What is the Market Size for Carbon Capture and Storage ? :
IMARC Group’s latest report, titled “Carbon Capture and Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global carbon capture and storage market size reached US$ 2.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-2028.
Carbon Capture and Storage Market Technology :
Carbon capture and storage (CCS) is a technology used to capture carbon dioxide (CO2) from large sources, such as power plants, and store it securely in underground geological formations. The captured CO2 can then be stored permanently, preventing it from entering the atmosphere and contributing to global warming. The storage site is carefully selected to ensure that the CO2 is stored safely and securely, as well as to ensure that it will not leak out into the atmosphere. Additionally, it is considered to be a key technology for reducing greenhouse gas emissions and mitigating climate change, as it allows for the continued use of fossil fuels without releasing their associated emissions into the atmosphere. Moreover, it is used to capture CO2 from other sources, such as production processes, and store it safely underground.
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Who are the Players in the Carbon Capture and Storage market ? :
The competitive landscape of the industry has also been examined along with the profiles of the key players being
Carbon Capture and Storage Market Growth and Development:
The ongoing industrialization, particularly in emerging markets, majorly drives the global market. Along with this, governments of various countries are also taking initiatives to reduce greenhouse gas (GHG) emissions in key industries, which is further driving the market. Along with this, the rising demand for carbon dioxide-enhanced oil recovery (CO2-EOR) in offshore oil and gas exploration activities for crude oil extraction is another growth-inducing factor. This method uses injections of carbon dioxide to raise the pressure of the reservoir and encourage the oil to flow towards the production well, as it is usually not soluble in water, propelling the market. Moreover, extensive research and development (R&D) activities to engineer bioenergy carbon capture and storage (BECCS), as well as strategic collaborations between major players for introducing sustainable CSS technology, are creating a positive market outlook. Some of the other factors driving the market include extensive energy consumption and investments in upstream and downstream sectors.
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