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Carbon Capture and Sequestration Market Worth $6.13 Billion at 19.2% CAGR; Need to Lower Carbon Emission will Favor Growth: Fortune Business Insights(TM)

Pune, India, Jun 09, 2021 (GLOBE NEWSWIRE via COMTEX) --

The global carbon capture and sequestration (CCS) market is set to gain traction from the increasing partnerships between industry giants to commercialize the CCS technology by completing large scale production facilities. This information is given by Fortune Business Insights(TM) in a new report, titled, "Carbon Capture and Sequestration Market Size, Share & COVID-19 Impact Analysis, By End Use (Enhanced Oil Recovery (EOR) and Dedicated Storage), By Capture Source (Chemicals, Natural Gas Processing, Power Generation, Fertilizers Production, and Others), and Regional Forecast, 2020-2027." The report further states that the CCS market size was <b>USD 1.75 billion</b> in 2019 and is projected to reach <b>USD 6.13 billion</b> by 2027, exhibiting a CAGR of 19.2% during the forecast period.

The emergence of the COVID-19 pandemic has taken a toll on the global economy. Various companies have halted their operations because of the disruptions in supply chains and complete lockdown measures implemented by the regulatory bodies. The medical institutions are striving to invent a vaccine to cure coronavirus. Our reports would help you in regaining business confidence by selecting the best strategy.

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<b>This Report Answers the Following Questions:</b>

-- What are the market growth drivers, hindrances, and dynamics?

-- Which companies would lead the market by generating the largest revenue?

-- How will the companies surge sales of CCS amid the COVID-19 pandemic?

-- Which region and segment would dominate the market in the coming years?

<b>Drivers & Restraints-</b>

<b>Increasing Government Action Plans to Curb Emissions of Greenhouse Gases to Aid Growth</b>

The governments of various countries are introducing stringent action plans to eliminate the problem of carbon emissions and to normalize climate change for a longer period of time. The major driver for the carbon capture and sequestration market growth is the implementation of stern steps for curbing and monitoring the emissions of greenhouse gases (GHG) from every power generation facility.

The International Energy Agency (IEA), for instance, mentioned that the global energy-related CO2 emissions was 32.2 gigatonnes (Gt) in 2015. It surged to 33.3 Gt in 2019, thereby exhibiting an increase of up to 3.4% in only 5 years. However, the outbreak of the COVID-19 pandemic is set to impact the market for CCS severely backed by the halting of operations in various countries.


<b>Natural Gas Processing Segment to Grow Steadily Backed by Rising Demand for Energy</b>

Based on capture source, the market is divided into chemicals, natural gas processing, fertilizers production, power generation, and others. Out of these, the natural gas processing segment earned 47.3% in terms of CCS market share in 2019. This growth is attributable to the presence of high capacity production plants, as well as the increasing demand for energy. In addition to this, the rising production of oil and gas worldwide is further leading to the construction of new processing facilities. It would also contribute to the growth of this segment.

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<b>Regional Analysis- </b>

<b>North America to Lead Fueled by Rising Investments in Research & Development Activities </b>

In 2019, North America generated USD 1.30 billion in terms of revenue. The region is anticipated to dominate the global market on account of the presence of several high capacity carbon capture and sequestration plants in this region. Coupled with this, the rising number of investments in numerous research & development activities would propel growth. Asia Pacific, on the other hand, is likely to grow considerably owing to the presence of high volume storage locations, mainly across the subsea gas and oil reservoirs in this region.

<b>Quick Buy : </b><b>Carbon Capture and Sequestration Market</b><b> Research Report: </b>

<b>Competitive Landscape-</b>

<b>Key Players Focus on Collaboration Strategy to Gain a Competitive Edge</b>

The market for CCS consists of a large number of prominent companies that are presently trying to engage in partnerships and collaborations with other local companies for gaining a competitive edge. Below are two of the latest key industry developments:

-- <b>April 2020</b>: Aker Solutions bagged the technological approval from DNV GL for its CCS systems. They will be utilized to capture carbon emissions at a cement plant in Norway.

-- <b>July 2020</b>: Four major companies signed an agreement to create a carbon capture, utilization and sequestration (CCUS) system for capturing and using carbon dioxide in Singapore.

Fortune Business Insights(TM) lists out the names of all the carbon capture and sequestration providers present in the global market. They are as follows:

-- Fluor Corporation (U.S.)

-- ExxonMobil (U.S.)

-- Carbon Engineering Ltd. (Canada)

-- ADNOC Group (UAE)

-- Equinor (Norway)

-- China National Petroleum Corporation (China)

-- Dakota Gasification Company (U.S.)

-- Shell (Netherlands)

-- BP (UK)

-- Chevron (U.S.)

-- Linde (Ireland)

-- Total (France)

-- Aker Solutions (Norway)

-- NRG Energy (U.S.)

<b>Major Table of Contents:</b>

TOC Continued...!

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<b>About Us:</b>

Fortune Business Insights(TM) offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights(TM), we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

<b>Contact Us:</b>

Fortune Business Insights(TM) Pvt. Ltd.

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