The global carbon capture and storage market size is expected to reach USD 15,286.4 million by 2029 according to a new study by Polaris Market Research. The report “Carbon Capture and Storage Market Share, Size, Trends, Industry Analysis Report By Application (EOR, Industrial, Agriculture, Others); By Capture Type; By Region, Segments & Forecast, 2022 - 2029” gives a detailed insight into the current market dynamics and provides analysis on future market growth.
Increasing government regulations on GHG emission along with rising awareness regarding climate change conditions among CO2 emitting industries is expected to boost the market over the forecast period. Furthermore, increasing the use of sustainable resources such as wind and water along with the introduction of emission control machinery is expected to create opportunities for industry growth.
North America is expected to hold the largest market share over the forecast period due to increasing energy demand along with government initiatives to reduce CO2 emissions. Moreover, increasing investment towards technology storage development coupled with the presence of key industry players are expected to favor the trend in the coming years. Additionally, developed economies in this region are expected to increase the demand for the storage product over the forecast period.
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Some of the key players operating in the global industry include Cansolv Technologies Inc, AkerSolutions, Chevron Corporation, Exxon Mobil, Dakota Gasification Company, Fluor, Halliburton, General Electric, HTC CO2 Systems Corp, Linde, Japan CCS Co., Ltd., Maersk Oil, NRG Energy, Mitsubishi Heavy Industries, Schlumberger Limited, Siemens AG, Statoil, Shell CANSOLV, and Sulzer.
These companies are investing in research & development and adopting strategies to increase their industry presence. For Instance, In November 2020, Baker Hughes has disclosed the acquisition of Compact Carbon Capture, a leading technological design company focusing on CO2 seizure technologies. Baker Hughes' global focus is on decarbonization by delivering CO2 reduction solutions for CO2-intensive sectors such as oil and gas.
Polaris Market research has segmented the carbon capture and storage market report on the basis of capture type, application, and region:
Carbon Capture and Storage, Capture Type Outlook (Revenue - USD Million, Volume - Million Metric Tons)
Carbon Capture and Storage, Application Outlook (Revenue - USD Million, Volume - Million Metric Tons)
Carbon Capture and Storage, Regional Outlook (Revenue - USD Million, Volume - Million Metric Tons)