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The global carbon capture and storage market is anticipated to witness a remarkable compound annual growth rate of 13.4% between 2023 and 2033, reaching a valuation of over $10.2 billion in 2033, reports Fact.MR, an intelligence and market research firm.
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Carbon capture and storage (CCS), an advanced process involving the capture, utilisation, and storage of carbon dioxide, is gaining traction due to increasingly stringent environmental regulations and standards. The process encompasses the extraction of carbon dioxide from fuel combustion or industrial processes, its transportation via ship or pipeline, and its subsequent utilisation in producing goods or services or permanent underground storage in geological formations.
At present, the global CCS infrastructure supports capturing 44 metric tonnes of carbon dioxide a year worldwide. However, efforts are underway to upgrade the infrastructure to achieve net-zero carbon–emissions goals by 2050. Currently, approximately 35 commercial facilities are utilising CCS for electricity generation, fuel transformation, and industrial operations. The aim is to achieve a carbon-capturing capacity of 1,286 metric tonnes of carbon dioxide a year by 2030.
The United States and China have emerged as prominent investment hubs in this sector. These countries have witnessed increased government investment and growing awareness about environmental health concerns, leading to significant market growth.
Some key takeaways from the market study indicate that by 2033, the global CCS market is expected to surpass $10.2 billion. Furthermore, pre-combustion technology has emerged as the most innovative method within the CCS market, projected to grow at a compound annual growth rate of 15.1% during the forecasted period.
The study further notes that North America is anticipated to account for 38.2% of the global demand for CCS in 2023; the oil and gas industry is the largest user of CCS services, representing approximately 35.3% of the market; and China's expanding industrial sector presents lucrative growth opportunities for market players.
Fact.MR analysts state that the growing demand for decarbonisation solutions holds immense potential for billions in economic development, offering significant growth opportunities for CCS market players.
In terms of market development, the global CCS market exhibits slight fragmentation, limiting manufacturers' growth potential. Due to high project costs, CCS service providers conclude contracts with end-use industries to channel captured carbon and generate revenue. Prioritised strategic collaborations are provided by CCS service to drive decarbonisation solutions across various sectors.
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