Selbyville, Delaware, June 04, 2023 (GLOBE NEWSWIRE) --
Post Combustion Carbon Capture & Storage Market is expected to cross a valuation of USD 26.6 billion by 2032, according to the latest research report by Global Market Insights Inc.
The increasing advancements in post-combustion carbon capture & storage technology will present ample growth opportunities to the industry. Companies in the field are focusing on developing novel reactor designs, improved heat integration, and optimization of operating parameters to minimize energy consumption and maximize carbon capture rates. Additionally, novel solid adsorbents, such as metal-organic frameworks and porous carbon materials, are being researched for their ability to capture CO2 from flue gas. These materials offer high surface areas and strong CO2 adsorption capacities, providing potential for efficient and reversible CO2 capture.
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Flourishing oil & gas sector will bring substantial revenue
The post-combustion carbon capture & storage market will expand at a decent CAGR between 2023 and 2032. Refineries in the oil and gas sector produce significant CO2 emissions during various processes, including hydrogen production, fuel combustion, and crude oil refining into several products. Post-combustion CCS can be integrated into refineries to capture CO2 from the flue gas of different units, reducing the overall carbon footprint of the refinery operations. Growing oil & gas sector will contribute to segment growth.
Europe to capture a modest industry share
Europe post-combustion carbon capture & storage industry will witness appreciable growth from 2023 to 2032. Tightening regulations for phasing out carbon emissions will favor the demand for post-combustion carbon capture & storage solutions in the region. Under the European Green Deal, the Member States have committed to achieve carbon neutrality by 2050. Moreover, increasing awareness about climate change and its impacts has propelled the demand for cleaner energy solutions such as post-combustion carbon capture & storage in the region.
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Post Combustion Carbon Capture & Storage Industry Players
Global Thermostat, Siemens, Shell CANSOLV, General Electric, Aker Solutions, Exxon Mobil Corporation, and Mitsubishi Heavy Industries, Ltd., among others.
Post Combustion Carbon Capture & Storage Industry News:
- In April 2023, Mitsubishi Heavy Industries, Ltd., a Japan-based multinational engineering firm, entered into a General License Agreement with Saipem S.p.A., an Italian multinational oilfield services company. Under this deal, Mitsubishi Heavy Industries, Ltd. will provide its Advanced KM CDR Process™ KM CDR Process™ technologies to the company for use in carbon dioxide capture units.
- In April 2023, Global Thermostat, a leading carbon capture & storage industry player, unveiled one of the largest Direct Air Capture machines. With a capacity of more than 1,000 tonnes annually, the unit has been involved in capturing CO2 from the atmosphere since the end of 2022. This capacity meets the requirements for a tax credit under the U.S. Inflation Reduction Act.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Post Combustion Carbon Capture & Storage industry 360º synopsis, 2019 – 2032
2.1.1 Business trends
2.1.2 Application trends
2.1.3 Regional trends
Chapter 3 Post Combustion Carbon Capture & Storage Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Vendor Matrix
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Increasing Focus on Carbon Capture and Storage
3.3.1.2 Integration with Renewable Energy Sources
3.3.2 Industry pitfalls & challenges
3.3.2.1 High installation & retrofitting cost of CCS projects
3.4 COVID- 19 impact on the industry outlook
3.5 Growth potential analysis
3.6 Porter's Analysis
3.7 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
