According to Stratistics MRC, the “Global Carbon Capture and Storage market” is expected to grow from $2.25 billion in 2016 to reach $4.20 billion by 2022 with a CAGR of 10.9%. Rising demand for Co2-EOR new techniques and increasing number of environmental issues are propelling the market growth. However, huge initial cost required in implementing carbon capture technologies and strict regulations are some of the factors hindering the market growth.
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Carbon capture and storage is the process of capturing waste carbon dioxide (CO2) from sources like cement factories or biomass power plant, transporting it to a storage site, and burying it in an underground geological formation so that it will not go into the atmosphere,. The aim is to prevent the release of large quantities of CO2 into the atmosphere from heavy industry. Carbon capture and storage is also known as carbon capture and sequestration or carbon control and sequestration.
Opportunity: Stringent regulatory norms to decrease the carbon dioxide emission would provide ample opportunities for the market growth.
Stringent regulatory measures to decrease the carbon dioxide emission have been adopted by various governments throughout the world. Such regulatory standards will create major market opportunities for the carbon capture and storage projects.
Driver: Increasing rate of industrialization across the countries.
The nations worldwide, especially the developing ones are going through a phase of rapid industrialization. This, coupled with the rising investment toward development of manufacturing plants has raised the deployment of carbon capture and storage projects worldwide.
By technology, the pre-combustion capture segment is expected to grow at a significant market share during the forecast period as this technology has a high demand across the end use industries like food processing and chemical. The technology features high capture rate along with minimal waste streams. Cost-effectiveness and smaller equipment size makes it suitable for industrial and utility applications.
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By geography, the Europe region is anticipated to hold considerable market share during the forecast period. Climate change obligations, emission standards and taxation policies on carbon emissions are the driving factors for the regional market.
The Global Carbon Capture and Storage Market Leaders are Siemens AG, Mitsubishi Heavy Industries Ltd, Hitachi Ltd, Aker Solutions, Fluor Corporation, Honeywell International Inc, Linde AG, Exxonmobil Corporation, General Electric, Halliburton, Schlumberger Limited, Shell Global, Statoil, Dakota Gasification Company, and Japan CCS Co., Ltd.
Hitachi Ltd: In November 2013, Hitachi Ltd started the construction of the Carbon Capture Test Facility (CCTF) designed to capture CO2 emissions from coal-fired power plants according to the agreement with its partner, Saskatchewan Power Corporation.
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Schlumberger Limited: In November 2009, Schlumberger Limited and Alstom signed an agreement to work together for developing carbon capture and storage readiness studies for power plants. The studies consist of an evaluation of potential CO2 storage sites for the power plant, as well as an assessment of necessary investments for future CO2 transport and storage.
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