Carbon Capture & Storage (CCS) is the process of capturing CO2
and store it before it goes out into the atmosphere. These energies are
used in several operations, particularly in power plants & units,
thereby prompting numerous industries to adopt CCS technology
effectively.
As per a new study by MarkNtel Advisors, the “Global Carbon Capture & Storage Market”
is likely to grow at a CAGR of around 25.96% during the forecast
period, i.e., 2021-26. The market growth primarily attributes to the
following factors:
• rapidly increasing industrialization
producing massive CO2 emissions resulting in substantial environmental
concerns, coupled with significant investments toward extending CCS
facilities to combat these emissions
• Numerous government norms to combat greenhouse gas emissions, especially across the most prominent economic activities
• The increasing global temperature concerns & the need to curb CO2 emissions from the atmosphere
• the active participation of leading market players toward upstream & downstream sectors
Moreover,
the market shall also create remunerative opportunities for leading
players, propelling them to participate significantly. These leading
players are Royal Dutch Shell plc, Halliburton Company, Schlumberger
Limited, Aker Solutions ASA, Statoil ASA, Chevron, Shell, Carbon
Engineering, NRG Energy, Bow city Power, Others.
Get the report sample: https://www.marknteladvisors.com/query/request-sample/carbon-capture-storage-market.html
On
the other hand, the outbreak of the Covid-19 pandemic had a minimal
effect on the Global Carbon Capture & Storage Market. Here are a few
key pointers:
• most operations were deployed primarily in natural gas processing units & power plants
• The market observed a slight impact due to the imposition of lockdown & stringent norms to combat the spread of the virus when the powerhouses, cement plants, chemical plants, and others had to shut.
• However, the gradual upliftment of restrictions shall enable these plants to resume their operations & regain their usual pace in the forecast period.
Amongst various capturing technologies used in CCS facilities, the Pre-Combustion technology is projected to obtain the largest market share in the forecast period, mainly due to its involvement in converting solid, liquid & gaseous fuel into a mix of carbon dioxide & hydrogen for numerous power plants. Moreover, the rapidly soaring industrialization across the globe leading to GHG emissions is also propelling the demand for more CCS facilities. Additionally, its low capital cost & small equipment size makes it more convenient for industrial & utility applications.
Geographically, Asia-Pacific is expected to observe the fastest market growth in the forecast period. It attributes to rapid industrialization and the soaring Oil & Gas industry, driving the demand for more EOR (Enhanced Oil Recovery) procedures. Moreover, the favorable policies toward infrastructural developments & foreign direct investments by India & China, respectively, shall also propel the overall market growth across the region.
Hence, based on the aspects cited above, the demand for Carbon Capture & Storage technologies is rapidly propelling, which hints at the significant market growth in the forecast period.
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