Carbon Capture And Sequestration Market

Global Carbon Capture And Sequestration Market

As stated in our extensive report; the Global Carbon Capture And Sequestration Market accounted for USD 2.1 Billion in the year 2022 and is projected to reach a value of USD 7.49 Billion by 2030

In recent years, funding and interest in Carbon Capture And Sequestration market have increased as a means of reducing greenhouse gas emissions and addressing climate change.

Carbon dioxide (CO2) is taken out of power plants or other industrial processes and sent to a storage area, like underground geological formations, where it is preserved there indefinitely. The market is expected to experience significant growth in the coming years due to a number of factors, including the demand for clean energy, government policies and regulations, technological advancements, public awareness and opinion, investment and funding, infrastructure, and storage capacity. These factors also include a number of players, including technology providers, service providers, and equipment suppliers.

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Factors Influencing Global Carbon Capture And Sequestration Market Growth

The growth of the global Carbon Capture And Sequestration market can be attributable to the following:

1. Policies and rules of the government: Governments all around the globe are establishing goals for lowering greenhouse gas emissions and encouraging the adoption of CCS technologies to meet these goals. For instance, although the EU has a carbon pricing system that promotes the use of CCS, the US government offers tax credits for carbon capture installations.
2. technological progress The market for CCS is expanding as a result of the creation of new and enhanced CO2 capturing, transportation, and storage technologies. More effective and affordable CCS solutions have been created as a result of developments in materials science, engineering, and geology.
3. Demand for clean energy is rising as we move towards cleaner energy sources like wind and solar energy, which is boosting demand for CCS as a way to cut emissions from fossil fuels. The usage of fossil fuels can continue while leaving a smaller carbon footprint thanks to CCS.
4. Public opinion: As the public becomes more aware of the effects of climate change, pressure on governments and corporations to decrease emissions is growing. As a result, there is now more money being invested in CCS technologies to combat climate change.
5. Infrastructure and CO2 storage capacity: For the CCS market to expand, infrastructure and CO2 storage capacity must be readily available. To promote the expansion of the CCS market, governments and key players in the sector are investing in the construction of pipelines, storage facilities, and other infrastructure.

North America Forecast to Take Over the Market in the Projected Timelines

The North America has been at the forefront of CCS technology development and use. However, the US government has given businesses financial incentives to participate in CCS facilities, such as the Section 45Q tax credit, which offers a tax credit for each tone of CO2 that is absorbed and stored. As one of the leading contributors to carbon emissions in the continent, the oil and gas sector in North America has also played a significant role in boosting the market for CCS.

Conclusion

In the upcoming years, the Carbon Capture And Sequestration market is anticipated to expand significantly, driven by factors such as rising demand for clean energy, governmental policies and regulations, technological advancements, public awareness and opinion, investment and funding, infrastructure development, and storage capacity. With the use of CCS technology, fossil fuel-based energy sources can continue to be used while reducing their carbon footprint and their emissions. In order to fulfil the rising demand for CCS solutions, it is expected that new players will enter the market as it expands and that existing players will broaden their product offerings. The global effort to combat climate change and make the transition to a future powered by more sustainably produced energy is anticipated to be greatly aided by this rise in the CCS market.

Some of the prominent players in the Global Carbon Capture And Sequestration Market include- Fluor Corporation (U.S.), Exxon Mobil (U.S.), Carbon Engineering Ltd. (Canada), ADNOC Group (UAE), Equinor (Norway), China National Petroleum Corporation (China), Dakota Gasification Company (U.S.) and others.