In 2022, the worldwide carbon capture and storage market is expected to be worth roughly $4.2 billion. With increasing global use of carbon capture and storage technologies, overall demand is expected to grow at a CAGR of over 14% from 2022 to 2032, reaching a valuation of over US$ 9 billion by 2032.
Globally, large quantities of fossil fuels are consumed for a variety of industrial processes such as those in steel industries, cement industries and in power generation. Combustion of fossil fuels at such a large scale results in emission of carbon dioxide and other greenhouse gases in to the atmosphere.
Ever increasing amount of these gases in the atmosphere have resulted in irreversible phenomena such as climate change, depletion of ozone among the others. Sighting these and several other imminent threats, an ingenious technology namely Carbon Capture and Storage (CCS) has been increasingly adopted across the globe in recent years. Carbon Capture and Storage (CCS) is a process wherein up to 90% of carbon dioxide emissions produced as a result of combustion of fossil fuels, are captured.
Thus, preventing them from entering the atmosphere. The process comprises three steps, first step involves capturing the carbon dioxide which is emitted, second step involves transportation of the captured carbon dioxide and the third step involves its secure storage.
Carbon Capture and Storage Market: Drivers & Restraints
The growing concerns as regards the environmental hazards and irreversible changes resulting from the emissions in to the atmosphere have resulted in implementation of stringent regulations pertaining to emissions into the atmosphere. These in turn have prompted companies across the globe to develop processes that are efficient at the same time are environmentally friendly.
The ever growing use of fossil fuels and industrial growth both in developed and developing parts of the world is expected to drive the demand, proliferation of Carbon Capture and Storage technology, in turn resulting in growth of global carbon capture and storage market.
Moreover, the fact that, implementation of Carbon Capture and Storage technology provides a relatively more viable option than that of switching over to use of alternative energy resource, is expected to drive the growth of global Carbon Capture and Storage market across the globe.
Carbon Capture and Storage Market: Region-wise Outlook
On the basis of geographic regions of the globe, global Carbon Capture and Storage market is segmented into seven major segments. These key regional market segments are North America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa, Latin America Carbon Capture and Storage markets. North America carbon capture and storage market is among the leaders as far as adoption of Carbon Capture and Storage technology is concerned. It is expected to register steady growth during the forecast period.
These insights are based on a report on Carbon Capture and Storage (CCS) Market by Future Market Insights