Carbon Capture And Storage Market to Reach .61 Billion by 2030: Grand View Research Inc.Posted by Sona Kulkarni on February 9th, 2024 Carbon Capture And Storage Market Growth & Trends The global carbon capture and storage market size is expected to reach USD 5.61 billion by 2030, expanding at a CAGR of 7.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the presence of favorable government policies and funding initiatives in the European Union (EU). Increasing concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of carbon capture and storage technology. Various governments are encouraging the implementation of CCS technology through pilot projects across various industries. This is attributed to the ability of carbon capture and storage technology to serve as a large-scale solution for achieving high CO2 emission reduction targets and climate control goals. The European Union emerged as a global leader by developing CCS as a part of its energy and climate policy to meet the 80%-95% emission reduction target by 2050. Various policies and funding programs favoring the development of more efficient and cost-effective CCS technologies are primarily driving the market in the region. The increasing use of carbon dioxide in enhanced oil recovery (EOR) applications is fueling the demand for carbon capture and storage across the globe over the forecast period. However, the high cost of carbon capture and storage technology may not prove to be a viable solution for many industry players as well as countries globally. Therefore, the high cost of CCS is expected to restrain the growth of the CCS market in the near future. The industry players are adopting several strategies including partnerships, new product launches, expansions, mergers & acquisitions, joint ventures, and partnership agreements to increase the customer base and individual market share. For instance, in June 2023, Technip Energies N.V. announced the launch of CaptureNow which is a platform that brings all the carbon capture, storage, and utilization technologies under one platform. Request a free sample copy or view report summary: Carbon Capture And Storage Market Report Carbon Capture And Storage Market Report Highlights
Access Press Release@ https://www.grandviewresearch.com/press-release/global-carbon-capture-storage-ccs-market Carbon Capture And Storage Market Segmentation Grand View Research has segmented the global carbon capture and storage market based on technology, application, and region: Carbon Capture And Storage Technology Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)
Carbon Capture And Storage Application Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)
Carbon Capture And Storage Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)
List of Key Players in the Carbon Capture And Storage Market
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. Like it? Share it!More by this author |