Global Carbon Capture And Storage Market Overview And Statistics For 2024-2033
Carbon Capture And Storage Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON , UK, August 23, 2024 /EINPresswire.com/ -- The global carbon capture and storage (CCS) market has witnessed substantial growth, expanding from $5.43 billion in 2023 to $6.23 billion in 2024, with a compound annual growth rate (CAGR) of 14.8%. Despite challenges, the market is forecasted to reach $10.79 billion by 2028 at a compound annual growth rate (CAGR) of 14.7%, driven by factors such as increasing government funding, carbon pricing initiatives, and global net-zero commitments.
Surge in Global Carbon Dioxide Emissions Fuels Market Growth
The rising global carbon dioxide emissions are a major driver for the carbon capture and storage market. Carbon dioxide emissions, resulting from fossil fuel combustion and cement production, are a significant concern for climate change. The International Energy Agency reported a 6% increase in CO2 emissions to 36.3 billion tons in 2021, highlighting the need for effective carbon capture solutions. As emissions rise, the demand for CCS technologies to separate and store CO2 continues to grow.
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Carbon Capture And Storage Market Key Players2 and Market Trends
Leading companies in the CCS market include Aker Solutions ASA, Equinor ASA, Fluor Corporation, and Shell PLC, among others. These players are focused on product innovation and strategic partnerships to enhance their CCS technologies.
Carbon Capture And Storage Market Segmentation3
The carbon capture and storage market is segmented as follows:
• By Product: Pre-Combustion, Industrial Process, Post Combustion, Oxy-Combustion
• By Service: Capture, Transportation, Utilization, Storage
• By End-Use Industry: Oil and Gas, Coal and Biomass Power Plant, Iron and Steel, Chemicals, Other End-Use Industries
Geographical Insights: North America Leading The market
North America led the CCS market in 2023, but Asia-Pacific is expected to be the fastest-growing region during the forecast period. This growth is driven by rapid industrialization and increasing government incentives in developing regions.
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Carbon Capture And Storage Global Market Report 2024 from The Business Research Company1 covers the following information:
•Market size data for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Carbon Capture And Storage Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on carbon capture and storage market size, carbon capture and storage market drivers and trends, carbon capture and storage market major players, carbon capture and storage competitors' revenues, carbon capture and storage market positioning, and carbon capture and storage market growth across geographies. The carbon capture and storage market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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