Major players in the carbon capture, utilization and storage market are Exxon Mobil, Royal Dutch Shell, Aker Solutions, Linde, NRG Energy, Fluor, General Electric, Honeywell, Mitsubishi Heavy Industries and Dakota Gasification Company.
New York, June 10, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Carbon Capture, Utilization, And Storage Global Market Report 2022” – https://www.reportlinker.com/p06284613/?utm_source=GNW
The global carbon capture, use and storage market is expected to grow from $1.62 billion in 2021 to $1.91 billion in 2022 at a compound annual growth rate (CAGR) of 17.6 %. The market is expected to reach $3.62 billion in 2026 at a compound annual growth rate (CAGR) of 17.4%.
The carbon capture, utilization and storage market includes sales of carbon capture, utilization and storage technologies by entities (organizations, independent traders and partnerships) that are committed to providing solutions clean and efficient energy. Carbon Capture, Utilization and Storage (CCUS) is a set of methods and technologies for removing CO2 from flue gases and the atmosphere, recycling it for use and establishing safe and long-term storage choices.
The main technologies involved in carbon capture, utilization and storage are pre-combustion, post-combustion and oxy-combustion. Pre-combustion capture is the process of extracting CO2 from fossil fuels before they are burned.
The various services include capture, transport, use, storage and are implemented in various verticals such as oil and gas, power generation, iron and steel, chemicals and petrochemicals, cement and other end-use industries.
North America was the largest region in the Carbon Capture, Utilization and Storage Market in 2021. Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, East, North America, South America, Middle East and Africa.
Increased focus on reducing carbon dioxide (CO2) emissions across the globe is contributing to the growth of the carbon capture, utilization and storage (CCUS) market. Carbon dioxide emissions are increasing due to the burning of fossil fuels such as oil or gas. to power cars or create electricity, causing respiratory ailments and global warming by trapping heat.
The CCUS absorbs CO2 using various technologies and uses or stores it instead of releasing it into the atmosphere. Countries and companies are trying to reduce carbon dioxide emissions to reduce global warming.
For example, according to the United Nations, 110 countries have pledged to become carbon neutral by 2050. Additionally, according to the International Energy Agency, in May 2020, three oil companies, Equinor, Shell and Total, pledged to invest $700 million in the Northern Light offshore CO2 storage project to reduce carbon dioxide emissions.
Hence, the focus on reducing carbon dioxide emissions is driving the carbon capture, utilization and storage market.
Growing investment by governments and organizations is an emerging trend in the carbon capture, utilization and storage market. Big companies and governments are focusing on investing in carbon capture, use and storage projects to reduce carbon emissions.
For example, in July 2020, the U.S. Department of Energy awarded the FLExible Carbon Capture and Storage (FLECCS) project an $11.5 million grant to address key grid carbon capture and storage needs. electricity in the country. The FLECCS project aims to facilitate the next generation of flexible, low-cost, low-carbon power grids, as well as implement carbon capture and storage (CCS) retrofits for existing power generators that consume carbon-containing fossil fuels such as natural gas. or biogas and produce electricity.
In November 2020, Baker Hughes, an American company that provides carbon capture and storage services, acquired Compact Carbon Capture (3C) for an undisclosed amount. The acquisition reinforces Baker Hughes’ strategic commitment to leading the energy transition by providing carbon decarbonization solutions. – intensive industries such as oil and gas, as well as broader industrial operations.
Compact Carbon Capture (3C) is a Norway-based technology company specializing in the development of carbon capture solutions.
The countries covered by the Carbon Capture, Utilization and Storage market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06284613/?utm_source=GNW
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