According to the 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 Market Study Report, global carbon capture and storage market was worth USD 1551.75 million in 2020 and is expected to register lucrative growth over the forecast period 2021-2026.
 

Stringent regulatory standards on environment protection, favorable government policies towards energy conservation, and rising consumer awareness about product quality are stimulating the growth of global carbon capture and storage market. Moreover, technology advancements which promise to bring substantial reduction in maintenance costs are also positively swaying the industry dynamics.
 

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Notably, the need to control carbon dioxide emissions is increasing as global temperatures continue to rise at an alarming rate. Carbon capture and storage (CCS); and carbon capture utilization, and storage (CCUS) are thought to be the most important emission reduction factors for achieving net carbon neutrality after renewables and electrification.
 

Additional factors such as rapid industrialization, flourishing oil and gas sector, estimations of positive consumer demand growth and heavy investments by private and public sectors in small and medium sized industries will act as a major impetus to market expansion.
 

Based on application ambit, global carbon capture and storage industry is classified into EOR (enhanced oil recovery), industrial, and agriculture. By end user scope the business vertical is split into oil & gas, chemicals, coal & biomass power plant, and iron & steel.
 

Moving on to technology type, the industry fragmentation comprises pre-combustion, post combustion, and oxy fuel combustion variants. Among these, pre-combustion capture technology segment is expected to witness high demand over the forecast period owing to its ability to produce syngas from solid fuel using heat, as well as its technological applications in gasification combined cycle power plants.
 

Considering the geographical scope, Americas currently accounts for a major industry share and is slated to observe substantial growth over the forecast period primarily due to a surge in production activities throughout the region.
 

Parallelly, Asia-Pacific industry is projected to grow at a considerable rate over the next 6 years due to increasing investments by manufacturers in countries like India and China, triggered by rising industrialization and low production costs prevalent across the region.
 

Prominent players in global carbon capture and storage industry are Dakota Gasification Co., Royal Dutch Shell plc, NRG Energy Inc., Occidental Petroleum Corp., Halliburton Co., Schlumberger Ltd., JGC Holdings Corp., Exxon Mobil Corp., Fluor Corp., and Aker Carbon Capture.