Carbon Capture And Storage Market Predicted To Reach USD 5.61 Billion By 2030Posted by Neha Bora on June 2nd, 2023 San Francisco, 2 June 2023: The Report Carbon Capture And Storage Market Size, Share & Trends Analysis Report By Application (Power Generation, Oil & Gas), By Capture Technology (Oxy-Combustion, Pre-combustion), By Region, And Segment Forecasts, 2023 - 2030 The global carbon capture and storage market size is expected to reach USD 5.61 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2023 to 2030. Increasing carbon emissions across the globe and concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of carbon capture and storage technology. The European Union has emerged as a global leader by developing CCS as a part of its energy and climate policy in order 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 fueling market growth in the region. Increasing R&D and testing of several pilot projects are expected to lower the CCS technology cost and enhance its commercial viability. Low-carbon investment programs such as NER300 and NER400, which contain provisions regarding the financing of large-scale commercial CCS pilot projects, have accelerated market growth. NER300 is a funding mechanism that has the provision to provide 300 million carbon allowances for subsidizing the construction of CCS demonstration plants. On similar lines, NER400 innovation fund targets the 2021-2030 period to decarbonize industrial production by raising USD 9.97 billion assuming a carbon price of 25.5 USD/ton. Moreover, the development of EU ETS and EPS has majorly propelled CCS technology penetration in the market. The provision of a cap and trade system, which puts a price on carbon emissions, is stimulating the CCS installations across several industries such as power generation, chemical processing, oil & gas, and iron & steel. Access Research Report of Carbon Capture And Storage Market @ https://www.grandviewresearch.com/industry-analysis/carbon-capture-storage-ccs-market Carbon Capture And Storage Market Report Highlights
List of Key Players of Carbon Capture And Storage Market
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