Carbon Capture & Storage Market Set to Achieve USD 12.9 billion by 2030, Growing at a Robust 24.0% CAGR: MarkNtel Advisors
Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Carbon Capture & Storage Market, The Global Carbon Capture & Storage Market size is valued at USD 4.3 billion in 2024 and is projected to reach USD 12.9 billion in 2030. Along with this, the market is estimated to grow at a CAGR of around 24.0% during the forecast period. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Carbon Capture & Storage Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
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Global Carbon Capture & Storage Market Segmentation Breakdown:
The Carbon Capture & Storage Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.? The further bifurcations are as follows:
Out of them all, the pre-combustion capture segment holds a considerable market share in the Global Carbon Capture & Storage Market.
Based on end-users, the oil and gas sector has held a leading share of the market due to the continuous rise in CO2 emission from the sector that requires carbon capture technologies.
Geographical Growth Insights:
Out of all these, North America is expected to hold a significant market share during the forecast period.
MarkNtel Advisors Highlights Key Market Drivers for Carbon Capture & Storage Market:
Increasing Incorporation of CO2 in Enhanced Oil Recovery (EOR) Applications Proliferating Global Carbon Capture & Storage Market – Growing global demand for energy, coupled with declining production from mature oil fields, is driving the adoption of Enhanced Oil Recovery as a means of extending the life of oil reservoirs. The EOR technology efficiently utilizes the captured carbon to increase oil production. The captured CO2 when put in the oil reservoirs, efficiently works as a catalyst to boost the oil production. Owing to this, governments and industries around the world are recognizing the role of EOR in energy security and also fulfilling the climate objectives of emission reduction which is driving investment in the field of carbon capture and storage. For Instance,
According to the Global CCS Institute, there were around 220 commercial-scale CCS facilities planned across the globe in 2023. Out of these, around 15 facilities are planned to support EOR initiatives. Hence, the demand for carbon capture & storage solutions has grown over the years due to the increasing utilization of captured CO2 in the EOR technique worldwide. Governments as well as the oil industry have been significantly utilizing these systems and technologies to enhance oil production, thereby surging its demand and driving the growth of the Global Carbon Capture & Storage Market.
A Comprehensive Analysis of Leading Companies in Global Carbon Capture & Storage Market
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Carbon Capture & Storage Market Recent Development:
What are the growth Challenge driving the Global Carbon Capture & Storage Market?
Proliferating Government Funding for Carbon Capture & Storage Plants Augmenting Market Growth – Governments and Non-Profit Organizations associated with climatic goals worldwide provide huge investments, finances, and support for carbon capture and storage technologies combating climate change and reducing GHG emissions. To reach the net-zero targets many countries have enacted policies, grants, and subsidies to accelerate the development and deployment of CCS technologies. Through direct funding, tax breaks, and regulatory environments, governments are significantly decreasing private firms' financial risks and encouraging innovation in the field of carbon emission mitigation. For Instance,
These increasing taxes, incentives, and subsidies offered by various governments in their specific countries, are creating a fertile ground for establishing carbon capture and storage plants. With the government providing financial support, the adoption of these systems is expected to surge significantly in the upcoming years, thereby creating opportunities in the Global Carbon Capture & Storage Market.
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