NOIDA, India, July 22, 2021 / PRNewswire / – A comprehensive overview of the global carbon capture and sequestration market was recently added by UnivDatos Market Insights to its massive database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report uses multiple analyzes to get closer to the global carbon capture and sequestration market. This report offers a detailed analysis of the latest industry developments and trending factors influencing the growth of the market. Furthermore, this statistical market research repository examines and estimates the global Carbon Capture and Sequestration market on a regional and country level. The global carbon capture and sequestration market is expected to grow at a CAGR of 12.97% from 2021-2027 to reach $ 9.99 billion by 2027.
Carbon Capture and Storage (CCS), refers to the process of capturing carbon dioxide (CO2) from anthropogenic sources such as power generation and / or industrial processes) and the permanent storage of captured CO2 underground , in order to prevent excessive CO2 emissions from entering the atmosphere. This is seen as an integral part of achieving decarbonization.
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For example, Total, Equinor and Shell have together invested more than US $ 680 million on the Northern Lights CCS project for phase 1. The current project aims to develop robust infrastructure for the transport and storage facilities of 1.5 metric tons per year (MTPA) of carbon dioxide. In addition, the United States Department of Energy (DOE) has granted $ 11.05 million for FLExible Carbon Capture (FLECCS) projects. When completed, the project would provide an efficient natural gas power generation system and enhance existing technology.
Impact of COVID-19
The Covid-19 pandemic has impacted all sectors of society and industry and the Carbon Capture and Sequestration market is no exception. Global demand for carbon capture and sequestration has declined in 2020 and is expected to experience the trend in fiscal 2021. The Covid-19 pandemic has resulted in slow growth in the energy and power sector in most of the world’s economies, as many countries use nationwide containment measures to prevent the spread of the virus.
Global Carbon capture and sequestration market report is studied in depth with several aspects that would help stakeholders to make their decisions in a more organized way.
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By service, the market is mainly divided into:
- Post combustion
Currently, the carbon capture segment dominates the market. The segment generated revenue of XX million US $ in 2020 and is expected to increase a CAGR of XX during the forecast period.
By Capture Source, the market is primarily segmented into:
- Chemical products
- Natural gas processing
- Energy production
- Fertilizer production
Among capture sources, the Chemicals, Natural Gas Processing and Power Generation segments generated the highest revenue share in 2020.
By end-use category, the market is mainly studied in:
- PAR process
- Others (Health and others)
CCS is seen as an essential part of the future global low-carbon energy portfolio. Leading energy and climate change institutions around the world agree on the critical role of CCS in cost-effectively achieving global emission reduction targets.
The geographic segmentation of the global carbon capture and sequestration market includes:
- North America (United States, Canada, Rest of North America)
- Europe (Germany, UK, Russia, Italy, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Rest of Asia Pacific)
- Rest of the world
Based on the estimate, Europe dominated the market in 2020 and is expected to maintain its dominance during the forecast period. In the European region, countries have deployed CCS technology to capture emitted carbon for future use. Scandinavia region in Europe is considered the world leader in CCUS technology.
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Major players targeting the market include:
- Fluor Corporation
- Linde AG
- Total SA
- NRG Energy
- Chinese National Petroleum Company
- ADNOC Group
The degree of competition among leading companies has been developed by analyzing several major key players operating globally. The specialized team of research analysts shed light on various characteristics such as global market competition, market share, latest industry advancements, innovative product launches, partnerships, mergers or acquisitions by leading companies in the global carbon capture and sequestration market. Major players have been analyzed using research methodologies to get competitive insights in the market.
Key questions answered through this analytical market research report include:
- What are the latest trends, new models, and technological advancements in the global Carbon Capture and Sequestration market?
- What factors are influencing the global carbon capture and sequestration market during the forecast period?
- What are the global challenges, threats and risks in the global carbon capture and sequestration market?
- What factors are driving and restraining the global carbon capture and sequestration market?
- What are the demanding global regions of the global carbon capture and sequestration market?
- How big will the market be in the years to come?
- What are the crucial market acquisition strategies and policies applied by companies?
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