New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Carbon Capture And Storage Global Market Report 2023" - https://www.reportlinker.com/p06466660/?utm_source=GNW
, NRG Energy Inc., General Electric Company, Maersk, Japan CCS Co. Ltd., Halliburton Company, ExxonMobil Corporation and Schlumberger Limited.
The global carbon capture and storage market is expected to grow from $4.77 billion in 2022 to $5.43 billion in 2023 at a compound annual growth rate (CAGR) of 13.72%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The carbon capture and storage market is expected to reach $9.39 billion in 2027 at a CAGR of 14.69%.
The carbon capture and storage market includes revenues earned by entities by offering comprehensive single-point carbon capture, carbon transit, and carbon management.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Carbon capture and storage (CCS) refers to the process of capturing, transferring, and preserving emissions of greenhouse gases from power plants using fossil fuels, energy-intensive businesses, and gas reserves by injecting the collected greenhouse gases back into the earth. It is a method of lowering carbon emissions that might be crucial in combating global warming.
North America was the largest region in the carbon capture and storage market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of carbon capture and storage products are pre-combustion, industrial processes, post-combustion, and oxy-combustion, which are used to provide various types of services, such as capture, transportation, utilization, and storage.Pre-combustion carbon capture is the elimination of carbon dioxide from a gas mixture before combustion, and it is commonly used within integrated gasification combined cycle (IGCC) power plants.
These are used by several end-use industries, including oil and gas, coal and biomass power plants, iron and steel, chemicals, and others.
The growing global carbon dioxide emissions are expected to propel the growth of the carbon capture and storage market going forward.Carbon dioxide emissions, often known as CO2 emissions, are those caused by the combustion of fossil fuels and the production of cement.
They also include gas flaring and carbon dioxide created during the use of fuels that are solid, liquid, or gaseous.Increasing carbon dioxide emissions increases the market for carbon capture and storage, which is used as a method to lower carbon emissions by separating, treating, and transporting a stream of carbon dioxide (CO2) from industrial sources to a site for long-term storage.
For instance, in March 2022, according to the International Energy Agency, a France-based independent intergovernmental organization that offers research, statistics, and policy recommendations for the whole global energy sector, carbon dioxide emissions increased by 6% to reach 36.3 billion tons in 2021, a record high compared to previous years. In 2021, coal contributed more than 40% of the increase in overall CO2 emissions worldwide, which peaked at 15.3 billion metric tons. Therefore, growing global carbon dioxide emissions are driving the carbon capture and storage market.
Product innovations are a key trend gaining popularity in the carbon capture and storage market.Major companies operating in the carbon capture and storage market are focused on developing innovative products to strengthen their position in the market.
For instance, in August 2021, Exxon Mobil Corporation, a US-based company that operates in the carbon capture and storage and oil and gas sectors, collaborated with Berkeley and Lawrence Berkeley National Laboratory and the University of California to discover tetraamine-functionalized metal organic frameworks, a new material to enhance carbon capture technology.It is a novel substance that could use low-temperature steam to capture more than 90% of the CO2 generated from industrial sources, such as natural gas-fired power plants, using less energy overall.
When compared to traditional amine-based carbon capture technologies, these materials can capture carbon dioxide emissions up to six times more efficiently. The material has the potential to lower the cost of the technology and eventually support commercial applications because it requires less energy to capture and remove carbon.
In April 2022, Baker Hughes Company, a US-based carbon capture and energy technology company, acquired Mosaic Materials Inc. for an undisclosed amount. Through the acquisition, the goal of advancing and building up its contemporary capturing method for carbon dioxide (CO2) removal from the environment and reduction from fixed sources (CDR) is set forth. By partnering with Baker Hughes Company, Mosaic Materials Inc. has access to the resources and extra engineering knowledge needed to expand and market its affordable direct air capture technology. Mosaic Materials Inc. is a US-based maker of carbon dioxide-capturing materials based on metal-organic frameworks (MOFs).
The countries covered in the carbon capture and storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The carbon capture and storage market research report is one of a series of new reports that provides carbon capture and storage market statistics, including carbon capture and storage industry global market size, regional shares, competitors with a carbon capture and storage market share, detailed carbon capture and storage market segments, market trends and opportunities, and any further data you may need to thrive in the carbon capture and storage industry. This carbon capture and storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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