The global carbon capture and storage (CCS) market, valued at approximately USD 4.2 billion in 2022, is projected to grow at a compound annual growth rate (CAGR) of over 14%, reaching more than USD 9 billion by 2032. This growth is driven by the increasing adoption of CCS technologies to address the need for reducing carbon dioxide and other greenhouse gas emissions, especially in high-pollution industries such as steel, cement, and power generation. F ossil fuel combustion in industrial processes releases significant amounts of CO2, contributing to climate change and ozone depletion. In response, CCS has emerged as a vital solution, capable of capturing up to 90% of CO2 emissions. The process involves three key steps: capturing, transporting, and securely storing CO2, offering a sustainable approach to curbing industrial environmental impact.
Carbon Capture and Storage Market: Drivers & Restraints
The growing concerns as regards the environmental hazards and irreversible changes resulting from the emissions in to the atmosphere have resulted in implementation of stringent regulations pertaining to emissions into the atmosphere. These in turn have prompted companies across the globe to develop processes that are efficient at the same time are environmentally friendly.
The ever growing use of fossil fuels and industrial growth both in developed and developing parts of the world is expected to drive the demand, proliferation of Carbon Capture and Storage technology, in turn resulting in growth of global carbon capture and storage market.
Moreover, the fact that, implementation of Carbon Capture and Storage technology provides a relatively more viable option than that of switching over to use of alternative energy resource, is expected to drive the growth of global Carbon Capture and Storage market across the globe.
Carbon Capture and Storage Market: Region-wise Outlook
On the basis of geographic regions of the globe, global Carbon Capture and Storage market is segmented into seven major segments. These key regional market segments are North America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa, Latin America Carbon Capture and Storage markets. North America carbon capture and storage market is among the leaders as far as adoption of Carbon Capture and Storage technology is concerned. It is expected to register steady growth during the forecast period.
Carbon Capture and Storage Market: Key Players
Some of the identified major participants of the global Carbon Capture and Storage market are as follows:
• Exxonmobil Corporation
• Schlumberger
• Huaneng
• Linde AG
• Sulzer
• Equinor
• NRG
• AkerSolutions
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies and technique used.
Regional analysis includes
• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• Japan
• Middle East and Africa (GCC, S. Africa, N. Africa)
Key Segments Profiled in the Carbon Capture and Storage Industry Survey
Technology:
- Pre-combustion
- Post-combustion
- Oxy-fuel Combustion
End-Use Industry:
- Oil and Gas
- Coal and Biomass Power Plant
- Iron and Steel
- Chemicals
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East & Africa
Report Preview: https://www.futuremarketinsights.com/reports/carbon-capture-storage-market
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