Carbon Capture and Sequestration Market Size with Growth Research 2021 - Comprehensive Insights by Demand Status, Industry Share, Opportunities Forecast globally - Europe and Asia-Pacific to lead the growth
NOIDA, India, July 22, 2021 /PRNewswire/ -- A comprehensive overview of the Global Carbon Capture and Sequestration Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Carbon Capture and Sequestration market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Global Carbon Capture and Sequestration Market at regional and country levels. The Global Carbon Capture and Sequestration Market is expected to grow at a CAGR of 12.97% from 2021-2027 to reach USD 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 permanently storing the captured CO2 underground, to prevent excess emissions of CO2 from entering the atmosphere. This is considered as an integral component of achieving decarbonization.
For instance, Total, Equinor, and Shell together invested over US$ 680 million on the Northern Lights CCS project for phase 1. The ongoing project aims at developing robust infrastructures for the transportation and storage facilities for 1.5 metric tons per annum (MTPA) carbon dioxide. Furthermore, the US Department of Energy (DOE) granted US$ 11.05 million for projects FLExible Carbon Capture (FLECCS). The project when completed would provide an efficient natural gas power generation system and upgrade the existing technology.
Covid-19 pandemic have impacted all section of the society and industry and Carbon Capture and Sequestration market is no exception. The global demand for Carbon Capture and Sequestration decreased in 2020 and is expected to witness the trend in the FY2021. Covid-19 pandemic has resulted in slow growth of the energy and power sector in most of the economies globally, as many countries are resorting to nationwide lockdowns to prevent a spread of the virus.
By Service, the market is primarily bifurcated into:
Currently, carbon capture segment dominated the market. The segment generated revenue of US$ XX million in 2020 and is expected grow a CAGR of XX during the forecast period.
By Capture Source, the market is mainly segmented into:
Natural Gas Processing
Amongst capture source, the Chemicals, Natural Gas Processing, Power Generation segments generated highest revenue share in 2020.
By End-Use Category, the market is primarily studied into:
Others (Healthcare and others)
CCS is witnessed as a critical part of world's future low-carbon energy portfolio. Leading energy and climate change institutions around the world agree on the crucial role for CCS in cost effectively realizing global emissions reduction targets.
Global Carbon Capture and Sequestration Market Geographical Segmentation Includes:
North America (United States, Canada, Rest of North America)
Europe (Germany, United Kingdom, Russia, Italy, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
Rest of World
Based on the estimation, Europe dominated the market in 2020, and is expected to maintain its dominance during the forecast period. In the European region countries have deploying CCS technology to capture the emitted carbon for future use. Scandinavia region in Europe is considered as the global leader in CCUS technology.
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Carbon Capture and Sequestration Market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and technological advancements in the Global Carbon Capture and Sequestration Market?
Which factors are influencing the Global Carbon Capture and Sequestration Market over the forecast period?
What are the global challenges, threats, and risks in the Global Carbon Capture and Sequestration Market?
Which factors are propelling and restraining the Global Carbon Capture and Sequestration Market?
What are the demanding global regions of the Global Carbon Capture and Sequestration Market?
What will be the market size in the upcoming years?
What are the crucial market acquisition strategies and policies applied by the companies?
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