Carbon Capture and Sequestration Market is expected to grow at a robust CAGR
Global
Carbon Capture and Sequestration Market is expected to grow owing to growing
focus on reducing CO2 emissions throughout the forecast period.
According
to TechSci Research report, “Carbon
Capture and Sequestration Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028”, the Global Carbon Capture and
Sequestration Market is expected to register robust growth during the
forecast period. The main driver behind the urgent need to address climate
change is the reduction of greenhouse gas emissions. Carbon capture and storage
(CCS) presents a viable solution to mitigate CO2 emissions from industries that
prove challenging to decarbonize, such as cement, steel, and heavy
manufacturing. Governments worldwide are actively implementing regulations and
incentives to achieve emission reduction goals. CCS technologies offer
industries an opportunity to comply with these targets. Moreover, CCS can serve
as a transitional bridge for existing fossil fuel-based power plants,
supporting the transition to renewable energy sources until renewable energy
infrastructure is sufficiently scaled up.
CCS technologies
play a critical role in mitigating climate change by capturing CO2 emissions
from significant sources such as power generation, cement production, and steel
manufacturing. As global efforts to reduce greenhouse gas emissions intensify,
there is an increasing demand for effective CCS solutions. The combination of
CCS with bioenergy (BECCS) has the potential to provide carbon-negative
solutions. Bioenergy captures carbon dioxide through plant growth and stores it
underground when the biomass is burned, effectively capturing the CO2. This
approach can help offset historical emissions. International agreements and
commitments to reduce emissions, such as the Paris Agreement, encourage
countries to explore and invest in CCS technologies as part of their climate
action plans.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Carbon Capture and Sequestration Market."
The
Global Carbon Capture and Sequestration Market is segmented by type,
application, technology, end-use industry and region. Based on type, the market
is bifurcated into eor process, industrial and agricultural. Based on application,
the market is bifurcated into capture, transportation and storage. Based on technology,
the market is bifurcated into pre-combustion, post-combustion and oxy-fuel
combustion. Based on end-use industry, the market is bifurcated into oil &
gas, chemicals, cement, iron & steel, pulp & paper and others. Based on
region, the market is further bifurcated into North America, Asia-Pacific,
Europe, South America, Middle East & Africa.
Based
on type, EOR
Process segment is expected to dominate the market during the forecast period. Enhanced
oil recovery (EOR) can significantly augment oil extraction from reservoirs,
which would otherwise be left untapped after primary and secondary recovery
techniques. In the EOR process, carbon dioxide (CO2) is injected into oil
reservoirs, where it blends with the oil and reduces its viscosity, facilitating
its flow through the reservoir and into production wells. Moreover, CO2 can
expand and displace trapped oil towards the production wells. EOR is commonly
employed in mature oil fields with depleted reservoirs, leveraging existing
infrastructure to facilitate the implementation of EOR projects. By combining
oil production with carbon storage, EOR with captured CO2 represents a
sustainable approach that aligns with emission reduction objectives.
Based
on application, Capture segment is projected to dominate the market throughout
the forecast period. This technology captures CO2 from flue gases emitted by
power plants or industrial processes following the combustion of fossil fuels.
It involves the extraction of CO2 from exhaust gases through absorption or
adsorption techniques. The primary motivation for implementing capture
technologies is the imperative to mitigate greenhouse gas emissions and address
climate change by capturing CO2 emissions from major sources like power plants
and industrial facilities. Numerous industries are integrating sustainable
practices into their operations, including the adoption of capture technologies
to reduce their carbon footprint
Key
market players in the Global Carbon Capture and Sequestration Market are:-
- Aker
Clean Carbon AS
- Alstom
SA
- Chevron
Corp.
- Fluor
Corp.
- General
Electric Co.
- Hitachi
Ltd
- Linde
AG
- Mitsubishi
Heavy Industries
- Siemens
Energy Inc.
- Southern
Co.
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“North
America is expected to dominate the market during the forecast period due to
its diverse industrial sectors, such as power generation, oil refining,
chemical production, and manufacturing, the region emits substantial carbon
dioxide. Carbon capture and storage (CCS) provides a viable solution to capture
and safely store these emissions. In North America, the oil and gas industry
has successfully employed CCS techniques for enhanced oil recovery (EOR). This
practice involves injecting CO2 into oil reservoirs to increase production,
thus generating revenue streams that partially offset the costs associated with
CCS projects..” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based global management consulting firm.
“Carbon
Capture and Sequestration Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028 Segmented By Type (EOR Process, Industrial
and Agricultural), By Application (Capture, Transportation and Storage), By
Technology (Pre-combustion, Post-Combustion and Oxy-fuel Combustion), By
End-Use Industry (Oil & Gas, Chemicals, Cement, Iron & Steel, Pulp
& Paper and Others), By Region, Competition,” has evaluated the future growth
potential of Global Carbon Capture and Sequestration Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Carbon Capture and Sequestration Market.
Contact
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Techsci Research
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