The global carbon capture and storage market size is expected to reach USD 13.56 billion by 2028 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, 2021 – 2028” gives a detailed insight into the current market dynamics and provides analysis on future market growth.
Carbon capture and storage constitute a series of technologies that facilitate the isolation of mainly carbon dioxide from fossil fuels, manufacturing & process waste streams. This is followed by compression, transportation, and injection into permanent geological storage. The compressed carbon dioxide is transported through ships or pipelines to the geological formation sites.
It is permanently stored in the deep underground geological formations, which may be onshore or offshore. Currently, much of the R&D effort is aimed at reducing the energy losses due to capture in the various process steps but one of the greatest improvements to the overall IGCC technology is the development of high firing temperature larger gas turbines of higher efficiency.
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The global CCS market is at an emerging stage despite the increasing amount of carbon dioxide emitted every year. It is estimated that there are more than 22 CCS projects globally with more than 16 projects kicking off during the coming years. The major reason for slow growth in the scenario of new projects is majorly due to complex and stringent government regulations and slow economic growth majorly in the European region.
The global market is dominated by North America as this region has a perfectly framed regulatory framework. The government is actively promoting the deployment of emission technologies across the country along with extensive use of EOR methods that will complement the industry landscape. In addition, the U.S. introduced the Section 45Q tax credit for the carbon capture projects providing a fundamental policy for increasing the installation of CCS projects. Furthermore, the EU considers the technology crucial to hit its climate goals, which will require the union’s member states to reach net-zero emissions within decades.
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 – MMT 2016 – 2028)
- Industrial separation
Carbon Capture and Storage Application Outlook (Revenue – USD Million, Volume – MMT 2016 – 2028)
- Enhanced Oil Recovery
Carbon Capture and Storage Regional Outlook (Revenue – USD Million, Volume – MMT 2016 – 2028)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Latin America
- Rest of C&SA
- Middle East & Africa
- Saudi Arabia
- Rest of MEA