Carbon Capture and Storage (CCS) Market

Global Carbon Capture and Storage (CCS) Market: Overview

The solutions offered by the manufacturers and players functional within the global carbon capture and storage (CCS) market can emerge as the game changer in the currently global fight against the reduction of greenhouse gases and carbon emission. These solutions offer ability to capture and store carbon dioxide in both post combustion as well as pre combustion levels. The increasing usage of these novel solutions may lead to successful interventions in the global effort to address global concerns pertaining to the drastic climatic changes. However, since there is no directly monetary benefit involved for any company that uses CCS technologies in their infrastructure, the adoption of the products and solutions in the global carbon capture and storage (CCS) market remains somewhat low. However, the Kyoto Protocol Treaty as well as Paris Climate Agreement, both signed to ensure constant efforts towards restricting climate change are two of the most significant motivators for the growth within the global carbon capture and storage (CCS) market.

The business intelligence on the global carbon capture and storage (CCS) market provides significant details regarding the landscape of the industry. It features information pertaining to important trends and drivers that may influence the growth and propel the development trajectory of the global carbon capture and storage (CCS) market over the forecast years i.e. 2021 to 2031. The professional survey report on the global carbon capture and storage (CCS) market also provides information about various restrictions as well as opportunities that may present itself within the landscape of the industry in coming years.

Global Carbon Capture and Storage (CCS) Market: Major Trends and Drivers

The increasing demand from the oil and gas sector, most prominently from the domain of enhanced oil recovery or EOR is one of the most prominent driving factors affecting the growth within the global carbon capture and storage (CCS) market in coming years. Additionally, the rising amount of completely commercialized CCS projects that also triggering high demand for innovative solutions in the global carbon capture and storage (CCS) market in coming years. Another major application sector for the solutions in the global carbon capture and storage (CCS) market includes iron and steel industries. These industries produce a massive amount of carbon emissions and are amongst the hardest materials to decarbonize. Yet the solutions in the global carbon capture and storage (CCS) market emerge as one of the most advanced as well as financially smart and amicable choice for both the industries.

Global Carbon Capture and Storage (CCS) Market: Key Players and Manufacturers

The leading incumbent manufacturers and players participating within the global carbon capture and storage (CCS) market include Babcock & Wilcox Enterprises, Inc., Air Liquid, Linde AG, Global Thermostat, Total SE, CO2 Solutions, Siemens AG, Mitsubishi Heavy Industrial Ltd., Air Products & Chemical, Inc., Royal Dutch Shell PLC, Climeworks, and Carbon Engineering Ltd., among others. Players in the global carbon capture and storage (CCS) market focus largely on the development of technologies through intense research and development activities as well as on acquisitions and strategic partnerships.

Global Carbon Capture and Storage (CCS) Market: Regional Assessment

While North America region led the global carbon capture and storage (CCS) market in 2020 in terms of market share, the Europe region is anticipated to take the lead within the global carbon capture and storage (CCS) market in coming years. This trend can be attributed to the increasing usage of the products and solutions in the global carbon capture and storage (CCS) market in Europe for various commercial applications, such as ethanol production, natural gas processing, coal-fired power generation, coal gasification, fertilizer production, and refinery hydrogen production, among others. Furthermore, the emergence of new 11 commercial projects, with existing 13 projects currently operational, that are expected to start operations prior to 2030 are also offering excellent growth opportunities for the players operating in the global carbon capture and storage (CCS) market in Europe in coming years.