Carbon
Capture and Storage Industry Report - Overview
Shares
of carbon capture and storage market is on the pace for its best in the next
five years as the power & energy industry is booming at a rapid pace. On
this, Market Research Future published a report that says the global Carbon
Capture and Storage Industry Report is going to achieve 8.0% CAGR
during the forecast period along with higher valuation as well.
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.
Carbon
Capture and Storage Industry Segmentation:
As
per the study, the carbon capture and storage industry report have been studied
under segments of technology, applications, and end-user.
The
market, by technology, has included pre-combustion, post-combustion and oxy-fuel
combustion
The
market, by EOR segments, includes agriculture and industrial.
The
market, by end-use segment, includes oil and gas, chemical, iron steel and others.
Carbon
Capture and Storage Industry Report – Regional Analysis
The
market of carbon capture and storage industry on the basis of regional study
has covered the regions of North America, Europe, Asia Pacific, and Rest of the
World.
The
study focuses on the North America region, at first, that possesses the highest
number of CCS projects. It is the U.S. that has 16 of the 22 operational or
under construction projects and has the most significant capture capacity around
the world. Once under operation, the ability of these projects is found to be
around 40 million tons of carbon dioxide. In a case of point, Kemper County
coal CCS plant in Mississippi would be a new power plant with pre-combustion
carbon capture, while it will capture 65% of emission.
While
the Middle East and Africa could also emerge as a significant player in the
global carbon capture and storage market over the assessment period. The growth
in this region directs to the occurrence of large carbon capture projects that
are going on in Saudi Arabia and Algeria.
And
in the last, Europe also occupies a considerable share in the global carbon
capture and storage market owing to the wide-ranging oil and gas operations going
in the North Sea. Such activities might have a massive possibility of carbon
storage in oil wells in the region.
Prominent
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.
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