Carbon Capture & Storage Market is anticipated to grow at a CAGR of approximately 12% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Carbon Capture & Storage Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Carbon Capture & Storage Market is estimated to account for over US$ 6.0 billion in 2019. The market is anticipated to grow at a CAGR of approximately 12% from 2019 to 2030.
The growth of the carbon capture & storage market can be attributed to several factors, which have led to its wide-scale adoption. The popularity of CO2 injection technique for Enhanced Oil Recovery (EOR) and stringent government regulations to control the carbon emissions are anticipated to further contribute to substantial market growth between 2019 and 2030. However, the high implementation cost of carbon capture & storage technology is likely to restrain market growth to a certain extent.
To obtain better insights pertaining to the market, prominent players are increasingly focusing on collaborative initiatives with several institutions, research centers, and companies. Collaboration on CCS has significantly increased internationally in the last three decades. New initiatives have brought together governments, industries, academia, and civil society groups to coordinate efforts and drive CCS technologies forward.
The popularity of CO2 injection technique for Enhanced Oil Recovery (EOR) has been growing rapidly in the petroleum industry owing to profitability from mature wells. Several governments have also shown interest in providing financial incentives to develop CCS demonstration projects. In Texas (U.S.), for more than 30yrs CO2 has been used in EOR projects; EOR constitutes over 20% of total oil production and some fields achieve recoveries of nearly 70%. This has led to growth of the carbon capture & storage market across the world.
Browse key industry insights spread across pages 210 with market data tables & figures & charts from the report, Carbon Capture & Storage Market by Capture Technology (Pre-Combustion, Oxy-Firing, and Post-Combustion), Application (EOR, Industrial, and Agriculture) -Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/carbon-capture-and-storage-market/196
Imposition of stringent government regulations to control the overall carbon emission is estimated to further propel the market. Governments and organizations from different regions are offering large incentives to promote carbon capture & storage. For instance, the U.S. introduced the FUTURE Act (Furthering Capital Carbon Capture, Utilization, Technology, Underground storage, and Reduced Emissions) under the 45Q section to provide incentives to encourage the capture of carbon dioxide produced from industrial & power sources to utilize the same in EOR.
The high cost of carbon capture & storage technology is one of the major factors hampering market growth. Burning of coal & methane fuels produces extensive amounts of CO2, capturing which becomes challenging both in terms of implementation and economy.
Asia Pacific has been identified as the fastest-growing market for carbon capture & storage and is anticipated to contribute significantly to the global market share. This can be attributed to the growing awareness regarding emission control. Countries in the APAC, such as India, China, Malaysia, and Japan, are anticipated to provide significant growth opportunities for the global carbon capture & storage market due to rapid deployments of gas & coal-fired power plants to meet the increasing energy demands.
Some of the prominent players in the carbon capture & storage market include Aker Solutions, Fluor Corporation, Hitachi, Ltd., Linde, MITSUBISHI HEAVY INDUSTRIES, LTD., Exxon Mobil Corporation., GENERAL ELECTRIC, Halliburton, Schlumberger Limited, and Shell among others.
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