According to the recent research report titled ‘Global Carbon Capture and Storage Market: Analysis By Technology, Application, End User, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global carbon capture and storage market had reached a valuation of USD 1551.75 million in 2020 and is estimated to log colossal returns by 2026.

Rigorous regulatory standards for environment conservation, rising product quality awareness & demand among consumers, and surging investments by public and private sectors in small and medium scale industries are some of the major factors driving the growth of the global carbon capture and storage market.

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For those unaware, the global temperature is rising at an alarming rate, and to contain the surging temperature, carbon dioxide emitted in the atmosphere needs to be controlled which can be done with the help of carbon capture and storage (CCS) and carbon capture, utilization, and storage (CCUS) to achieve net carbon neutrality. CCS is mainly used across natural gas processing plants and power plants.

Based on end-user terrain, the market is divided into oil & gas, chemicals, coal & biomass power plant, and iron & steel. Among these, the oil & gas segment is estimated to grow exponentially over the review period, primarily attributed to a positive outlook towards the sector and rapid industrialization across emerging economies.

Moving on to technology scope, the market is further segmented into pre-combustion capture, post-combustion capture, and oxyfuel combustion capture. Out of these, the pre-combustion capture segment is projected to amass notable gains through 2026, ascribed to high technology application in gasification as well as cycle power plants and converting solid fuel into syngas through heat application.

As per the application spectrum, the market is fragmented in terms of EOR, agriculture, and industrial segments.

Regionally, the Asia Pacific market is estimated to expand significantly in the ensuing years, given the growing demand for industrial products and CCS technology owing to focus towards reducing in maintenance and production costs backed by rising industrialization, with various manufacturers investing in leading economies such as India and China.

Meanwhile, America currently holds a major market share and is projected to rapidly grow through the analysis period, on account of rising production activities.

Aker Carbon Capture, Exxon Mobil Corporation, Schlumberger Limited, Occidental Petroleum Corporation, Royal Dutch Shell plc, Fluor Corporation, JGC Holdings Corporation, Halliburton Company, NRG Energy, Inc., and Dakota Gasification Company are some of the leading companies operating in the global carbon capture and storage market.