Carbon Capture & Storage is the process that involves capturing carbon dioxide formed through industrial processes and storing it before it so that it doesn't go to the atmosphere.
The Global Carbon Capture & Storage Market is likely to grow at a CAGR of around 25.96% during the forecast period, i.e., 2021-26, says MarkNtel Advisors. The prime factors supporting the market growth are the increasing industrialization rate producing massive carbon dioxide emissions resulting in growing environmental concerns, coupled with significant investments toward extending Carbon Capture & Storage facilities to combat these emissions.
Numerous government norms to combat greenhouse gas emissions, especially across the most prominent economic activities, shall further stimulate the market scalability in the forecast period. Besides, the active participation of leading market players toward upstream & downstream sectors are other crucial aspects likely to propel the overall market growth in the forecast period.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-2026) | 25.96% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, UK, France, Italy, Spain, Netherlands | |
| Asia-Pacific: China, India, Japan, South Korea, Australia | |
| South America: Brazil, Argentina, Colombia | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa | |
| Key Companies Profiled | Royal Dutch Shell plc, Halliburton Company, Schlumberger Limited, Aker Solutions ASA, Statoil ASA, Chevron, Shell, Carbon Engineering, NRG energy, Bow city Power, Others |
| Unit Denominations | USD Million/Billion |
Covid-19 Minimally Impacted the Global Carbon Capture & Storage Market
The Covid-19 pandemic had a minimal effect on the Global Carbon Capture & Storage Market as most of the operations were primarily deployed in natural gas processing units & power plants. The market observed a slight impact due to the imposition of lockdown and stringent norms to combat the spread of the virus when the powerhouses and plants like cement plants, chemical plants, and others had to shut. However, the gradual upliftment of restrictions enabled these plants to resume their operations & the market is on its path to regain its usual pace in the coming years.
Pre-Combustion Capture to Observe the Largest Share of the Global Carbon Capture & Storage Market
Based on the Capture Technology, the Global Carbon Capture & Storage Market segments into Post Combustion Capture, Pre-Combustion Capture, Oxy-fuel technology, and Chemical Looping Combustion. Of them all, the Pre-Combustion Capture is projected to obtain the largest market share in the forecast period.
It owes critically to its involvement in converting solid, liquid & gaseous fuels into a mix of carbon dioxide & hydrogen for numerous power plants. Besides, the demand for this technology is also flooding, owing to the rising industrialization across the globe.
Additionally, its low capital cost & small equipment size makes it more convenient for industrial & utility applications, propelling the segment to attain the largest market share in the forecast period.
Food & Beverage to Display the Fastest Market Growth
Based on the End-User Industries, the Global Carbon Capture & Storage Market segments into Biofuels, Food & Beverage, Pulp & Paper, Cement & Concrete, Iron & Steel, Textiles, Oil & Gas, Power Generation, Chemicals, Fertilizers, and Others. Of them all, the Food & Beverage segment is expected to display the fastest market growth in the forecast period.
It owes primarily to being the largest applicator of Carbon Capture & Storage technology for Modified Atmosphere Packaging (MAP).
Additionally, its excessive use to increase the shelf life of food & carbonated beverages shall also propel the demand for carbon capture & storage significantly. Hence, Food & Beverages shall display the fastest market growth in the coming years, reveals MarkNtel Advisors in their research report, "Global Carbon Capture & Storage Market Analysis, 2021."
Market Drivers
The prime factors likely to drive the Global Carbon Capture & Storage Market:
Market Restraints
The initial exploration and site preparation & assessment by manufacturing plants to calculate the storage & monitoring cost is the most significant factor that might hinder the growth of the Global Carbon Capture & Storage Market. Since this technology's cost with all initial expenses and ongoing operational & maintenance expenditures is higher, it might create challenges for the market and limit its overall growth in the forecast period.
Regional Landscape
Asia-Pacific to Display the Fastest Market Growth During 2021-26
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, Asia-Pacific is more likely to display the fastest growth rate in the forecast period. It owes primarily to the rapid industrialization and booming Oil & Gas industry driving the demand for EOR (Enhanced Oil Recovery) methods.
Moreover, the favorable policies by the governments of India & China toward infrastructural developments & foreign direct investments shall also propel the demand for Carbon Capture & Storage technologies across the region. Additionally, the rapidly increasing deployment of gas and coal-fired power plants to fulfill the burgeoning energy demand is another crucial aspect likely to propel the overall market growth across the region during 2021-26.
Competitive Landscape
According to MarkNtel Advisors, the leading players in the Global Carbon Capture & Storage Market are 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 Market Research Report:
Frequently Asked Questions
A. The Global Carbon Capture & Storage Market is likely to grow at a CAGR of around 25.96% in the forecast period of 2021-26.
A. Royal Dutch Shell plc, Halliburton Company, Schlumberger Limited, Aker Solutions ASA, Statoil ASA, Chevron, Shell, Carbon Engineering, NRG Energy, Bow city Power, Others are a few leading players in the Global Carbon Capture & Storage Market.
A. The Pre-Combustion Capture segment is projected to attain the highest CAGR and maintain its significant market share during the forecast period.
A. The increasing industrialization rate producing massive carbon dioxide emissions resulting in growing environmental concerns, coupled with significant investments toward extending Carbon Capture & Storage facilities, are the prime factors likely to drive the market in the forecast period.
A. The market witnessed a negligible impact of the Covid-19 pandemic due to the imposition of lockdown and stringent norms, which led the powerhouses, cement plants, chemical plants, and others to shut. However, the gradual upliftment of restrictions shall enable these plants to resume their operations & regain the usual pace in the forecast period.
