Press release
Carbon Capture and Storage (CCS) Market 2020 Growth Strategies, Competitive Analysis, Leading Players, Segmentation and Regional Forecast to 2023
As per the latest report published by Market Research Future (MRFR), the global carbon capture and storage (CCS) market is set to surge at a sound CAGR of 8.0% during the forecast period (2018-2023). CCS is increasingly becoming popular in advanced countries such the U.S. CCS plants can help tackle some of the grave issues of carbon emission. CCS is a sophisticated yet cutting-edge emission reduction process, which is intended towards curbing carbon the release of excessive volume of carbon dioxide into the open air.Carbon capture and storage technology is gaining popularity as the need for combatting the rise in greenhouse emissions is rising. This is observed to be the primary factor that is expected to surge the growth of the global market of carbon capture and storage. The increase in automobiles and rise in the number of factories are factors that are encouraging the adoption of CCS technology, is expected to fuel its market growth. The ability of CCS to utilize most of the carbon emitted, for electricity generation is pushing the market in an upward trend.
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Top Drivers & Key Challenges
The market for carbon capture and storage is fast expanding across the globe due to various emerging factors that are continuously working in multiple approaches. The foremost factor that has checked-in to the drivers of the market is the rising CO2 emission in the environment, which has a direct connection to the market. The technology being used Carbon Capture and Storage (CCS) is intended to prevent large amounts of carbon dioxide that is being continuously released into the environment.
At the same time, another significant reason behind the growth of the market is the severe rising concern for CO2 emission, the latent energy demands among the government and societies, thus eventually drives the carbon capture and storage market in inevitably. With this, the carbon capture and storage market is also on the verge of gaining high prominence due to the factors such as reduction of consumption of coal in emerging countries, renewable energy production, clean technologies, technological advancements in manufacturing unit to reduce emission rates, and extensive implementation of CCS technology. These factors are thus streaming to help the market to gain a strong position on the growth graph for the forecast period.
Market Key Players
The foremost key player in global CCS market are listed as Cansolv Technologies Inc (Canada), Dakota Gasification Company (U.S.), Fluor Corporation (U.S.), Japan CCS (Japan), Aker Solutions (U.S.), The Linde Group (Germany), NRG Energy (U.S.), Climeworks AG (Switzerland), Chevron Corporation (U.S.), and Shell (U.S.). They are known for being highly capable of offering the most exceptional service in the market.
Global Carbon Capture and Storage (CCS) Market: Segmental Analysis
Segmental analysis of the market has been conducted on the basis of technology, application, end-use and type.
Based on type of technology, the market has been segmented into oxy fuel combustion, post combustion and pre-combustion. The pre-combustion segment accounts for a significant share of the market in terms of value. Pre-combustion CCS is a widely applied technology owing to its compatibility with gasification combined cycle power plants. Based on application, the market has been segmented into industrial, agriculture and EOR. The EOR segment is expected to remain highly attractive over the next couple of years. EOR is an excellent storage capacity and hence witnessing a rapid growth in demand. Based on end-use, the market has been segmented into chemical, oil and gas, iron steel, and others. Based on type, the market has been segmented into
Regional Outlook
By region, the market has been analysed in Europe, North America, the Middle East and Africa, and Asia Pacific.
A large number of carbon capture and storage-based plant are present in the North America region. In the United States, new constructions of CCS plants are observed. This indicates the highest carbon capture and storage capacity of North America. MRFR asserts that North America is likely to lead in the global CCS market owing to the aforementioned reasons, where the US market is expected to generate the highest revenue for the market.
In the Asia Pacific region, the rapidly growing industrialization is strengthening the region's economy, but the increase in number of plants and manufacturing factories are surging carbon emission. The need to combat the rising situation is expected to propel the APAC carbon capture and storage market. In Europe, the surge in oil and gas operations in the North Sea has created scope for establishing carbon capture and storage technology in oil well. This factor is likely to drive the growth of the regional market. A large number of carbon capture projects in Algeria and Saudi Arabia is expected to gain substantial traction for the Middle East and Africa market over the review period.
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