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Global Carbon Capture and Storage Market to Grow 9 Percent
New York Ag Connection - 03/16/2017

Research and Markets has announced the addition of the "Global Carbon Capture and Storage Market 2017-2021" report to their offering. The global carbon capture and storage market to grow at a CAGR of 9.18% during the period 2017-2021.

The report covers the present scenario and the growth prospects of the global carbon capture and storage market for 2017-2021. To calculate the market size, the report analyzes business dimensions with an eye on individual growth trends and contribution of upcoming market segments. The report also includes a discussion of the key vendors operating in this market.

The use of CCS technology is one of the novel ideas that help reduce the amount of CO2 released into the atmosphere by fossil fuel-dependent industries such as power generation and oil and gas processing. The basic functioning of the CCS technology includes capturing the CO2 before its release into the atmosphere and then transporting and storing it in an environmentally safe location.

According to the report, one of the major drivers for this market is a growing demand to reuse CO2. The growing demand for the reuse of CO2 will drive the growth of the global CCS market in the future. In addition, the diversification of CO2 generation sources for CCS is essential in encouraging power utility companies to integrate CCS technologies into their projects.

Market dynamics include:

- Over-dependence on fossil fuels

- Growing demand to reuse CO2

- Hike in investments and advances in technology

- Need to adhere to stringent environmental regulations

Meanwhile, market challenges are:

- Risks associated with CCS

- High implementation cost of CCS technology

- Scalability issue in CCS transportation

And the report sees market trends of:

- Growing popularity of CCS projects in developing nations

- Apprehensions related to the application of EOR

- Need regulatory support from governments

- Significant increase in demand for EOR techniques

Key vendors in the market include Babcock & Wilcox, ENGIE, GE Power, The Linde Group and Mitsubishi Heavy Industries. Other prominent vendors are Air Products and Chemicals, Aker Solutions, Amec Foster Wheeler, Chevron, Fluor, Hitachi, Net Power, Schlumberger, Shell, Siemens, Statoil and Sulzer.

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