Carbon Capture and Sequestration - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Carbon Capture and Sequestration market is accounted for $4.88 billion in 2017 and is expected to reach $16.90 billion by 2026 growing at a CAGR of 14.8% during the forecast period. Some of the key factors such as rising ecological concern, and growing demand for co2-eor techniques which is propelling the growth of the market. However, narrow adequate policy, and high rate of sequestration which is hampering the growth of the market.
Carbon Capture and Sequestration refers to the set of technologies that can significantly decrease carbon dioxide release from active and recent coal and gas fired power plants and business source. In addition to this, carbon capture and sequestration can also be used to reduce emissions from several industrial processes such as natural gas processing facilities cement production.
Based on the Application, Enhanced Oil Recovery (EOR) Process is a tertiary method used to boost the manufacturing charge in advanced oil wells. The gas injection EOR procedure injects CO2 in an oil or gas well to amplify the manufacturing charge of the well, this result in the enduring storage space of carbon dioxide in the underground geological arrangement. This process is seen as a suitable way of sinking the effect of greenhouse gases on the atmosphere by Intergovernmental Panel on Climate Change and is being eagerly adopted by industries and major oil companies across the world.
By Geography, North America has the maximum number of operational carbon capture and sequestration projects worldwide. Enhanced oil recovery operations in the area have helped to enable the efficient cases of projects that are operationally positioned in Canada and the United States. Furthermore, government support initiated approximately ten years back in the type of some regional/state and centralized initiatives include tax, credits, grants, etc. has been the most crucial.
Some of the key players profiled in the Carbon Capture and Sequestration Market include Hitachi, Ltd., Siemens AG, Shell Global, Schlumberger Limited, Mitsubishi Heavy Industries, Ltd., Linde AG, Honeywell International Inc., Halliburton, General Electric, Fluor Corporation, Exxonmobil Corporation, and Aker Solutions.
Service Types Covered:
• Industrial Process
• Storage Molten
• Enhanced Oil Recovery (EOR) Process
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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