Latest News- Carbon Capture And Storage (CCS) Market: Pre-combustion is expected to lead the Technology segment during 2025-2029

The Carbon Capture And Storage (CCS) Market is being driven by Dependence on fossil fuels for generation of electricity

The Carbon Capture And Storage (CCS) Market is expected to grow at a CAGR of 26.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 15831.6 million. In developed economies, the carbon capture and storage (CCS) market has gained considerable traction as these nations prioritize the reduction of carbon emissions in their mature power generation sectors. With advanced technologies and energy demands met, substantial investments have enabled a shift towards low-carbon technologies. Conversely, developing economies, including China, India, and Brazil, are primarily focused on energy security due to their early stages of economic development and heavy reliance on coal for energy provision to their vast populations and industries. These nations, particularly China and India, account for significant global coal consumption, making CCS a crucial consideration for their future energy strategies. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Pre-combustion
  • Post-combustion
  • Oxy-fuel combustion
• Application
  • Enhanced oil recovery
  • Geological storage
• Distribution Channel
  • Pipeline
  • Ships
• End-user
  • Power and oil and gas
  • Manufacturing
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
  • Europe
    • Germany
    • UK
    • Norway
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Dependence on fossil fuels for generation of electricity
• Hike in investments and advances in technology
• Need to adhere to stringent environmental regulations

However, the market also witnesses some limitations, which are as follows:

• Risks associated with carbon capture and storage
• High implementation cost of carbon capture and storage technology
• Rising demand for renewable energy sources

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Market Scope in Carbon Capture And Storage (CCS) Market Research Report

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Research Analysis Overview

The Carbon Capture and Storage (CCS) market focuses on mitigating the environmental impact of fossil fuel usage and industrial processes by capturing and storing carbon dioxide (CO2) emissions. This technology is crucial in reducing greenhouse gas emissions, contributing to the prevention of ozone depletion and climate change. CCS is applied in electricity generation, industrial processes, and power plants through methods like pre-combustion capture and oxy-fuel combustion. Regulations and policies, tax benefits, and the shift towards green energy sources drive the demand for CCS technology. Industrial sources, energy needs, and carbon footprints are significant factors influencing the market. Major technology providers are investing in CCUS to meet the growing demand for sustainable solutions in power generation and industrial plants.

Market Research Overview

In the business sphere, the Carbon Capture and Storage (CCS) market focuses on mitigating the environmental impact of fossil fuel usage and industrial processes. This sector primarily deals with the capture, transportation, and storage of carbon dioxide (CO2) emissions. The global CCS market size encompasses the consolidated revenue of companies involved in CO2 capture technology, transportation infrastructure, and geological storage solutions. Drivers for market expansion include stringent environmental regulations, the need to reduce greenhouse gas emissions, and the prevention of ozone depletion and climate change. Supportive government policies and targets for the deployment of clean energy technologies further bolster market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/