GLOBAL CARBON CAPTURE AND SEQUESTRATION MARKET IS EXPECTED TO FORESEE SIGNIFICANT GROWTH. EUROPE AND ASIA-PACIFIC TO BE THE LARGEST GAINER
Global Carbon Capture and Sequestration Market is expected to reach the market valuation of US$ 9.99 billion by 2027 expanding at a reasonable CAGR of 12.97% during the forecast period (2021-2027) from US$ XX million in 2020. Owing to the increased government spending and digitalization of energy sector, and rising demand for capturing CO2 emitted for future use, is expected to drive the market for Carbon Capture and Sequestration technique during the forecast period.
Promotion carbon capture deployment at different levels would be required to meet climate goals. Doing so would create ample employment opportunity in the carbon capture industry, including both project jobs (primarily construction) and operational jobs featuring a mix of skill levels. If the technology is deployed globally to address emissions as part of a broad suite of zero or low carbon technologies, the carbon capture industry would employ between 70,000-100,000 construction workers and between 30,000-40,000 facility operators by 2050, with additional employees to build and maintain CO2 transport and storage network. Globally, there are 21 large-scale facilities capture approximately 42 million of CO2 per year in operation, with US being home of 13 commercial-scale carbon capture facilities, with the capacity to capture 25 million tons of CO2 annually.
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Covid-19 pandemic have impacted all section of the society and industry and Carbon Capture and Sequestration market is no exception. The global demand for Carbon Capture and Sequestration decreased in 2020 and is expected to witness the trend in the FY2021. Covid-19 pandemic has resulted in slow growth of the energy and power sector in most of the economies globally, as many countries are resorting to nationwide lockdowns to prevent a spread of the virus. As per IEA estimates the global carbon capture industry will require to scale-up to over 2,000 facilities capturing 2.8 gigatons of CO2 per year to reach temperature target to 2°C.
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- Based on service the Global Carbon Capture and Sequestration Market is bifurcated into Capture (Pre-combustion, Post-combustion, Oxyfuel combustion), Transport, Sequestration
- Based on capture source, the Global Carbon Capture and Sequestration Market is bifurcated into Chemicals, Natural Gas Processing, Power Generation, Fertilizers Production, Others. In 2020, Chemicals, Natural Gas Processing, Power Generation segments dominated the market
- Based on End-use, the Global Carbon Capture and Sequestration Market is bifurcated into EOR Process, Industrial, Agricultural, Others (Healthcare and others). Currently, EOR Process segment dominated the market and is expected to maintain its dominance during the forecast period.
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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Russia, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World. Europe dominated the market in 2020, however, increasing CO2 emission in the Asia-Pacific region and the growing demand for CO2 capturing and use in future, would propel the region to grow at a higher CAGR growth. Some of the major players operating in the market include Fluor Corporation, Linde AG, Shell, BP, Chevron, Total SA, NRG Energy, China National Petroleum Corporation, ExxonMobil, ADNOC Group.
Global Carbon Capture and Sequestration MarketSegmentation
Market Insight, by Service
- Oxyfuel combustion
Market Insight, by Capture Source
- Natural Gas Processing
- Power Generation
- Fertilizers Production
Market Insight, by End-Use
- EOR Process
- Others (Healthcare and others)
Market Insight, by regions
- North America Carbon Capture and Sequestration Market
- United States
- Rest of North America
- Europe Carbon Capture and Sequestration Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Carbon Capture and Sequestration Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Carbon Capture and Sequestration Market
Top Company Profiles
- Fluor Corporation
- Linde AG
- Total SA
- NRG Energy
- China National Petroleum Corporation
- ADNOC Group