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Carbon Capture and Storage Market and its Growth Prospect in the Near Future-P&S Intelligence

Carbon Capture and Storage Market and its Growth Prospect in the Near Future-P&S Intelligence

The global carbon capture and storage market is forecasted to grow at a significant rate owning to its increasing use in applications such as enhanced oil recovery, industrial, and agricultural. Generally, carbon capture and storage refer to the capturing of the carbon dioxide from the various application processes which emit carbon dioxide. After the carbon dioxide is stored, the gases are separated and transportation is being done through pipelines and other forms of transport. These gases are stored in depleted oil and gas reservoirs, aquifers, and depleted coal beds.
On the basis of application, the carbon capture and storage market is categorized into enhanced oil recovery (EOR) process, industrial, and agricultural. During the forecast period, the industrial application is expected to contribute a major share in the market. This is attributed to the fact that the industrial process consists of applications such as cement production, natural gas production facilities, and food processing. These applications emit large amount of greenhouse gases which is harmful to the atmosphere. Thus, there is a rising demand for storage of the emitted carbon to reduce the impact of carbon on the atmosphere.

Growth drivers

The major growth drivers identified in the carbon capture and storage market is the rise in the number of industrial projects and oil field recovery projects. With the rapid development of economy, there has been a rise in the infrastructure projects which emits carbon dioxide. Additionally, the enhanced oilfield recovery projects emit the carbon dioxide when the equipment are in process. These emitted carbon dioxide needs to be stored, thus driving the carbon capture and storage market.

Opportunities

Emerging demand for carbon dioxide injection in EOR is an opportunity for the carbon capture and storage market. It is seen carbon dioxide injection is a good displacing agent for the oil recovery services, attributed to the benefits it occurs. The injected carbon dioxide can remove a significant volume of oil which is not possible with the help of traditional forms of oil recovery. Additionally, this would also mitigate the amount of carbon dioxide released into the atmosphere as they would be used in the injection purpose. Thus, this surge in demand provides an opportunity for the market.

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Competitive Landscape

Some of the major players operating in the global carbon capture and storage market are Royal Dutch Shell plc, Halliburton Company, Schlumberger Limited, Aker Solutions ASA, Equinor ASA, Chevron Corporation, Royal Dutch Shell plc, Carbon Engineering, NRG Energy Inc, and Honeywell International Inc.

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