The global carbon capture and sequestration market is likely to gain momentum from the increasing initiatives by regional governments to stabilize climate by diminishing carbon emission. That is why, firm actions are being taken on the emission monitoring and operating procedure of coal-fired stations and power generation facilities. This has further given rise to the installation of greenhouse gas mitigating devices in those facilities. According to a published report by Fortune Business Insights, titled, “Carbon Capture and Sequestration: Global Market Analysis, Insights, and Forecast, 2018-2027,” the global carbon capture and sequestration market is projected to reach more than USD 5.6 Bn by the end of 2027, thereby exhibiting an impressive CAGR of 13.84% during the forecast period. However, the report also states that the global market was valued at over USD 2 Bn in 2018.
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- NRG Energy
- Fluor Corporation
- Aker Solutions
- Dakota Gasification Company
- ADNOC Group
- Carbon Engineering Ltd.
- China National Petroleum Corporation
Fortune Business Insights provides a detailed evaluation of the global market by analyzing the factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
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The increased spending on oil and gas across the world is another factor likely to drive the Market. Rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fueling demand for energy and which is expected to drive the Market.
The Middle East, known for its vast gas and oil reservoirs, has been facing exploitation of resources since the past few decades. These gigantic reservoirs, coupled with exposure to deep and shallow water storage spots, are likely to appease the regional landscape. Fortune Business Insights predicts that Europe will also witness notable growth of the carbon capture and sequestration market share in the forthcoming years due to the strict rules and regulations that have been put forward by several regional organizations. Additionally, availability of Enhanced Oil Recovery (EOR) sites in abundance will also fuel growth. Apart from these, technologically advanced storage operations, systematic bulk capture technologies, reduction in the effective costs, and safe transportation options are few of the other major drivers for the global carbon capture and sequestration market growth.
1. By End-Use
- Enhanced Oil Recovery (EOR)
- Dedicated Storage
2. By Source
- Natural Gas Processing
- Power Generation
- Fertilizers Production
3. By Geography
- North America (the USA and Canada)
- Europe (France, Norway, Germany, Spain, UK and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia and Rest of Asia Pacific)
- Latin America (Brazil, and Rest of Latin America)
- Middle East & Africa (GCC and Rest of the Middle East & Africa)
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Abu Dhabi National Oil Company (ADNOC), a leading player in the oil and gas industry, unveiled its plans to expand its carbon capture, utilization, and storage (CCUS) program in November 2018. The program is expected to begin Habshan-Bab gas processing facilities or the Shah gas plant. All these developments suggest that several prominent players functioning in the global carbon capture and sequestration market are focusing on strategic collaborations and expansion programs to gain competitive edge.
Key Industry Developments
- In Feb 2019, Drax power station which generates electricity from wood burning has begun a pilot project for carbon capturing which help them to capture one ton of carbon per day.
- In Mar 2019, The US Department of Energy announced to invest D30 million in R&D project for advancement in the carbon dioxide capturing system especially to cut the cost of deployment of the system.
- In Nov 2018, China has experimented carbon capturing technology in its coal-fired power plant and its oil field which will help to capture 410000 tonnes of carbon per year.
Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
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Table of Content
5. Global Carbon Capture and Sequestration Market Analysis (MTPA & USD Mn), Insights and Forecast, 2015-2027
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Source
5.2.2. Natural Gas Processing
5.2.3. Power Generation
5.2.4. Fertilizers Production
5.3. Market Analysis, Insights and Forecast – By End Use
5.3.1. Enhanced Oil Recovery (EOR)
5.3.2. Dedicated Storage
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1. North America
5.4.2. Latin America
5.4.4. Asia Pacific
5.4.5. Middle East & Africa
6. North America Carbon Capture and Sequestration Market Analysis (MTPA & USD Mn), Insights and Forecast, 2015-2027
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast – By Source
6.2.2. Natural Gas Processing
6.2.3. Power Generation
6.2.4. Fertilizers Production
6.3. Market Analysis, Insights and Forecast – By End Use
6.3.1. Enhanced Oil Recovery (EOR)
6.3.2. Dedicated Storage
6.4. Market Analysis, Insights and Forecast – By Country
7. Latin America Carbon Capture and Sequestration Market Analysis (MTPA & USD Mn), Insights and Forecast, 2015-2027
7.1. Key Findings
7.2. Market Analysis, Insights and Forecast – By Source
7.2.2. Natural Gas Processing
7.2.3. Power Generation
7.2.4. Fertilizers Production
7.3. Market Analysis, Insights and Forecast – By End Use
7.3.1. Enhanced Oil Recovery (EOR)
7.3.2. Dedicated Storage
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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