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