward by several regional organizations. Additionally, availability of Enhanced Oil Recovery (EOR) sites in abundance will also fuel growth. Apart from these, technologically advanced storage operations, systematic bulk capture technologies, reduction in the effective costs, and safe transportation options are few of the other major drivers for the global carbon capture and storage market growth.
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Competitive Landscape-
Key Players Focus on Collaboration Strategy to Gain a Competitive Edge
The market for carbon capture and sequestration consists of a large number of prominent companies that are presently trying to engage in partnerships and collaborations with other local companies for gaining a competitive edge.
A List of Key Manufacturers Operating in the Global Market:
- Fluor Corporation
- ExxonMobil
- Carbon Engineering Ltd.
- ADNOC Group
- Equinor
- China National Petroleum Corporation
- Dakota Gasification Company
- Shell
- BP
- Chevron
- Linde
- Total
- Aker Solutions
- NRG Energy
Carbon Capture and Sequestration Market Segmentation:
By End-Use:
- Enhanced Oil Recovery (EOR)
- Dedicated Storage & Treatment
By Capture Source:
- Chemicals
- Natural Gas Processing
- Power Generation
- Fertilizers Production
- Others
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Carbon Capture and Sequestration Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Carbon Capture and Sequestration Market Analysis (MTPA, USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By End Use
- Enhanced Oil Recovery (EOR)
- Dedicated Storage & Treatment
- Market Analysis, Insights and Forecast – By Capture Source
- Chemicals
- Natural Gas Processing
- Power Generation
- Fertilizers Production
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Carbon Capture and Sequestration Market Analysis (MTPA, USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By End Use
- Enhanced Oil Recovery (EOR)
- Dedicated Storage & Treatment
- Market Analysis, Insights and Forecast – By Capture Source
- Chemicals
- Natural Gas Processing
- Power Generation
- Fertilizers Production
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By End Use
- Enhanced Oil Recovery (EOR)
- Dedicated Storage & Treatment
- Canada Market Analysis, Insights and Forecast – By End Use
- Enhanced Oil Recovery (EOR)
- Dedicated Storage & Treatment
- U.S. Market Analysis, Insights and Forecast – By End Use
Continued…
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