Market Analysis
Market Research Future (MRFR) projects the global carbon capture and storage market size to hit USD 9.56 billion from 2020 to 2027 (forecast period).
Rising CO2 Emission
The main driver of the Carbon Capture and Storage Market is governments’ more serious and stringent approach to climate change and reducing carbon emissions. Carbon emissions, for example, are predicted to rebound after a sharp drop in 2020 and increase by 4.8 percent. Governments must be prepared to deal with this challenge. This year and in the projection period, CCS technology and the Carbon Capture and Storage Market can help this effort. The use of CCS technology will help to significantly reduce industrial CO2 emissions. Reduced coal usage and clean technologies in industries are other important drivers of the Carbon Capture and Storage Market.
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The Global Market to Regain Stability Amid COVID-19 Pandemic
The supply network for the world’s industries and manufacturers was disrupted, and multiple lockdowns occurred. As the industrial sector suffered its worst setback in recent history, the adoption of CCS technology also encountered significant challenges. As a result, the Carbon Capture and Storage Market’s growth pace has significantly slowed. This is due to a lack of funding in major enterprises and even small factories to adopt new technologies and give their work processes and emissions an ecological makeover.
However, with the stabilization of the pandemic crisis and government stimulus measures to rebuild the sinking economy, the Carbon Capture and Storage Market has gradually rebounded and is poised to rise in 2021. Many key stakeholders and national governments are enthusiastically pursuing industrial decarbonization, which will drive Carbon Capture and Storage Market Growth over the forecast period.
Market Segmentation
The global carbon capture and storage market has been segmented into technology, applications, and end-use.
By technology, the worldwide carbon capture and storage market has been segmented into pre-combustion, post-combustion, and oxy-fuel combustion.
By applications, the worldwide carbon capture and storage market has been segmented into EOR, Agriculture, and industrial.
By end-use, the worldwide carbon capture and storage market has been segmented into iron steel, oil and gas, chemical, and others.
Regional Analysis
North America to Lead the Global Market
Due to development activities and previously existing CCS technology projects, the North American area leads the Carbon Capture and Storage Industry in revenue and market share.
Key Players
Fluor Corporation (U.S.), Aker Solutions (U.S.), Japan CCS (Japan), Cansolv Technologies Inc (Canada), Dakota Gasification Company (U.S.), NRG Energy (U.S.), Chevron Corporation (U.S.), The Linde Group (Germany), Climeworks AG (Switzerland), and Shell (U.S.).
Industry News
In April 2020, Aker Solutions gained technological approval for their CCS technology to operate in Norway from a Norwegian technical advisor.
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