The report, now available on ASDReports, "Carbon Capture and Sequestration Market by Service type (Capture (Pre-Combustion, Post-Combustion, & Oxy-Fuel), Transport, and Sequestration), by Application (EOR, Industrial, and Agricultural), and by Region - Global Trends and Forecast to 2021", The carbon capture & sequestration market is projected to grow from an estimated USD 4.25 Billion in 2016 to USD 8.05 Billion by 2021, at a CAGR of 13.6% from 2016 to 2021. Factors such as growing demand for power & CO2-EOR techniques and rising environmental concerns across the globe are driving the market.
Industrial Application the fastest growing segment of carbon capture and sequestration
The industrial application segment is expected to grow at the highest CAGR during the forecast period. Industrial processes such as cement production, natural gas processing facilities, food & beverage manufacturing emit huge amount of greenhouse gas, and hence, the demand for carbon capture and sequestration technology is expected to increase in industries to reduce emissions.
Capture Service the largest segment in the carbon capture & sequestration market
The capture segment occupied the largest market share in the carbon capture & sequestration market in 2015. The segment has further been segmented into pre-combustion, post-combustion, and oxy-fuel. In 2015, the pre-combustion segment held the largest market share, owing to increase in number of projects.
North America to dominate the market
In this report, the carbon capture & sequestration market has been analyzed with respect to six regions, namely, North America, Africa, Asia-Pacific, South America, Europe, and the Middle East. North America is estimated to dominate the market, owing to factors such as more number of coal- and gas-fired power plants, which emit more greenhouse gases when compared with other sources of power generation. Furthermore, Supreme Court of the United States has proposed a carbon trading scheme, named US Clean Power Plan on February 2016, which is expected to be implemented from 2017. This scheme aims at curbing carbon pollution from the power plants in the U.S. In addition, the Canadian government, along with the industry partners, is conducting research on developing CCS technology at Alberta’s two largest universities. This creates huge opportunities for carbon capture and storage market in Canada.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the carbon capture & sequestration market including Fluor Corporation (U.S.), Linde AG (Germany), Shell CANSOLV (U.S.), Siemens (Germany), and Mitsubishi Heavy Industries (Japan), among others. These players are trying to penetrate developing economies and are adopting various methods to increase their market share.
Read more on ASDReports!
Source: ASDReports - Market Research
Date: Aug 15, 2016