Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Product Overview
Carbon capture and storage (CCS) is the process of storing waste carbon di-oxide especially from various sources including power plants. Carbon capture and storage reduces fossil fuel emission which leads to global warming. It also pollutes the ocean which may lead to death of oceanic animals. There are various types of technologies for carbon capture and storage such as post-combustion, pre-combustion, and oxyfuel combustion. In post combustion technology carbon di-oxide is removed after the combustion of fossil fuels .In pre combustion fossil fuel is moderately oxidized. In oxy-fuel combustion, the fossil fuel is burned in oxygen instead of air in the combustion chamber.
Market Size and Forecast
The global carbon capture and storage (CCS) market is anticipated to expand at a CAGR around 11.5% during 2018-2027. It is projected to reach around USD 7.8 billion by 2027. The rising environmental concern coupled with increasing demand from various energy sectors is anticipated to increase the market growth for the global carbon capture and storage (CCS) market during the forecast period.
The global carbon capture and storage (CCS) market can be segmented on the basis of service, technology, application and end-user. On the basis of services, it is sub-segmented into carbon storage, carbon transportation and carbon capture. On the basis of technologies, it is sub-segmented into pre-combustion capture, post combustion capture, oxy-fuel combustion capture and industrial separation capture. On the basis of application it is sub-segmented into industries, agriculture and enhanced oil recovery (EOR) process. Enhanced oil recovery (EOR) process sub-segment is anticipated to expand at fastest rate on the account of rising usage of carbon di-oxide in the oil and gas industries in order to reduce pressure. On the basis of end–user type, it is sub-segmented into food & beverages, manufacturing sector, coal and biomass power plants, iron & steel, oil and gas sector and chemical industries. Oil and gas sector is anticipated to be the fastest growing sub-segment on the account of the rising usage of carbon capture and storage (CCS) in oil and gas industry in order to conserve the environment from pollutants. By region, global carbon capture and storage (CCS) market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to lead the global carbon capture and storage (CCS) market on the account of high number of oilfields in the region. The expansion of shale gas techniques is anticipated to propel the market growth of the carbon capture and storage (CCS) in the region.CLICK TO DOWNLOAD FREE SAMPLE
Market Segmentation
Our in-depth analysis segmented the global carbon capture and storage (CCS) market in the following segments:
By Services Type:
By Technologies Type:
By Applications Type:
By End-Users Type:
By Region
Global carbon capture and storage (CCS) market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The rising demand for the clean energy and reduction in the amount of carbon di-oxide is anticipated to drive the global carbon capture and storage (CCS) market over the forecast period. The increasing environmental concern in various regions across the globe is major factor anticipated to fuel the demand for the carbon capture and storage (CCS). The stringent government regulations pertaining to emission of greenhouse gases are anticipated to boost the market growth of global carbon capture and storage (CCS) market.
However, high initial cost associated with the carbon capture and storage (CCS) equipment is a major restrain for the global carbon capture and storage (CCS) market.
Key Players
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