The global carbon capture and storage market is expected to achieve approximately USD 4.2 Billion in 2022. As carbon capture and storage technologies gain traction worldwide, the market is projected to witness a compound annual growth rate (CAGR) exceeding 14% from 2022 to 2032. This upward trend is anticipated to elevate the market’s value to approximately USD 9 Billion by 2032.
The carbon capture and storage market is experiencing significant growth due to several key factors, including rapid industrialization, the imperative to reduce carbon emissions, stringent environmental regulations, and the increasing popularity of sustainable technologies. In recent years, climate change has emerged as a pressing global issue, impacting communities, wildlife, and ecosystems worldwide.
This has prompted nations to implement various measures to mitigate its effects. With escalating concerns about global warming stemming from heightened emission levels, carbon capture and storage technologies have garnered heightened attention.
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Carbon capture and storage (CCS) is an advanced technology designed to capture and store carbon dioxide (CO2) emissions produced during the combustion of fossil fuels in electricity generation and industrial activities. This technology can capture around 90% of CO2 emissions, effectively preventing them from being released into the atmosphere.
Once captured, the CO2 is either used to produce valuable goods or permanently stored deep underground in geological formations. It is usually transported from CCS facilities to its designated destination via pipelines or ships.
Major industries, responsible for substantial carbon emissions, are increasingly embracing CCS solutions to minimize their environmental impact. This growing adoption is driving the expansion of the carbon capture and storage market, a trend expected to persist in the coming years.
Market Competition
Some of the key participants present in the global carbon capture and storage market include ExxonMobil Corporation, Schlumberger, Huaneng, Linde AG, Sulzer, Equinor, NRG, AkerSolutions, Shell, Skyonic Corp., Mitsubishi Hitachi, Fluor, Sinopec
Key players in the carbon capture and storage market are committed to advancing sustainable technologies for carbon capture and storage. Additionally, they are collaborating to establish large-scale CCS facilities and promote the commercialization of CCS technology in promising regions such as Asia, Africa, and the Middle East.
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Key Segments Profiled in the Carbon Capture and Storage Industry Survey
Technology:
- Pre-combustion
- Post-combustion
- Oxy-fuel Combustion
End-Use Industry:
- Oil and Gas
- Coal and Biomass Power Plant
- Iron and Steel
- Chemicals
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East & Africa
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