Dublin, Aug. 24, 2022 (GLOBE NEWSWIRE) -- The "Carbon Capture and Storage - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Carbon Capture and Storage Market to Reach US$4.9 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Carbon Capture and Storage estimated at US$3.2 Billion in the year 2022, is projected to reach a revised size of US$4.9 Billion by 2026, growing at a CAGR of 9.9% over the analysis period.
Carbon Capture and Storage (CCS), also termed as Carbon Capture and Sequestration, refers to a suite of carbon abatement technologies used for capturing waste carbon dioxide from large point sources, compressing it, transporting it through pipelines or ships to desired locations, and storing it in the form of mineral carbonates, in geological formations, or in deep ocean masses for an indefinite period of time.
The strategy holds high relevance for nations that are diversifying their energy portfolios, but are anticipated to remain dependent on fossil fuels for decades to satiate their energy demand. Emerging applications include embedding CO2 in concrete and other building materials; converting the carbon into polyurethanes for application in furnishings and other materials. The carbon can be used for applications such as enhance oil and gas recovery (EOR), extending the economic life of a reservoir.
Carbon capture efforts are further favored by increasing focus of companies to investigate new use cases for captured carbon dioxide. Emerging applications include embedding CO2 in concrete and other building materials; converting the carbon into polyurethanes for application in furnishings and other materials. Various players in the US are exploring new technologies for reusing captured carbon emissions in novel ways including automobile seats and jet fuel. In addition, researchers are investigating new uses of captured carbon, such as building materials and algae biofuels. The approach is anticipated to also play an important role in supporting hydrogen, a green fuel with potential de-carbonize the industrial sector.
The U.S. Market is Estimated at $1.1 Billion in 2022, While China is Forecast to Reach $482 Million by 2026
The Carbon Capture and Storage market in the U.S. is estimated at US$1.1 Billion in the year 2022. The country currently accounts for a 33.5% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$482 Million in the year 2026 trailing a CAGR of 11.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.3% and 10.4% respectively over the analysis period.
Industrial Separation Segment to Reach $293.9 Million by 2026
In the global Industrial Separation segment, USA, Canada, Japan, China and Europe will drive the 7.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$148.3 Million will reach a projected size of US$249.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$12.9 Million by the year 2026.
Select Competitors (Total 90 Featured):
- Archer-Daniels-Midland Company
- BP plc
- Chevron Corporation
- Emissions Reduction Alberta
- Equinor ASA
- GE Power
- HTC CO2 Systems Corp.
- Japan CCS Co., Ltd.
- Schlumberger Limited
- SNC-Lavalin Group, Inc.
- Svante Inc.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Enhanced Oil Recovery Offers Strong Growth Opportunities
- Demand for CO2 Storage Takes a Hit as Oil & Gas Sector Confronts Challenging Times amid the Pandemic
- Growing Emphasis on Hydrogen Production with CCS Augurs Well
- Leveraging Blue Hydrogen
- High Growth Opportunities Identified in Power Sector
- China and India Lead the Global Rise in Demand for Electricity
- Growing Relevance of CCS in Bioenergy Domain
- Direct Air Capture with Carbon Storage: The New Upcoming Vertical
- Increasing Industrialization and Urbanization Levels Trigger Demand
- Natural Gas Processing : An Important Market
- Rising Contribution from Oil & Gas Industry
- Aligning Energy Assets to Carbon Capture
- Capturing Carbon from Atmosphere
- Startups Enter the Fray
- R&D in CCS Continues to Gain Pace
- Select Recent Innovations
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/oduj7
