Market
Scenario
Carbon Capture and Storage (CCS) is an
emission reduction process, which is intended to prevent large amounts of
carbon dioxide being released into the environment. The technology involves
collection, transportation and injection of the carbon di oxide so that it
would not escape in the atmosphere. The process involves three main steps and
technologies such as capture, which includes separation of CO2 from gases produced from different
procedures. Secondly, it involves transport, which is transportation of the
captured CO2 to a suitable site for storage with the help of pipeline, trucks,
and ships. The last step is storage, which involves injection of CO2 into
underground rock formation, deep wells, and depleted reservoirs. These are the
best storage options for storing huge amounts of CO2 for many years.
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Segmentation:
The global carbon capture and storage
market is segmented on the basis of type, application, and region.
By type, the global carbon capture and
storage market is segmented into pre-combustion, post-combustion, and oxy fuel
combustion. The pre-combustion segment is likely to hold a dominant share in
the global carbon capture and storage market over the forecast period due to
the widespread applicability of the technology in gasification combined cycle
power plants.
By application, the global carbon capture
and storage market is segmented into enhanced oil recovery (EOR), agriculture,
and industrial. EOR is likely to hold a dominant share in the global carbon
capture and storage market over the forecast period due to its suitability as a
carbon reservoir.
By end use, the carbon capture and storage
market is segmented into the iron and steel industry, oil and gas industry,
chemical industry, and others.
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Regional
Analysis:
On the basis of region, the global carbon
capture and storage market is segmented into North America, Europe, Asia
Pacific, and the Middle East and Africa.
North America is likely to hold a dominant
share in the global carbon capture and storage market over the forecast period
due to the widespread presence of a large number of CCS plants in the region.
The U.S. alone holds 16 of the 22 operational or under-construction carbon
capture and storage plants in the world and consequently has the highest
storage capacity. The growing industrial sector in the U.S. and increasing
carbon emissions during energy generation procedures are likely to drive the
demand from the carbon capture and storage market in North America over the
forecast period.
The Middle East and Africa could also
emerge as a major player in the global carbon capture and storage market over
the forecast period due to the presence of large carbon capture projects in
Saudi Arabia and Algeria. Europe also holds a significant share in the global
carbon capture and storage market due to the extensive oil and gas operations
in the North Sea, which have opened up the possibility of carbon storage in oil
wells in the region.
Competitive
Analysis:
Leading players in the global carbon capture
and storage market include Fluor Corporation, Dakota Gasification Company,
Japan CCS, The Linde Group, Climeworks AG, Shell, Chevron Corporation, NRG
Energy, Aker Solutions, and Cansolv Technologies Inc.
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