Dependence on fossil-fuels, while detrimental to the environment, could also help support carbon capture and storage (CCS) technology. That is according to a new carbon capture report that was released August 23rd, called “Global Carbon Capture and Storage Market 2021-2025”.
The key finding is that the global carbon capture and storage market is projected to grow by 64.05 million tons during 2021-2025. That is an estimated compound annual growth rate (CAGR) of almost 21% during this period.
The report also segments the market by application, technology, end user and geographical regions of adoption. It covers the market size, forecast and market industry analysis like leading carbon capture and sequestration market vendors.
Company names like Air Products and Chemicals Inc., Babcock and Wilcox Enterprises Inc., Chevron Corp., ENGIE SA, Exxon Mobil Corp., Fluor Corp., General Electric Co., Hitachi Ltd., Praxair Inc., and Royal Dutch Shell Plc – 25 vendors in total, are also part of the analysis to help define information about upcoming trends and challenges for the large-scale deployment of the technology.
The report offers an up-to-date analysis regarding the current global market scenario, drivers, and the overall market environment. Growth is driven by the dependence on fossil fuels for the generation of electricity and the need to adhere to stringent environmental regulations.
The analysis presents a detailed picture of the market and looks at key parameters like profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers.
The Global Carbon Capture and Storage Market 2021-2025 report is using in-depth qualitative and quantitative research to forecast the market growth of this nascent technology. The research could help market players and potential participants in their way to get familiar with the global state of CCS and get ready for the forthcoming future opportunities in this segment.