Selbyville, Delaware, June 26, 2023 (GLOBE NEWSWIRE) --
Oil & Gas Carbon Capture & Storage Market size is expected to cross a valuation of USD 12.1 billion by 2032, according to latest research report by Global Market Insights, Inc.
The industry will gain popularity as a crucial tool for mitigating greenhouse gas emissions. CCS technology aims to capture carbon dioxide (CO2) from industrial processes, such as oil and gas production, and store it underground to prevent its release into the atmosphere. This market is witnessing a steady growth trajectory, driven by increasing global efforts to combat climate change. Governments, energy companies, and environmental organizations are investing in the research, development, and implementation of CCS projects. With its potential to reduce CO2 emissions and enable cleaner energy production, the oil and gas CCS market is poised to play a vital role in the transition to a low-carbon future.
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The oil and gas carbon capture and storage market will gain popularity as a crucial tool for mitigating greenhouse gas emissions. CCS technology aims to capture carbon dioxide (CO2) from industrial processes, such as oil and gas production, and store it underground to prevent its release into the atmosphere. This market is witnessing a steady growth trajectory, driven by increasing global efforts to combat climate change. Governments, energy companies, and environmental organizations are investing in the research, development, and implementation of CCS projects. With its potential to reduce CO2 emissions and enable cleaner energy production, the oil and gas CCS market is poised to play a vital role in the transition to a low-carbon future.
Growing use of post-combustion technology in oil and gas CCS
The post-combustion segment is predicted to witness robust growth through 2032. Post-combustion technology plays a crucial role in oil and gas carbon capture and storage (CCS) initiatives. This technology is primarily employed in power plants and industrial facilities that burn fossil fuels. In the post-combustion process, flue gases, which contain carbon dioxide (CO2), are captured after the fuel is burned. Post-combustion technology is flexible and can be retrofitted to existing plants, making it a promising approach for reducing CO2 emissions in the oil and gas sector.
Rapid industrialization across countries like India and China
Asia Pacific oil and gas carbon capture and storage market is witnessing significant growth in the. attributed to the several factors, including the region's high reliance on fossil fuels for energy production, rapid industrialization, and increasing concerns about climate change. Countries like China, India, and Japan are leading the way in implementing CCS projects in the oil and gas sector.
China, as the world's largest emitter of greenhouse gases, has been actively investing in CCS technology to reduce its carbon footprint. The government has set ambitious targets to deploy CCS in coal-fired power plants and enhance CO2 storage capabilities. Overall, the Asia Pacific oil and gas CCS market is poised for significant growth as countries in the region recognize the importance of mitigating greenhouse gas emissions and transitioning towards a low-carbon future.
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Presence of key players in global oil & gas carbon capture & storage industry
Some of the prominent leaders operating in the business landscape are Aker Solutions, Linde plc, NRG Energy, Inc., Global Thermostat, Equinor ASA, General Electric, Siemens, HALLIBURTON, SLB, Dakota Gasification Company, Fluor Corporation, Exxon Mobil Corporation, Shell CANSOLV, Sulzer Ltd, and Mitsubishi Heavy Industries, Ltd.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Oil & Gas Carbon Capture & Storage industry 360º synopsis, 2019 – 2032
2.1.1 Business trends
2.1.2 Technology trends
2.1.3 Regional trends
Chapter 3 Oil & Gas Carbon Capture & Storage Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 COVID- 19 impact on the industry outlook
3.5 Growth potential analysis
3.6 Porter's Analysis
3.7 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
