Carbon Capture, Utilization, and Storage Market Growth And Forecast To 2022-2030
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The global demand for carbon capture, utilization, and storage market is primarily driven by growing focus on reducing CO2 emissions, supporting government initiatives and increasing demand for CO2-EOR techniques. Rapid industrialization across the globe has led to surge in emission of carbon dioxide. In order to reduce the carbon footprint, governments of various developed and developing countries such as the U.S., the Netherlands, the UK, China, and India, are setting up large number of CO2 capture and storage plants. This factor is expected to drive the growth of carbon capture, utilization, and storage market over the forecast period. In addition, with the technological advancements, offshore oil & gas exploration & production activities are increasing, which in turn is surging the adoption of gas injection enhanced oil recovery (EOR) techniques. This includes use of carbon dioxide for crude oil extraction. Maturing and depleting oil reserves is expected to fuel the adoption of gas injection EOR techniques for both onshore and offshore wells. Hence, this growing demand for CO2 for EOR activities from oil & gas industry is expected to drive the growth of carbon capture, utilization, and storage market during the forecast period.
The rapid rate of industrialization across the globe has prompted an upward surge in the outflow of carbon dioxide. To diminish the carbon footprint, legislatures of different created and emerging nations like the U.S., the Netherlands, the UK, China, and India, are setting up countless CO2 capture and storage plants. This element is supposed to drive the development of the carbon capture, utilization, and storage market over the estimated time frame, between 2021 and 2030.
Some of the key players of the global Carbon Capture Utilization and Storage market include:
· Halliburton
· Siemens AG
· General Electric
· Hitachi Ltd.
· TotalEnergies SE
· Equinor ASA
· Aker Solutions
· JGC Holdings Corporation
· Mitsubishi Heavy Industries Ltd.
· Royal Dutch Shell Plc
· ExxonMobil Corporation
· Linde Plc
· Fluor Corporation
· TotalEnergies SE
· Honeywell International Inc.
· Other players
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