October 19, 2020
As per the report titled ‘Carbon Capture and Storage Market Share, Size, Trends, Industry Analysis Report, By Capture Type; Application; By Regions, Segments & Forecast, 2020- 2026’, available with Market Study Report, global carbon capture and storage market is anticipated to showcase an appreciable growth rate during 2020-2026, subsequently amassing a valuation of USD 10.45 billion by the end of the forecast timeframe.
As per the report findings, increasing carbon emissions and growing application of enhanced oil recovery (EOR) technologies are the key growth drivers of global carbon capture and storage market. However, high technology cost, patent expiry of successful products, and emergence of generic versions may impede the industry growth during the forecast period.
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Worldwide carbon capture and storage market is still at a nascent stage despite the alarming increase in carbon emissions annually. Reliable sources cite that currently there are 22 carbon capture and storage (CCS) active projects with 16 more scheduled to be operational in the coming years. The main rationales behind the slow growth of the industry are strict & complex government directives, and slow economic growth mostly in the European region.
Besides, financial backing for demonstration and early adoption of CCS to drive private financing of projects and to prove technology viability in industrial applications will play a pivotal role in industry expansion. Apart from this, efforts to reduce electricity costs from power plants and development of efficient CO2 transportation infrastructure will present new growth opportunities for global carbon capture and storage market over the analysis period.
For those unfamiliar, carbon capture and storage solutions comprise a set of technologies that isolate carbon dioxide from fossil fuels, manufacturing & process waste streams, followed by its compression, transportation, and injection into geological formations. The carbon dioxide gets permanently stored in deep underground geological structures at both onshore and offshore sites. At present, most of the R&D activities are targeted towards reducing energy losses throughout the entire process. However, the development of larger gas turbines with high firing temperature and efficiency has rendered has positive impact on global carbon capture and storage market growth.
Considering the regional outlook, North America currently captures majority of lobal carbon capture and storage market share. Government efforts towards promoting the deployment of emission capturing technologies, widespread adoption of EOR methods, and tax credits for carbon capture projects are stimulating the regional industry expansion.
Key players influencing global capture and storage industry trends are HTC CO2 Systems Corp., Japan CCS Co., Ltd., Maersk Oil (A.P. Moller-Maersk Group), Mitsubishi Heavy Industries Ltd., Sulzer Ltd., Flour Corp., Siemens AG, Linde Engineering India Pvt. Ltd., Dakota Gasification Company, Equinor ASA (formerly Statoil), AkerSolutions ASA, and Shell Cansolv (Royal Dutch Shell plc).