According to MarkNtel Advisors' research report, the Global Carbon Capture & Storage Market is projected to witness around 25.96% CAGR during 2021-26. It owes primarily to the increasing necessity to ensure sustainability and focus on regulating the temperature & carbon emission through Carbon Capture & Storage technologies. Hence, the demand for this technology shall surge significantly in the forecast period.
Besides, the rapidly propelling demand for carbon dioxide injection technique for Enhanced Oil Recovery (EOR), coupled with stringent government norms towards GHG emission, shall also contribute toward the rise of the Global Carbon Capture & Storage Market in the forecast period.
Post Combustion Capture to Display the Fastest Market Growth in the Forecast Period
Based on the Capture Technology, the Global Carbon Capture & Storage Market bifurcates into Post Combustion Capture, Pre-Combustion Capture, Oxy-fuel technology, and Chemical Looping Combustion. Of them all, the Post Combustion Capture is more likely to display the fastest growth rate in the forecast period. It owes to the burgeoning energy generation & massive power conservation from heat integration & advanced amine systems, thereby surging the demand for carbon capture & storage technologies across industries during 2021-26.
North America to Reign the Global Carbon Capture & Storage Market with the Largest Share
On the geographical front, the Global Carbon Capture & Storage Market expands across North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Of all, North America is expected to witness the largest market share in the forecast period. It owes primarily to the stringent government norms for a clean environment, accompanied by the burgeoning demand for CO2 in EOR procedures, owing to the mounting number of mature oilfields, especially in countries like the US & Canada.
Currently, there are over 12 ongoing CCS projects across the region, of which the US has the maximum. Hence, the demand for CCS facilities in North America shall be propelling speedily and fuel the overall market growth in the coming years, reveals MarkNtel Advisors in their research report, "Global Carbon Capture & Storage Market Analysis, 2021."
Key Market Competitors:
According to MarkNtel Advisors, the leading players in the Global Carbon Capture & Storage Market include Royal Dutch Shell plc, Halliburton Company, Schlumberger Limited, Aker Solutions ASA, Statoil ASA, Chevron, Shell, Carbon Engineering, NRG Energy, Bow city Power, Others.
Key Questions Answered in the Study: