The global carbon capture and storage (CCS) market is set to cross $6bn by 2026.
That’s according to a recent study by Global Market Insights, a market and strategy consulting firm who says the demand for CCS projects is “flourishing”.
Global Market Insights has said that stringent government regulations towards curtailing greenhouse gas emissions, along with rising demand for CCS technologies to minimise carbon footprints, will propel the industry.
The report released earlier this week predicts that Europe’s CCS market will grow over 10% by 2026, primarily driven by government efforts to deploy emission control technology such as CCS.
Additional key findings from the report include:
- The flourishing demand for CCS projects across the industrial sector due to longer operating life and emission control nature.
- Growing investments across various industries, including chemical, oil & gas, and power generation, driving industry growth.
- Major players such as Mitsubishi Heavy Industries, Japan CCS Co., Ltd, Shell Cansolv, Fluor Corporation, Siemens, Schlumberger Limited, Halliburton are now operating in the CCS market.
- Acceleration of technology trends expected due to positive outlook toward the expansion industries, along with stringent government norms to diminish CO2 emission.