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| Global Carbon Capture And Storage Market |
The Carbon Capture And Storage Market is estimated to be valued at US$ 1.95 Mn or Billion in 2023 and is
expected to exhibit a CAGR of 10.%
over the forecast period 2023 to 2030, as highlighted in a new report published
by Coherent Market Insights.
Market Overview:
Carbon capture and storage (CCS) refers to the process of capturing waste
carbon dioxide from large point sources, such as fossil fuel power plants,
transporting it to a storage site, and depositing it where it will not enter
the atmosphere, normally underwater geological formations. With growing focus
towards decarbonization and reducing greenhouse gas emissions, CCS presents
itself as a potential solution to reduce carbon footprint from large industrial
facilities and power plants.
Market Dynamics:
Growing focus towards reducing carbon emissions from large point sources such
as coal-fired power plants and increase in natural gas sweetening projects are
some of the major factors driving growth of the carbon capture and storage
market. For instance, according to International Energy Agency (IEA), CCS
projects globally have potential to reduce greenhouse gas emissions by around 6
billion tons of CO2 by 2030 and up to 22 billion tons of CO2 by 2050.
Additionally, enhanced oil recovery (EOR) presents substantial revenue
generation opportunities and acts as an important incentive for growth of CCS
market. However, high costs associated with installation and operation of CCS plants
along with challenges pertaining to carbon transportation and storage
infrastructure are some of the factors expected to hamper the market growth
over the forecast period. Carbon capture and storage plays an important role in
enabling sustainable transition by reducing carbon footprint from industries
like power generation while ensuring security of fuel supply.
Segment Analysis
The Global
Carbon Capture And Storage Market is dominated by the Pre-Combustion
segment, which captures and separates CO2 from fossil fuels like coal and
natural gas before combustion. This segment accounted for over 40% of the
market share in 2022 owing to its ability to achieve higher carbon capture
rates of up to 90%. The separation of CO2 occurs through processes like
gasification, which converts the fuel into syngas and separates CO2 before
combustion.
PEST Analysis
Political: Regulations around the world are pushing for lower carbon emissions,
with many countries implementing carbon pricing mechanisms and/or emissions
trading schemes. This is driving growth in the carbon capture and storage
market.
Economic: The carbon capture and storage market is expected to grow
significantly due to the rising economic viability of CCUS projects with
improvements in technology and falling costs. Many view CCUS as important for
transitioning to cleaner energy sources.
Social: There is increasing public awareness about climate change and a
preference for lower-carbon energy sources, putting social pressure on
governments and companies to adopt carbon reduction strategies including carbon
capture and storage.
Technological: Advancements are being made to improve the efficiency and reduce
costs of CCUS technologies. Next-generation solutions include direct air
capture systems and methods to utilize captured CO2 for enhanced oil recovery.
Key Takeaways
The global carbon capture and storage market is expected to witness high growth
of 10% over the forecast period of 2023 to 2030, reaching a market size of US$
4.33 Bn by 2030 due to stringent regulations around the world aiming to reduce
carbon emissions.
The Asia Pacific region is expected to witness the fastest growth in the carbon
capture and storage market over the coming years. This can be attributed to
large-scale investments by countries like China and India to deploy CCUS
technologies across coal-fired power plants and industrial facilities to meet
their carbon reduction targets.
Key players operating in the carbon capture and storage market incorporate
Honeywell International Inc., Aker Solutions, Dakota Gasification Company,
Exxon Mobil Corporation, Baker Hughes, Air Liquide, Exxon Mobil, Air Liquide,
Aker Solutions, Baker Hughes, Fluor Corporation, General Electric and
Halliburton. These players are focusing on developing and commercializing
innovative CCUS technologies through strategic collaborations and partnerships
to strengthen their positions in the high growth market.
Read More: https://www.rapidwebwire.com/carbon-capture-and-storage-market-demand/