Carbon Capture And Storage Industry Overview
The global carbon capture and storage market size was valued at USD 3.22 billion in 2021 and is expected to reach USD 5.35 Billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.8 % during forecast period.
Increasing concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of carbon capture and storage (CCS) technology. Various governments are encouraging the implementation of technology through pilot projects across various industries due to the ability of carbon capture & storage technology to serve as a large-scale solution for achieving the high CO2 emission reduction targets and climate control goals.
Gather more insights about the market drivers, restrains and growth of the Global Carbon Capture And Storage Market
As technology advances, offshore oil and gas exploration and production activities are projected to expand, resulting in a surge in the use of gas injection enhanced oil recovery (EOR) techniques. Carbon dioxide is used in the extraction of crude oil. The use of gas injection EOR techniques for both onshore and offshore wells will be fueled by maturing and declining oil reservoirs. As a result, the market for carbon capture and storage is likely to develop over the forecast period due to the growing need for CO2 for EOR activities in the oil and gas industry.
In 2021, the U.S. generated USD 939.52 in terms of revenue. The region is anticipated to dominate the global market on account of the presence of several high-capacity CCS plants in this region, as well as the increasing usage of CO2 in enhanced oil recovery techniques. Due to large-scale development projects of carbon capture, utilization, and storage, the demand in the region is predicted to increase rapidly in contrast to other regions.
According to the American Council, the FUTURE Act (Furthering Capital Carbon Capture, Utilization, Technology, Underground Storage, and Reduced Emissions) was introduced under the 45Q part of the bill to give incentives for capturing the carbon dioxide produced by industrial and power sources for use in enhanced oil recovery. With the development of shale gas technology and the new government’s lack of interest in carbon capture, the market for CCUS is predicted to increase at a slow rate in the country, increasing North America’s market share in the carbon capture and storage market.
Carbon Capture And Storage Market Segmentation
Based on the Capture Technology Insights, the market is segmented into pre-combustion, industrial process, oxy-combustion and post-combustion
Based on the Application Insights, the market is segmented into power generation, oil & gas, metal production, cement and others
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa
Market Share Insights:
Key Companies Profile:
The market is characterized by the presence of several key players and a few medium and small-scale regional players. Many of the companies have their own sector that they focus on and have a very high penetration in that sector.
Some of the prominent players operating in the global carbon capture and storage market are:
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