[FURL=https://www.industryarc.com/Research/Carbon-Capture-And-Storage-Market-Research-509447?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Carbon Capture and Storage Market[/FURL] size is forecast to reach $25.3 billion by 2026, after growing at a CAGR of 29.2% during 2021-2026. The emerging demand for CO2 injection technologies for enhanced oil recovery (EOR) and stringent government standards for GHG emissions are the key factors driving the market growth. Also, reduced coal consumption in developing markets, development of renewable energy, technical developments in industrial units to reduce emissions, and comprehensive deployments of carbon capture and storage(CCS) technologies such as pre combustion, post combustion, oxy-fuel combustion, and others, are driving the carbon capture and storage industry. Furthermore, the rising industrial development, along with growing investment in the implementation of emission control machinery, would generate major business opportunities and would drive the carbon capture and storage market industry in the forecast era.Impact of Covid-19
The carbon capture and storage market is mainly used across power plants and natural gas production plants where COVID-19 had a marginal effect in the year 2020.
Key Takeaways
North American region dominated the carbon capture and storage market due to the growing emphasis by countries such as U.S., Canada, and Mexico on lowering CO2 emissions from the industrial and power plants.
Increased industrialization rates, combined with increasing investment in the development of production facilities, have increased the global implementation of Carbon Capture and Storage (CCS) projects. Several government initiatives to minimize greenhouse gas emissions through key economic sectors, with the involvement of regulators, would further boost the development of the carbon capture and storage industry over the projected timeframe.
The rising R&D activities conducted by the Carbon Capture Program administered by the Office of Fossil Energy and implemented at the National Energy Technology Laboratory for both pre combustion and post-combustion technologies to provide step-change reductions in both cost and energy requirements will drive the market growth over the forecast period.
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Carbon Capture and Storage Market Drivers
Increasing Demand for Carbon Capture and Storage in Power Generation
Rising Investments and Adoption of Carbon Capture and Storage Technology in Various Countries Will Drive The Market Growth
Carbon capture and storage market are Mitsubishi Heavy Industries, Ltd., Exxon Mobil Corporation, Aker Solutions, Royal Dutch Shell, Linde PLC, Hitachi, Ltd., Honeywell International, Inc., JGC Holdings Corporation, Halliburton, and Schlumberger Limited.
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