Regarding to the deep analysis of global market monitor report, Carbon Capture and Storage market is projected to witness a considerable increase during the predicted timeframe. Global economic development, government policy adjustment, related industrial dynamics, industry upgrading, and competition among enterprises are influencing the development of Carbon Capture and Storage market. Distinctive and comprehensive picture of Carbon Capture and Storage is embodied in the report. Firstly, the increasing number of industrial projects and oil field recovery projects are the major driving factor for the Carbon Capture and Storage market. Furthermore, rising demand for Co2-EOR new technology and increasing number of environmental issues are propelling market growth. In addition, the rising global energy demand and growing awareness of reducing carbon dioxide emissions are also helpful to promote the Carbon Capture and Storage market growth. On the contrary side, huge initial cost and strict regulations are considered as factors that expected to hinder the market growth.
North America dominated the Carbon Capture and Storage market, and the United States accounted the largest share of the market in this region. This is mainly attributed to the growing demand for clean technology and favorable government regulations. In 2015, under section 111 of clean air act, the U.S. Environmental Protection Agency introduced New Source Performance Standards to limit carbon dioxide emission from natural gas fired and coal fired power plant.
Enhanced oil recovery (EOR) segment is expected be the largest segment of the Carbon Capture and Storage market. Depleting oil reserves globally coupled with heavy dependence on crude oil imports mainly in the Asia Pacific region is anticipated to be one of the major reasons that projected to stimulate the segment growth.
What is Carbon Capture and Storage
Carbon Capture and Storage, is a low carbon technology which captures carbon dioxide (CO2) from the burning of coal and gas for power generation, and from the manufacturing of steel, cement and other industrial facilities. The carbon dioxide is then transported by either pipeline or ship, for safe and permanent underground storage, preventing it from entering the atmosphere and contributing to anthropogenic climate change.
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Report Abstract
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Carbon Capture and Storage Type Classification
Carbon Capture and Storage End-users Classification
Leading Vendors
Key regions
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