Pune, India, Dec. 22, 2021 (GLOBE NEWSWIRE) -- The global carbon capture and sequestration market size is set to grow from USD 2.01 billion in 2021 and reach USD 7.00 billion by 2028, exhibiting a CAGR of 19.5% during the forecast period. The market will gain traction from the increasing partnerships between industry giants to commercialize the CCS technology by completing large-scale production facilities. This information is given by Fortune Business Insights™ in a report, titled, “Carbon Capture and Sequestration Market, 2021-2028.” The report further states that the CCS market size was USD 1.96 billion in 2020.
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List of Major Players in the CCS Market
- Fluor Corporation (U.S.)
- ExxonMobil (U.S.)
- Carbon Engineering Ltd. (Canada)
- ADNOC Group (UAE)
- Equinor (Norway)
- China National Petroleum Corporation (China)
- Dakota Gasification Company (U.S.)
- Shell (Netherlands)
- BP (UK)
- Chevron (U.S.)
- Linde (Ireland)
- Total (France)
- Aker Solutions (Norway)
- NRG Energy (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 12.2 % |
| 2028 Value Projection | USD 7.00 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 1.96 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 180 |
| Segments covered | Size, Share, By End-Use, Geography |
| Growth Drivers | Increasing Government Action Plans to Curb Emissions of Greenhouse Gases to Aid Growth |
| Natural Gas Processing Segment to Grow Steadily Backed by Rising Demand for Energy | |
| North America to Lead Fueled by Rising Investments in Research & Development Activities | |
| Pitfalls & Challenges | High Initial Cost & Feasibility Associated with New Projects May Hinder Market Growth |
COVID-19 Impact:
The emergence of the COVID-19 pandemic has taken a toll on the global economy. Various companies have halted their operations because of the disruptions in supply chains and complete lockdown measures implemented by the regulatory bodies. The medical institutions are striving to provide vaccines in an attempt to dwindle the effects of pandemics. Our reports would help you in regaining business confidence by selecting the best strategy.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/carbon-capture-and-sequestration-market-100819
Driving Factor-
Increasing Government Action Plans to Curb Emissions of Greenhouse Gases to Aid Growth
The governments of various countries are introducing stringent action plans to eliminate the problem of carbon emissions and to normalize climate change for a longer period of time. The major driver for the carbon capture and sequestration market growth is the implementation of stern steps for curbing and monitoring the emissions of greenhouse gases (GHG) from every power generation facility.
The International Energy Agency (IEA), for instance, mentioned that the global energy-related CO2 emissions were 32.2 gigatonnes (Gt) in 2015. It surged to 33.3 Gt in 2019, thereby exhibiting an increase of up to 3.4% in only 5 years. However, the outbreak of the COVID-19 pandemic is set to impact the market for CCS severely backed by the halting of operations in various countries.
Market Segments:
Natural Gas Processing Segment to Grow Steadily Backed by Rising Demand for Energy
Based on capture source, the market is divided into chemicals, natural gas processing, fertilizers production, power generation, and others. Out of these, the natural gas processing segment earned 42.5% in the carbon capture and sequestration market share in 2020. This growth is attributable to the presence of high-capacity production plants, as well as the increasing demand for energy. In addition to this, the rising production of oil and gas worldwide is further leading to the construction of new processing facilities. It would also contribute to the growth of this segment.
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Regional Insights:
North America to Lead Fueled by Rising Investments in Research & Development Activities
In 2020, North America generated USD 1.42 billion in terms of revenue. The region is anticipated to dominate the global market on account of the presence of several high-capacity CCS plants in this region. Coupled with this, the rising number of investments in numerous research & development activities would propel growth. Asia Pacific, on the other hand, is likely to grow considerably owing to the presence of high volume storage locations, mainly across the subsea gas and oil reservoirs in this region.
Competitive Landscape:
Key Players Focus on Collaboration Strategy to Gain a Competitive Edge
The market for CCS consists of a large number of prominent companies that are presently trying to engage in partnerships and collaborations with other local companies for gaining a competitive edge. Below are two of the latest key industry developments:
- July 2021: Shell announced its objectives to construct a large-scale carbon capture and storage (CCS) facility in Alberta, Canada. The plant is projected to seize CO2 from the company’s chemical and refinery plant store 300 million tonnes of carbon over its lifespan.
- July 2020: Four major companies signed an agreement to create a carbon capture, utilization and sequestration (CCUS) system for capturing and using carbon dioxide in Singapore.
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Carbon Capture and Sequestration Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Carbon Capture and Sequestration Market Analysis (MTPA, USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By End Use
- Enhanced Oil Recovery (EOR)
- Dedicated Storage and Treatment
- Market Analysis, Insights and Forecast – By Capture Source
- Chemicals
- Natural Gas Processing
- Power Generation
- Fertilizers Production
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- North America Carbon Capture and Sequestration Market Analysis (MTPA, USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By End Use
- Enhanced Oil Recovery (EOR)
- Dedicated Storage and Treatment
- Market Analysis, Insights and Forecast – By Capture Source
- Chemicals
- Natural Gas Processing
- Power Generation
- Fertilizers Production
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By End Use
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- Enhanced Oil Recovery (EOR)
- Dedicated Storage and Treatment
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- Canada Market Analysis, Insights and Forecast – By End Use
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- Enhanced Oil Recovery (EOR)
- Dedicated Storage and Treatment
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