According to the 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 LLC, global carbon capture and storage market attained a valuation of USD 1551.75 million in 2020 and is anticipated to garner strong returns through 2026.
 

Global carbon capture and storage market is anticipated to garner strong gains in the upcoming years, creditable to stringent regulatory standards for environment conservation, supportive government policies, and rising consumer awareness about product quality in terms of carbon output and sustainability.
 

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Continuous rise in global temperature has accelerated the demand for solutions to capture and store carbon. Technological advancements in the field have substantially decreased maintenance costs of these product, further enhancing the demand.
 

Expanding oil & gas sector together with rapid industrialization in both developed and emerging economies are also adding to the market development. Further, inflowing private and public investments in small and medium-sized industries is boosting the remuneration potential.
 

Elaborating on the Covid-19 pandemic, the health crisis has had minimal impact on worldwide carbon capture and storage industry. The commercial sectors like cements plant and chemical plants were mostly affected due to lockdown mandates. Whereas, power plants and natural gas processing plants, where CCS is primarily utilized, remained operational to serve the needs of the population.
 

Based on technology, the market is split into pre-combustion capture, post combustion capture, and oxy-fuel combustion capture. In terms of application, the industry is split into EOR, agriculture, and industrial. Moving on to end-user, oil & gas, chemicals, coal & biomass power plant, and iron & steel are the key segments.
 

Considering geographical scope, America holds a sizeable portion of global carbon capture and storage market share and will continue to remain a prospective area during the forecast period, mainly due to rapid rise in production activities across the region.
 

Speaking of the competitive landscape, Dakota Gasification Company, Royal Dutch Shell plc, NRG Energy Inc., Occidental Petroleum Corp., Halliburton Company, Schlumberger Ltd., JGC Holdings Corp., Exxon Mobil Corp., Fluor Corp., and Aker Carbon Capture ASA are the major players influencing the industry trends.