The global Carbon Capture and storage Market offers advanced technologies and equipment for capturing and storing carbon dioxide from industrial sources before it enters the atmosphere. Carbon capture and storage plays a vital role in mitigating climate change by reducing carbon dioxide emissions from fossil fuel use in power generation and industrial facilities like refineries, fertilizer plants, etc.
Market key trends:
Growing environmental concerns about rising CO2 emissions from heavy industries have accelerated the demand for carbon capture and storage technologies in recent years. Stringent government regulations regarding carbon emission limits along with incentive schemes for adopting carbon capture technologies have prompted many industries to reduce their carbon footprint. Major countries and regions like European Union, US, China, etc. have introduced policies to promote investments in commercialization and deployment of carbon capture and utilization/storage projects. Rising focus on developing economical and efficient carbon capture technologies for applications in power generation and industrial sectors is expected to drive the carbon capture and storage market growth over the forecast period.
Segment Analysis
Carbon capture and storage market is segmented into pre-combustion, post-combustion and oxy-fuel combustion technology. Post-combustion segment currently dominates the market and is expected to retain its position over the forecast period. Post-combustion capture technology is generally used for coal-fired and natural gas power plants as it can easily retrofit the existing plants. It involves separating CO2 from other flue gases in the smokestacks of coal-fired power plants and other industrial processes. Its ability to be integrated as an add-on to the existing plants has resulted in its wide adoption.
Key Takeaways
The Global Carbon Capture And Storage Market Size is expected to witness high growth over the forecast period. The global Carbon Capture and storage Market is estimated to be valued at US$ 2.25 Bn in 2024 and is expected to exhibit a CAGR of 10.59% over the forecast period 2024-2031.
Regional analysis:
North America currently holds the largest share in the carbon capture and storage market, primarily driven by stringent government regulations and policies to reduce carbon emissions. The region was also the early adopter of carbon capture and storage technology. Several pilot projects are also operational in the United States and Canada. However, the Asia Pacific region is expected to emerge as the fastest growing market during the forecast period, led by China and India. Rapid industrialization and growth in energy demand has accelerated the adoption of carbon capture technology in the region. Countries are implementing various carbon mitigation strategies to curb emissions.
Key players:
Key players operating in the Carbon capture and storage market are Morgan Advanced Materials (UK), Mersen (France), TOYO TANSO (Japan), SGL Group (Germany), NAC Carbon Products, Inc. (USA), Graphite India Limited (India), Superior Graphite (USA), Qingdao Tennry Carbon Co., Ltd. (China), Zircar Ceramics (USA) & Schunk Group (Germany). These players are focusing on expanding their product portfolio and geographical presence to strengthen their market position.
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