Carbon Capture and Storage Industry demand is set to register more than 5.4% CAGR through 2026, propelled by increasing government funding toward CCS technology.
SELBYVILLE, Del., March 31, 2020 /PRNewswire/ -- Global carbon capture and storage market revenue is set to cross USD 6 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Surging carbon emissions in the environment on account of the excessive burning of fossil fuel across various industries will positively influence the technology deployment over the forecast timeframe.
Stringent government regulations toward curtailing greenhouse gas emissions, along with rising demand for CCS technologies to minimize the carbon footprint, will propel the global carbon capture and storage industry size. In addition, extensive use of well recovering technologies, including CO2 EOR, coupled with an increasing number of mature oil & gas fields, will complement the business landscape.
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Increasing investments toward the upstream oil & gas industry to cater to the growing demand for high-value petrochemical products, along with the growing awareness regarding emission control, will drive the installation of oxy-fuel carbon capture storage systems. The technology is gaining attention amongst the leading industry players and is primarily deployed across the heavy industries including oil & gas and chemical processing. A longer lifespan and the ability to be retrofitted in existing plants are some of the important factors raising the adoption of oxy-fuel combustion CCS projects.
Some major findings of the carbon capture and storage market report include:
- The demand for CCS projects is flourishing across the industrial sector due to their longer operating life and emission control nature.
- Growing investments across various industries, including chemical, oil & gas, and power generation, are estimated to drive industry growth.
- Major players operating across the market are Mitsubishi Heavy Industries, Japan CCS Co., Ltd, Shell Cansolv, Fluor Corporation, Siemens, Schlumberger Limited, Halliburton amongst others.
- Positive outlook toward the expansion industries, along with stringent government norms to diminish CO2 emissions, will accelerate the technology trends.
Browse key industry insights spread across 247 pages with 388 market data tables and 29 figures and charts from the report, "Carbon Capture and Storage Market Forecasts By Application (Oil and Gas, Chemical Processing, Power Generation, Others), Technology (Pre Combustion, Post Combustion, Oxy-Fuel Combustion), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026", in detail, along with the table of contents:
The rapid expansion of chemical facilities, along with growing demand for chemical and high-value petrochemical products, will propel the carbon capture and storage market size. For instance, as per the UNIDO, the chemical industry in the United States reached USD 415.9 billion in 2017 when compared to USD 329.2 billion in 2005. Increasing government spending to modernize the chemical facilities in order to regulate the carbon emissions will further stimulate the business outlook.
Europe's carbon capture and storage market value is anticipated to witness growth of over 10% by 2026. The increasing government efforts to decrease CHGs have substantially raised funding toward the deployment of emission control technologies, including CCS. Furthermore, the existence of large energy-intensive industries across the region, coupled with a positive business outlook toward chemical and waste to energy industries will foster the technology deployment. A paradigm shift toward clean energy, in line with the introduction of government directives to limit greenhouse gas emissions, will further drive Europe's CCS industry growth.
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Carbon Capture and Storage Industry Forecasts 2026
Global market for carbon capture and storage revenue is expected to surpass USD 6 billion by 2026
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