Executive Summary The global temperature is increasing at an alarming rate and in order to contain the rise in temperature, carbon dioxide emitted in the atmosphere needs to be controlled.
New York, July 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Carbon Capture and Storage Market: Analysis By Technology, Application, End User, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)" - https://www.reportlinker.com/p06102456/?utm_source=GNW
And in order to maintain temperatures, carbon capture and storage (CCS) and carbon capture, utilisation, and storage (CCUS) are considered the most important emissions reduction factor after electrification and renewables to achieve net carbon neutrality.
The Global Carbon Capture and Storage Market was valued at USD 1551.75 Million in the year 2020. The global Carbon Capture and Storage market is witnessing lucrative growth owing to stringent regulatory standards regarding environment conservation, supportive government policies on energy conservation, as well as growing consumer awareness about product quality. The continuous rise in demand of CCS Technology in Asia Pacific region is driving the demand of industrial products from last few years. The recent technology promises substantial reduction in maintenance costs, which is why it is received by a significantly large number of buyers hailing from diverse industrial backgrounds.
Owing to low production cost in Asian countries backed with rising industrialisation, manufacturers are investing in economies such as India and China which is propelling the market growth. Positive outlook towards Oil and Gas sector coupled with rapid industrialisation across developed and emerging economies will drive the Carbon Capture and Storage market size. Additionally, expectation of rise in consumer demand and investment by public and private sector in small and medium scale industries is anticipated to drive the market of global Carbon Capture and Storage in future.
America region holds the major Carbon Capture and Storage market share and is also projected to be a rapidly growing region during the forecast period. The market is estimated to expand significantly owing to the rise in production activities in the region.
CCS is primarily used across power plants and natural gas processing plants where COVID-19 has resulted in a very minimal impact. However, due to lockdown imposed across various countries, it has impacted commercial sectors, such as cement plants, chemical plants, and others, which plays a very small role in the CCS market. Pre combustion capture technology has wide technological applicability in gasification combined cycle power plant. The ability to convert solid fuel into syngas through heat application due to high pressure in the presence of oxygen, will make it preferable than others.
Scope of the Report
• The report presents the analysis of Carbon Capture and Storage market for the historical period of 2016-2020 and the forecast period of 2021-2026.
• The report analyses the Carbon Capture and Storage Market by Technology (Pre-Combustion Capture, Oxy Fuel Combustion Capture, Post Combustion Capture).
• The report analyses the Carbon Capture and Storage Market by Application (EOR, Industrial, Agriculture).
• The report analyses the Carbon Capture and Storage Market by End User (Oil & Gas, Coal & Biomass Power Plant, Chemicals, Iron & Steel).
• The Carbon Capture and Storage Market has been analysed By Region (Americas, Europe, Asia Pacific, MEA) and By Country (United States, Canada, Mexico, Germany, France, Italy, China, India, Japan, Australia).
• Also, the attractiveness of the market has been presented by region, Technology, Application, End User. Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Aker Carbon Capture, Fluor Corporation, Exxon Mobil Corporation, JGC Corporation, Schlumberger Limited, Halliburton, Occidental Petroleum Corporation, NRG Energy, Royal Dutch Shell, Dakota Gasification Company
Key Target Audience
• Carbon Capture and Storage Vendors
• Environmental Agencies
• Consulting and Advisory Firms
• Government and Policy Makers
• Regulatory Authorities
Read the full report: https://www.reportlinker.com/p06102456/?utm_source=GNW
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