October 23, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Global Carbon Capture and Sequestration (CCS) Market Insights, Forecast to 2025’, the worldwide carbon capture and sequestration market is predicted to accrue US $14200 million by the year 2025.
Carbon capture and sequestration (CCS) is an unconventional technology that can acquire 90% of carbon dioxide emissions generated from the use of fossil fuels in industrial processes and electricity generation, hence preventing carbon dioxide discharge into atmosphere. The technology capture CO2 from air using adsorption, membrane gas separation, or carbon scrubbing, while for sequestration, geological formations are the most preferred sites.
Rising efforts by regional government authorities to alleviate overall carbon emissions and stabilize climate change is augmenting the CCS market growth. Strict regulation pertaining to operating procedure and emission monitoring of power producing facilities will further propel the growth of carbon capture & sequestration market.
As per the study, carbon capture and sequestration market was worth US $4430 million in 2018 and is anticipated to grow with a CAGR of 15.7% over the forecast timeframe. The study also encompasses information about revenue shares, future trends, and growth rates for each segment and manufacturer, alongside the drivers, risks, challenges, and opportunities impacting the market growth.
Based on product type, the CCS market is segmented as post-combustion, industrial process, pre-combustion, and oxy-combustion. While considering the application spectrum, the market is fragmented as agriculture, enhanced oil recovery, industrial, and others.
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Speaking of the geographical landscape, the global CCS market is bifurcated into five main regions; Asia Pacific consists of Vietnam, China, Malaysia, Japan, India, Thailand, Australia, Indonesia, Philippines, and South Korea; Middle East & Africa is split into Turkey, GCC Countries, South Africa, Egypt, and rest of Middle East & Africa; Russia, Germany, France, Italy, UK, and rest of Europe fall under Europe; North America comprise of Mexico, United States, and Canada; and Brazil and rest of South America come under Central & South America.
The prominent manufacturers operating in carbon capture and sequestration market include Maersk Oil, Siemens, Shell Global, Aker Solutions, Honeywell International, Fluor, Halliburton, and Mitsubishi Heavy Industries.
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