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Major players to lead Carbon Capture And Storage (CCS) Market

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Rahul Sharma
Major players to lead Carbon Capture And Storage (CCS) Market

18 November 2019 - Million Insights Market Research has published a new report titledCarbon Capture And Storage (CCS) Market – Global Industry Analysis, Size, Share, Growth, and Forecast, 2018–2026.’ Carbon Capture And Storage (CCS) market report helps analyze trends and significant developments in the industry.

The global market size of carbon capture and storage (CCS) industry was 61,150 kilo tons in 2015. Rising pressure on nations to cut down carbon dioxide emission coupled with demand for clean energy is expected to drive the global carbon capture and storage market. Uprising in global demand to bring down carbon emissions owing to climate change threats, are augmenting the growth of the global CCS market.

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Rising demand for global energy has fueled fossil fuel combustion, giving rise to greenhouse gases. CCS is the forefront viable technology which mitigates the greenhouse combustions and converts it into clean energy saving fuel costs and further combustions.

Globally, there 22 projects are in operational status and an additional 14 projects are anticipated to be functional in the forecoming years. CCS technology is a proven cost effective and efficient technology to bring down carbon emissions. Industry players are focusing on developing new and more efficient carbon capture technologies and processes such as Post Cap which is a post carbon capture technology. It’s basic foundation is on amino acid salt (AAS) solution which is used as solvent. This is finds use in coal-fired power stations and natural gas-fired power plants.

Innovation companies are making break through progress to present innovative technologies to recycle CO2 and reduce greenhouse gas emissions are expected to encourage the carbon capturing and storage technology market across the globe. The growing clean power technologies demand and the stringent regulations set by governing bodies of diverse nations for adhering to carbon emission norms are some of the critical factors driving market growth.

Regulatory framework is still in a nascent stage to address the issues concerning CCS. This market requires a strong legal regulatory framework in order to deploy this technology for future benefits. CCS has gained reputation of being a unparalleled technology in combating fossil fuel emissions and efficient energy costs.

Market Segment:

Carbon Capture And Storage (CCS) Application Outlook (Volume, Kilo Tons, USD Million, 2014 - 2025)

  • Enhanced Oil Recovery (EOR)
  • Industrial
  • Agriculture

Carbon Capture and Storage (CCS) Capture Technology Outlook (Volume, Kilo Tons, USD Million, 2014 - 2025)

  • Pre-Combustion
  • Industrial separation
  • Oxy-fuel
  • Post-combustion

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EOR activities accounted for more than 80% of total global revenue in 2015. EOR techniques are finding rampant increase in applications owing to depleting conventional oil in resources. Volatile oil prices are expected to drive EOR operations across oil sites. Currently with the crude oil prices staying low, global EOR operations are seeing a decrease in activity but is expected to pick up in mid-2018.

Modern technologies utilizing carbon dioxide realized in the production stage are expected to foster the growth for CCS technologies in the near future. Growth in sectors such as petroleum refining, chemical and manufacturing are expected to further have a positive impact in this market.

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Rahul Sharma
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