The (CCS) market is projected to rise at a CAGR of more than 8.0% during the forecast period. The main reason behind the growth is the serious concern about the rising CO2 emission and the growing energy demands, among the government and societies, which ultimately drives the carbon capture and storage market. The main drivers of this carbon capture and storage market are clean technologies, reduction of consumption of coal in emerging countries, technological advancements in manufacturing unit to reduced emission rates, renewable energy production and extensive implementation of CCS technology.
Carbon capture and storage is a technology used to retrieve carbon produced in a variety of activities and store it in safe sites such as underground rock formations and unused oil wells. This prevents the release of large amounts of carbon dioxide into the atmosphere, thus helping keep the environment clean. The three main stages of carbon capture and storage include capturing gaseous emissions and separating carbon dioxide from the overall gas mixture, transporting the carbon dioxide to the storage site through pipelines, ships, or trucks, and storing it in the aforementioned sites. Sites such as underground rock formations present the best solution for storing carbon dioxide in the long term, as they don’t allow the carbon dioxide to escape and assimilate it over time.
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Competitive Analysis
Leading players in the global carbon capture and storage market include Fluor Corporation, Dakota Gasification Company, Japan CCS, The Linde Group, Climeworks AG, Shell, Chevron Corporation, NRG Energy, Aker Solutions, and Cansolv Technologies Inc.
Industry Segmentation
The global carbon capture and storage market is segmented on the basis of type, application, and region.
By type, the global carbon capture and storage market is segmented into pre-combustion, post-combustion, and oxy fuel combustion.
By application, the global carbon capture and storage market is segmented into enhanced oil recovery (EOR), agriculture, and industrial.
By end use, the carbon capture and storage market is segmented into the iron and steel industry, oil and gas industry, chemical industry, and others.
Regional Analysis
On the basis of region, the global carbon capture and storage market is segmented into North America, Europe, Asia Pacific, and the Middle East and Africa.
The Middle East and Africa could also emerge as a major player in the global carbon capture and storage market over the forecast period due to the presence of large carbon capture projects in Saudi Arabia and Algeria. Europe also holds a significant share in the global carbon capture and storage market due to the extensive oil and gas operations in the North Sea, which have opened up the possibility of carbon storage in oil wells in the region.
North America is likely to hold a dominant share in the global carbon capture and storage market over the forecast period due to the widespread presence of a large number of CCS plants in the region. The growing industrial sector in the U.S. and increasing carbon emissions during energy generation procedures are likely to drive the demand from the carbon capture and storage market in North America over the forecast period.
Industry Updates:
In December 2019, Pale Blue Dot Energy received a license for its Acorn CCS project. The project entails using the St Fergus gas terminal in Scotland for long-term carbon storage. The government in the UK has historically been skeptical about carbon capture and storage technology, so this may prove to be a turning point for the market in the UK.
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List Of Tables
Table 1 Asia Pacific Carbon Capture and Storage Market By Technology: By Country, 2018-2023
Table 2 RoW Carbon Capture and Storage Market By Technology: By Country, 2018-2023
Table 3 Global Carbon Capture and Storage Market, By Application, By Regions, 2018-2023
Table 4 North America Carbon Capture and Storage Market, By Application, By Country, 2018-2023
Table 5 Europe Carbon Capture and Storage Market, By Application, By Country, 2018-2023
Table 6 Asia Pacific Carbon Capture and Storage Market, By Application By Country, 2018-2023
Table 7 RoW Carbon Capture and Storage Market, By Application, By Country, 2018-2023
Table 8 Global Carbon Capture and Storage Market: By Region, 2018-2023
Table 9 North America Carbon Capture and Storage Market, By Country
Table 10 North America Carbon Capture and Storage Market, By Technology
Table 11 North America Carbon Capture and Storage Market, By Application
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List Of Figures
Figure 1 Global Carbon Capture and Storage Market share, By Application, 2016 (%)
Figure 2 Global Carbon Capture and Storage Market, By Region, 2015-2023 (USD Million)
Figure 3 North America Carbon Capture and Storage Market share (%), 2016
Figure 4 North America Carbon Capture and Storage Market by Country, 2015-2023 (USD Million)
Figure 5 Europe Carbon Capture and Storage Market share (%), 2016
Figure 6 Europe Carbon Capture and Storage Market by Country, 2015-2023 (USD Million)
Figure 7 Asia Pacific Carbon Capture and Storage Market share (%), 2016
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