Carbon Capture And Storage Market Share, Demand, Industry Report To 2033

"The Business Research Company recently released a comprehensive report on the Global Carbon Capture And Storage Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The carbon capture and storage market size has grown rapidly in recent years. It will grow from $5.43 billion in 2023 to $6.23 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to environmental regulations and policy support, growing concerns about climate change, investments in clean energy, industry transition and decarbonization, corporate sustainability initiatives.

The carbon capture and storage market size is expected to see rapid growth in the next few years. It will grow to $10.79 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to government funding and incentives, increasing carbon pricing initiatives, rapid industrialization in developing regions, global commitments to net-zero target, collaborative industry initiatives. Major trends in the forecast period include technological innovation and cost reduction, advancements in ccs technology, investment and funding landscape, government policies and regulations, public and corporate perception.

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Market Drivers and Trends:

The growing global carbon dioxide emissions are expected to propel the growth of the carbon capture and storage market going forward. Carbon dioxide emissions, often known as CO2 emissions, are those caused by the combustion of fossil fuels and the production of cement. They also include gas flaring and carbon dioxide created during the use of fuels that are solid, liquid, or gaseous. Increasing carbon dioxide emissions increases the market for carbon capture and storage, which is used as a method to lower carbon emissions by separating, treating, and transporting a stream of carbon dioxide (CO2) from industrial sources to a site for long-term storage. For instance, in March 2022, according to the International Energy Agency, a France-based independent intergovernmental organization that offers research, statistics, and policy recommendations for the whole global energy sector, carbon dioxide emissions increased by 6% to reach 36.3 billion tons in 2021, a record high compared to previous years. In 2021, coal contributed more than 40% of the increase in overall CO2 emissions worldwide, which peaked at 15.3 billion metric tons. Therefore, growing global carbon dioxide emissions are driving the carbon capture and storage market.

Product innovations are a key trend gaining popularity in the carbon capture and storage market. Major companies operating in the carbon capture and storage market are focused on developing innovative products to strengthen their position in the market. For instance, in August 2021, Exxon Mobil Corporation, a US-based company that operates in the carbon capture and storage and oil and gas sectors, collaborated with Berkeley and Lawrence Berkeley National Laboratory and the University of California to discover tetraamine-functionalized metal organic frameworks, a new material to enhance carbon capture technology. It is a novel substance that could use low-temperature steam to capture more than 90% of the CO2 generated from industrial sources, such as natural gas-fired power plants, using less energy overall. When compared to traditional amine-based carbon capture technologies, these materials can capture carbon dioxide emissions up to six times more efficiently. The material has the potential to lower the cost of the technology and eventually support commercial applications because it requires less energy to capture and remove carbon.

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Major Key Players of the Market:

Aker Solutions ASA; Dakota Gasification Company; Equinor ASA; Fluor Corporation; Linde PLC; Mitsubishi Heavy Industries Ltd.; Shell PLC; Siemens AG; Sulzer Ltd.; NRG Energy Inc.; General Electric Company; Maersk; Japan CCS Co. Ltd.; Halliburton Company; ExxonMobil Corporation; Schlumberger Limited; Honeywell International Inc.; Occidental Petroleum Corporation; Air Liquide S.A.; Baker Hughes Company; LanzaTech; Royal Dutch Shell; Calix Limited; Carbon America; Carbon Clean; CarbonFree; Carbon8 Systems; Chart Industries; Capsol Technologies AS; Global Thermostat

Carbon Capture And Storage Market 2024 Key Insights:

• The carbon capture and storage market size will grow to $10.79 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%.
• Surge In Global Carbon Dioxide Emissions
• Enhanced Efficiency In Carbon Capture And Storage Technology
• North America was the largest region in the carbon capture and storage market in 2023

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