Carbon Capture and Sequestration Market worth USD 19 billion by 2024A Chapter by David JonesCarbon Capture and Sequestration Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa ResearchThe worldwide carbon capture
& sequestration Market is projected to grow at a CAGR of 25% from 2016 to
2024 reaching nearly USD 19 billion by 2024. This industry could witness
significant growth over the next few years owing to high investments in
emission reduction technologies. Moreover, in-depth research and exploration
activities may also propel demand.
Factors attracting investment are
popularity of clean power technologies and implementation of discharge
compliance norms. Regulations from the U.S. transportation department & the
EPA for medium and heavy-duty vehicles can improve the demand for carbon
capture technology. Since this market is in the nascent stage, there is no
clarity on the price of stocked up carbon. This may hamper demand in the
forthcoming years.
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The global Carbon Capture & Sequestration Market is divided into applications, technologies, and regions. Based on applications, the industry is segmented into industrial, agriculture, and Enhanced Oil Recovery (EOR). The EOR segment witnessed the highest demand and contributed to more than 50% of the overall revenues in 2015. Volatile prices of crude oil may propel market penetration in EOR applications in the forthcoming years.
Significant technological improvements in non-power
sectors can positively influence overall demand. For example, metal foundry and
cement manufacturing in developed countries, like the United States have been
experiencing the implementation of these technologies in small phases. Such
positive initiatives regarding the application of latest technologies could
benefit the global market in the long run. Moreover, greater awareness among
policy makers about the importance of limiting carbon discharge can attract
substantial investments.
The various technologies are pre-combustion,
post-combustion, oxy-firing, and industrial. Demand for pre-combustion technology in the United
States may witness robust growth. The post-combustion technology is projected
to expand significantly over the forecast period. A growth spurt in
energy generation and the newly developed heat integration & advanced amine
systems can fuel its demand during the forecast period.
Based on geographies, the global Carbon Capture and
Sequestration Market is divided into Europe, North America, Asia Pacific,
Central & South America, and the Middle East & Africa. North America
has been leading the global market over the past couple of years. Strict
regulatory framework for a cleaner environment can propel this market. The
Asia-Pacific region is anticipated to register the highest CAGR over the
forecast period. Regional growth could be attributed to the focus of developing
economies (such as Indonesia) on cleaner environment.
Major companies operating in the global Carbon Capture
and Sequestration Market are Mitsubishi Heavy Industries Ltd.; The Linde Group;
Sulzer Ltd.; AkerSolutions ASA; and Statoil ASA. The worldwide market is
characterized by a large number of gas & oil companies. These market
participants focus on developing newer & more competent CO2 capture
processes & technologies. “Post Cap” is one such technology that is based
on AAS (Amino Acid Salt) solution as solvent. It is mainly applied in natural
gas-fired power plants and in coal-fired power stations. This technology can
not only be incorporated in new power plants but also in the existing ones.
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environment and enable them to undertake strategic growth initiatives. © 2017 David Jones |
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Added on August 24, 2017 Last Updated on August 24, 2017 Tags: Carbon Capture and Sequestration AuthorDavid Jonescalifornia, CAAboutResearch Analyst At Hexa Research Which Provides Research Content For All Types Of Domains do check my Articles more..Writing
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