PUNE, India, August 27, 2019 / PRNewswire / – The global carbon capture and sequestration market is expected to grow thanks to growing initiatives by regional governments to stabilize the climate by reducing carbon emissions. Therefore, firm action is taken on the monitoring of emissions and the operating procedure of coal-fired power plants and power generation facilities. This has also resulted in the installation of greenhouse gas mitigation devices in these facilities. According to a report published by Fortune Business Insights, entitled “Carbon capture and sequestration market: Global Market Analysis, Information and Forecast, 2018-2026“, the global market for carbon capture and sequestration is expected to reach more than US $ 5.6 billion by the end of 2026, thus posting an impressive 13.84% CAGR during the forecast period. However, the report also states that the global market was valued at over US $. 2 billion in 2018.
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Vast untapped potential and projects planned to stimulate the market in Asia Pacific
The report geographically segments the global market for carbon capture and sequestration in the Middle East and Africa, Asia Pacific, Latin America, North America, and Europe. Among these regions, North America had generated a significantly high global carbon capture and sequestration market share in 2018. The region is expected to show growth during the forecast period due to the technologically advanced research and development facilities located in the region. United States and Canada. In addition, many large-scale factories are present in this region. These two factors are expected to have a positive impact on the carbon capture and sequestration industry. Asia Pacific, on the other hand, is expected to show the highest growth rate in the world market. This growth is attributed to the potential for expansion in countries, such as Australia and China. Combined with this, the large unexploited areas and numerous planned projects will propel the market growth during the forecast period.
The Middle East, known for its vast reservoirs of gas and oil, has faced resource exploitation for several decades. These gigantic reservoirs, coupled with exposure to deep and shallow water storage points, are likely to calm the regional landscape. Fortune Business Insights predicts that Europe will also experience notable growth in carbon capture and sequestration market share in the coming years due to the strict rules and regulations that have been put forward by several regional organizations. In addition, the abundant availability of enhanced oil recovery (EOR) sites will also fuel growth. Apart from these, technologically advanced storage operations, systematic bulk capture technologies, lower effective costs, and safe transportation options are just some of the other major drivers for the growth of the global market of carbon capture and sequestration.
Chevron and Occidental Petroleum Collaborate to Invest in Direct Air Capture Technology
Chevron, a multinational energy company, headquartered in the United States and Occidental Petroleum, a company engaged in hydrocarbon exploration in the United States, have collaborated to January 2019 invest in the direct air capture technology of a Canada-a clean energy organization based on Carbon Engineering Ltd. The technology helps remove carbon dioxide directly from the air. This strategic collaboration would further promote the permanent capture of existing carbon dioxide in the atmosphere and the reduction of carbon emissions from transport.
Abu Dhabi National Oil Company (ADNOC), a leading player in the oil and gas industry, has unveiled plans to expand its Carbon Capture, Use and Storage (CCUS) program by november 2018. The program is expected to start up the Habshan-Bab gas processing facilities or the Shah gas plant. All of these developments suggest that several prominent players operating in the global carbon capture and sequestration market are focusing on strategic collaborations and expansion programs to gain competitive advantage.
Fortune Business Insights has profiled some of the major key players operating in the global carbon capture and sequestration market. These are Linde, ExxonMobil, BP, Shell, Equinor, Fluor Corporation, Carbon Engineering Ltd., NRG Energy, Total, China National Petroleum Corporation, Aker Solutions, ADNOC Group, Chevron, Dakota Gasification Company and other key players. of the market.
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Key ideas
- Main emerging trends – for the main countries
- Latest technological advances
- Regulatory landscape
- Porters Five Forces Analysis
- Global Carbon Capture and Sequestration Market Analysis (MTPA & Million US $), Outlook and Forecast, 2015-2026
- Main conclusions
- Market Analysis, Information & Forecast – By Source
- Chemical products
- Natural gas processing
- Energy production
- Fertilizer production
- Market Analysis, Information & Forecast – By End Use
- Enhanced Oil Recovery (EOR)
- Dedicated storage
- Market analysis, information and forecasts – by region
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Competitive landscape
- Strategic recommendations
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