Westford, USA, June 18, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Carbon Capture, Utilization and Storage Market will attain a value of USD 6.16 billion by 2031, with a CAGR of 11.8% during the forecast period (2024-2031). Carbon capture and storage or CCS is a relatively new technology, that has come forward due to increasing awareness related to the growing environmental impact of carbon emissions. It can minimize CO2 emissions significantly as well as help us to meet demanding climate goals. As a result, it is promoted by governments through several demonstration projects in different industries around the world. CCS is being viewed as a critical technology which can help us in wide-scale adoption of renewable energy sources such as wind and solar, without which fossil fuels will continue to dominate energy generation and consumption patterns.
https://www.skyquestt.com/sample-request/carbon-capture-and-storage-market Carbon Capture, Utilization and Storage Market Overview:Post-Combustion Technology Stands as Dominant Force Amidst Promising R&D Investment and Rising Regulatory PressurePost-combustion technology is highly favored due to its remarkable CO2 recovery rate of up to 800 tonnes/day. It is considered as one of the most effective solutions to extract CO2 emissions from flue gases which is produced during the combustion of fossil fuels either in a power plant or in an industrial setup. Market dominance is further supported by the load of worldwide regulatory pressures to minimize greenhouse gas emissions, resulting in the adoption of CCS solutions in various industries across the globe. Given that the future looks very promising with huge investments in R&D activities, this segment will remain dominant in the market for the foreseeable future. The chemicals and petrochemical segment have been witnessed as the fastest growing sector in the end-use industry segment. This growth rate is mainly driven by strict regulatory requirements and commitments by the private sector to minimize carbon emissions during chemical manufacturing. Due to increasing awareness regarding environmental consequences of chemical manufacturing, companies are now shifting towards adoption of new CCS technologies to capture and store the CO2 emissions. In 2023, North America occupied the highest revenue share. This leadership is mainly due to the massive demand in the oil and gas industry, along with harsh government regulations striving to cut down carbon emissions. As per the Global CCS Institute, over 24 such facilities are capturing CO2 across the world, with 12 in the U.S. The favorable regulatory environment and large industrial base place North America as a critical player in the world market. https://www.skyquestt.com/speak-with-analyst/carbon-capture-and-storage-market
Drivershttps://www.skyquestt.com/report/carbon-capture-and-storage-market Carbon Sequestration Services Market
Activated Carbon Market
Carbon Credits Market
Natural Gas Storage Market
Carbon Neutral Data Centre Market SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific. Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: [email protected]
Visit Our Website: https://www.skyquestt.com/
(GlobeNewsWire)