Market Analysis
Market Research Future (MRFR) estimates the global carbon capture and storage market size to reach USD 9.56 billion from 2020 to 2027 (forecast period).
Increasing Need to Reduce Carbon Emissions
A significant driver of the market is the government's more severe approach to climate change and lowering carbon emissions. Carbon emissions, for example, are expected to rebound after a sharp drop in 2020 and increase by 4.8%. Governments must be prepared to deal with this challenge. This year and in the foreseeable period, CCS technology and the market can both contribute to this effort. The use of CCS technology will help to significantly lower industrial CO2 emissions. Reduced coal consumption and clean technologies in industries are other major market drivers.
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The Global Market to Recover Post COVID-19 Pandemic
The COVID-19 pandemic brought down every market on the planet. The COVID-19 pandemic benefited just a few markets. However, there was an initial lag in this rise. When it comes to the market, the market took a setback as the pandemic became a major concern around the world. As funds were directed toward healing the world of this sickness, the adoption of CCS technology received less funding.
On the other hand, the world's industries and manufacturers experienced supply chain disruption and many lockdowns. As the industrial industry suffered its worst setback in recent history, the adoption of CCS technology also encountered significant challenges. As a result, the Market's growth pace has significantly slowed. This is due to a lack of funding in big enterprises and even small factories to adopt new technologies and give their work processes and emissions an ecological makeover.
Nevertheless, with the stabilization of the pandemic crisis and government stimulus packages to revive the sinking economy, the market has gradually rebounded and is poised for recovery ending in 2021. Many major stakeholders and national governments are enthusiastically pursuing industrial decarbonization, which will promote market growth over the projection period.
Market Segmentation
The worldwide carbon capture and storage industry has been segmented into technology, applications, and end-use.
By technology, the carbon capture and storage market has been segmented into Pre-combustion, Post-combustion, and Oxy-fuel Combustion.
By applications, the carbon capture and storage indutsry has been segmented into EOR, Agriculture, and Industrial.
By end-use, the carbon capture and storage market has been segmented into Iron Steel, Oil and Gas, Chemical, and Others.
Regional Analysis
North America to Dominate the Global Market
Due to development initiatives and currently existing CCS technology projects, the North American area leads the Carbon Capture and Storage Industry in revenue and share. Early development stage projects in the regional carbon capture and storage market in the Asia Pacific make it the fastest-growing region for the Carbon Capture and Storage industry. Due to improved oil recovery technologies in aging oil reservoirs, the Middle East and Africa will also contribute significantly during the predicted period.
Key Players
Fluor Corporation (U.S.), Aker Solutions (U.S.), Cansolv Technologies Inc (Canada), The Linde Group (Germany), Dakota Gasification Company (U.S.), Japan CCS (Japan), NRG Energy (U.S.), Chevron Corporation (U.S.), Climeworks AG (Switzerland), and Shell (U.S.).
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