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    Carbon Capture and Storage Market Forecast Analysis

    Carbon Capture and Storage Market Forecast Analysis
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    Carbon Capture and Storage Market Size, Share, Forecast, Growth, and Industry Analysis (20 See more...

    Insights

    The Carbon Capture and Storage Market size was valued at US$ 3.38 Bn in 2021 to reach US$ 5.04 Bn by 2028 and is likely to grow at a CAGR of 5.71% during of 2022-2028.

    Carbon Capture and Storage Market Size

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    What is Carbon Capture and Storage?

    Carbon Capture and Storage is the processing of capturing waste carbon dioxide, transporting it to a storage site, and depositing it where it will not enter the atmosphere. The market is segmented by technology type into pre-combustion, post-combustion, and oxy-fuel combustion and by application type into oil & gas, chemical processing, power generation, and others.

    Key Players

    Some of the key players in the market are-

    Carbon Capture and Storage Market Snapshot

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    Drivers

    The prime factor that is contributing to the growth of the market is-

    • Rising industrialization along with growing concern about increasing emissions is likely to boost the growth of the market.
    • The use of carbon capture and storage technology has been deemed necessary as a result of the growing awareness of the damaging effects of carbon emissions on the environment.
    • Growing emphasis on reducing CO2 emissions, supporting government initiatives, and increasing demand for CO2-EOR techniques are driving the market.

    Segment Analysis

    By Technology Type

    The Pre-combustion segment is projected to be the largest segment of the market share of more than 53.2% in 2021.

    The market is segmented as pre-combustion, post-combustion, and oxy-fuel combustion. Growing demand from the industrial sector including food processing and chemical is likely to boost the market for the pre-combustion segment.

    Globally, pre-combustion CO2 capture using the Acid Gas Removal (AGR) technology is presently being used commercially. The benefit of adopting this capture technology under pressure is that it uses 20% less energy than current PCC technology at 90% CO2 capture.

    Carbon Capture and Storage Market Share

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    By Application Type

    The Power Generation segment is projected to remain the largest market share of more than 38.8% in 2021.

    Increasing Based The market is segmented as oil & gas, chemical processing, power generation, and others.  Investment in the upstream oil & gas industry to cater to energy demand will drive the demand for the market.

    Power plants that burn coal are the main sources of carbon dioxide emissions. Power plants are now subject to regulations, making the use of CCS facilities necessary to reduce carbon emissions to the required levels. To potentially allow the ongoing use of coal resources for electricity generation while reducing CO2 emissions, these technologies must be adopted.

    By Region

    North America is estimated to be the largest market share of more than 35% in 2021 led by the USA.

    Shale gas exploration, huge energy demand, stringent regulations, and the adoption of new technologies in the USA are the major factors behind the dominance of the region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

    Owing to the raising demand from the oil and gas sector, coupled with strict government regulations to reduce carbon emissions, it dominated the market for CO2 capture and storage, and is expected to continue over the coming years. Canada owns the second-largest share of the CCS market.

    These EU support programmes aim to expedite the development for carbon capture and storage technologies in the region as well as the growth of commercial-scale CCS plants in the region.

    Carbon Capture and Storage Market Region

    The market is segmented into the following categories. 

    By Technology Type

    • Pre-Combustion
    • Post-Combustion
    • Oxy-Fuel Combustion

    By Application Type

    • Oil & Gas
    • Chemical Processing
    • Power Generation
    • Others

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Report – Features

    Market Segmentation

    3

    Regions Covered

    4

    Countries/Sub-Regions Covered

    17

    No. of Figures & Tables

    >120

    Company Profiles

    10

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Overview, industry life cycle analysis, supply chain analysis
    • Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Trend and forecast analysis
    • Segment trend and forecast
    • Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
    • Attractive segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

    Carbon Capture and Storage Market Features

    Market Size in 2021

    US$ 3.38 Billion

    Market Size in 2028

    US$ 5.04 Billion

    Market Growth by 2022-2028

    5.71% CAGR

    Base Year of Study

    2021

    Trend Period

    2017-2020

    Forecast Period

    2022-2028

    Segments Covered

    By Technology Type (Pre-Combustion, Post Combustion, and Oxy-Fuel Combustion)

    By Application Type (Oil & Gas, Chemical Processing, Power Generation, and Others)

    By Region (North America, Europe, Asia-Pacific, and the Rest of the World)

    Top Companies in 2021

    • Exxon Mobil
    • General Electric
    • Halliburton
    • Aker Solutions
    • Schlumberger Limited
    • Linde
    • Siemens
    • NRG Energy, Inc.
    • Fluor Corporation
    • Shell Cansolv

    Dominant Region

    North America region accounted for the fastest-growing market share of more than 35% in 2021.

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    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Target Audience

    The following is a list of the customers that the market aims to convert the most:

    • Manufacturers
    • Suppliers
    • Distributors
    • Organizations
    • Government bodies

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the product types by end-user type. 

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The market size was US$ 3.38 Billion in 2021.

    Carbon Capture and Storage is the processing of capturing waste carbon dioxide, transporting it to a storage site, and depositing it where it will not enter the atmosphere. The market is segmented by technology type into pre-combustion, post-combustion, and oxy-fuel combustion and by application type into oil & gas, chemical processing, power generation, and others.

    The market size is expected to reach an estimated value of US$ 5.04 Billion by 2028.

    The market is expected to grow at a CAGR of 5.71% during the forecast period.

    The prime factor that is contributing to the growth of the market is Rising industrialization along with growing concern about increasing emissions is likely to boost the growth of the carbon capture and storage market. The use of carbon capture and storage technology has been deemed necessary as a result of the growing awareness of the damaging effects of carbon emissions on the environment. Growing emphasis on reducing CO2 emissions, supporting government initiatives, and increasing demand for CO2-EOR techniques are driving the market.

    Some of the key players in the market are- Exxon Mobil, General Electric, Halliburton, Aker Solutions, Schlumberger Limited, Linde, Siemens, NRG Energy, Inc., Fluor Corporation, and Shell Cansolv.

    North America region accounted for the largest market share of more than 35% in 2021 and is likely to grow at a robust CAGR during the forecast period.

    The historic years considered for the study are 2017-2020, the base year is 2021, the estimated year is 2022, and the forecast period is 2022-2028.