Press Release Description

Government Support for Carbon-Neutral Solutions to Flourish Bioenergy with Carbon Capture and Storage Market

The Global Bioenergy with Carbon Capture & Storage (BECCS) market is projected to grow at a CAGR of around 19.27% during the forecast period of 2023-28, cites MarkNtel Advisors in their recent research report. The major factors contributing to the growth are the growing incorporation of renewable energy sources & expanding industrialization. The surging government initiatives to decarbonize industrial sectors, such as power, iron & steel, are estimated to uplift the demand for bioenergy with this technology in various sectors. Governments in the countries like the US, India, Norway, Brazil, etc., are planning to go carbon-neutral in the near future, i.e., to reduce carbon emissions in their countries.

Furthermore, biomass as an energy source captures the resulting CO2 emissions, as BECCS can potentially help to reduce carbon emissions. At the same time, this technology removes more CO2 from the atmosphere than it emits, being a potentially important tool in efforts to mitigate climate change & meet emission reduction targets. Besides, in the coming years, there are growing concerns about the sustainability & environmental impact of large-scale biomass production, as well as the long-term safety & effectiveness of CO2 storage, which would also upsurge the requirement for this technology in the following years.

In addition, the development & adoption of carbon capture technology depends on various factors, such as government policies, market incentives, and the availability of sustainable biomass feedstock globally. Also, mounting investment in the commercial BECCS projects globally led to an increase in market growth in the forthcoming years, further states the research report, “Global Bioenergy with Carbon Capture & Storage (BECCS) Market Analysis, 2023.”

Biomass Conversion to Hold Significant Share in the Market

Based on application, the market is divided into Biomass Conversion & Carbon Storage. Among them, Biomass conversion is expected to hold the largest share of the Global Bioenergy with Carbon Capture & Storage (BECCS) market in the coming years. This process involves digestion or fermentation to produce gaseous or liquid fuels. Bioethanol is one of the most common fuels, as it produces a nearly pure stream of CO2 during fermentation. The CO2 is then compressed & stored, eliminating the need for capture. Furthermore, CO2 is also produced during the subsequent combustion of biofuels or gases. However, this process creates a large number of CO2 emissions, which must be captured & stored in order to achieve carbon neutrality. Hence, in line with the listed factors this application is presumed to play a major role in supporting market growth in the forecast years.

Global Bioenergy with Carbon Capture and Storage (BECCS) Market

With Upcoming New Projects & Investment, Europe to Dominate the Global Market

On the geographical front, Europe is anticipated to dominate the Global Bioenergy with Carbon Capture & Storage (BECCS) Market due to rapid economic growth in the region & the prompted investment in renewable energy projects such as solar & wind. Countries in the region, such as the UK, Norway, and Sweden, aim to achieve net-zero & net-negative emissions by 2030. Climate change policies rely heavily on carbon capture and storage (CCS) in the upcoming 2018 Strategic Long-Term Climate Vision. It aims to introduce Direct Air Capture (DAC) for all net-zero scenarios by 2050, reducing greenhouse gas emissions from the industrial sectors. Furthermore, the presence of the majority of leading players in the region continues to support the region's widespread adoption & growth of the market in the forecast years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Drax Group, Chevron Corporation, Sekab BioFuels & Chemicals AB, Schlumberger New Energy, Clean Energy System, Shell, Aker Carbon Capture, others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends that have shaped the industry to its current form?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition shaped across various regions, followed by their comparative factorial indexing?
  6. How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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