Global Carbon Capture and Storage Market 2020 Industry Demand, Segment, Statistics Report 2026

Infinium Global Research’s recent report on the “Carbon Capture and Storage Market (By Technology (Pre Combustion, Post Combustion, Oxy-Fuel Combustion), By Application (Oil and Gas, Chemical Processing, Power Generation, Others)): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026” provides a comprehensive outline of the factors responsible for the growth of the market. Carbon capture and storage market is anticipated to witness high growth with a CAGR of 12.46% over the forecast period.

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Carbon capture and storage is an emission reduction process, which is proposed to prevent large amounts of carbon dioxide from being released into the environment. The carbon capture and storage technology involve the collection, transportation, and injection of the CO2 so that it would not escape in the atmosphere. Furthermore, the process involves three main steps and technologies such as capture, which comprises the separation of CO2 from gases produced from different procedures. Secondly, it includes transport, which is the transportation of the captured CO2 to a suitable site for storage with the help of pipelines, trucks, and ships. The last step is storage, which comprises the injection of CO2 into an underground rock formation, deep wells, and depleted reservoirs.

Carbon capture and storage is mainly used across power plants and natural gas processing plants where COVID-19 has imposed a very minimal impact. However, owing to the lockdown imposed across numerous countries, it has impacted commercial sectors, such as cement plants, chemical plants, and others, which play a very small role in the carbon capture and storage market.

Furthermore, after the reopening, these industries also adapt to changes quickly and started their operations after a couple of months of lockdown. On the other hand, the lockdown caused the delay for the upcoming projects, which has affected the growth of the carbon capture and storage market at a very small scale. Infinium Global Research’s recent report on the

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Rising Government Efforts to Minimize the Carbon Footprint will Drive the Market Growth

The growing industrialization rate together with the increasing investment toward expansion of manufacturing facilities has raised the deployment of carbon capture and storage projects across the world. Furthermore, several governmental policies to limit the greenhouse gases emission across the key economic sectors with the participation of regulators will further encourage the carbon capture and storage industry growth over the forecast period. In addition, the augmenting prominence for bioenergy carbon capture and storage is likely to act as an opportunity for the market in the near future. On the other hand, the high initial cost and significant complexity of the system are some of the key concerns associated with the deployment of carbon capture and storage projects.

Asia Pacific is Expected to Witness Fastest Growth During the Forecast Period

In terms of geography, North America generated the highest revenue in the global carbon capture and storage market. The increasing demand for clean technology, accompanied by the growing usage of CO2 in EOR practices, is likely to drive the carbon capture and storage market in the countries like the United States and Canada. However, the carbon capture and storage market in the Asia Pacific is expected to grow with the highest CAGR over the forecast period. Further, the developing economies in the region such as China and India coupled with countries such as Japan, Indonesia, and Malaysia are focusing on a cleaner environment due to rapid industrialization in the region, thus, leading to augmented carbon emissions.

Merger & Acquisitions and Strategic Collaborations are Acting as the Focal Point of Leading Manufacturers

The global carbon capture and storage market is fragmented and is highly competitive owing to the presence of a number of vendors. Key players include Exxon Mobil, General Electric, Halliburton, Schlumberger Limited, Siemens, NRG Energy, Inc, Shell Cansolv, Dakota Gasification Company, Japan CCS Co., Ltd, and Mitsubishi Heavy Industries, Ltd. The carbon capture and storage market is dominated primarily by a large number of oil and gas industry players. High initial capital investment along with high operational cost limits the market entry for new players.

Furthermore, the differences in the regulatory framework is another matter of concern. Infinium Global Research’s recent report on the global carbon capture and storage market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the carbon capture and storage market and also estimates the impact of recent developments on the global market.

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