Carbon Capture and Storage Market Worth $ 6.15 Billion, Globally, by 2027 at 7.88% CAGR

Verified Market Research

- Rising industrialization rate coupled with raising investment for manufacturing facilities, increasing energy demands, coupled with towering investment toward the upstream & downstream sectors, are primarily driving the market

JERSEY CITY, N. J., Jan. 25, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Carbon Capture and Storage Market By Technology (Pre combustion capture, Post combustion capture, and Oxy-fuel combustion capture), By End-User (Oil and Gas, Coal and Biomass Power Plant, Iron and Steel, Chemical, and Others), By Geography". According to Verified Market Research, the Global Carbon Capture and Storage Market was valued at USD 3.36 billion in 2019 and is projected to reach USD 6.15 billion by 2027, growing at a CAGR of 7.88% from 2020 to 2027.

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Browse in-depth TOC on "Carbon Capture and Storage Market"

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Global Carbon Capture and Storage Market Overview

The global carbon capture and storage market is principally driven by the rising industrialization rate coupled with raising investment for manufacturing facilities. Various governmental strategies to decrease greenhouse gas emissions in many industries will moreover support the demand for carbon capture and storage throughout the forecast period. Additionally, the improved oilfield recovery plans release carbon dioxide when the machine is in process. This released carbon dioxide requires being stored, thus driving the carbon capture and storage market. Moreover, increasing energy demands, coupled with towering investment toward the upstream & downstream sectors, will besides improve the carbon capture and storage market outlook. Additionally, serious concern about the increasing CO2 emission and the increasing energy demands among the management and societies, which eventually drives the carbon capture and storage market. Furthermore, the rising adoption of highly efficient power generation cycles along with technological improvements in the field is feeding the industry development.