The global carbon capture and storage market is forecasted to grow at a significant rate owning to its increasing use in applications such as enhanced oil recovery, industrial, and agricultural. Generally, carbon capture and storage refer to the capturing of the carbon dioxide from the various application processes which emit carbon dioxide.
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The major growth drivers identified in the carbon capture and storage market is the rise in the number of industrial projects and oil field recovery projects. With the rapid development of economy, there has been a rise in the infrastructure projects which emits carbon dioxide. Additionally, the enhanced oilfield recovery projects emit the carbon dioxide when the equipment are in process.
On the basis of application, the carbon capture and storage market is categorized into enhanced oil recovery (EOR) process, industrial, and agricultural. During the forecast period, the industrial application is expected to contribute a major share in the market.
Emerging demand for carbon dioxide injection in EOR is an opportunity for the carbon capture and storage market. It is seen carbon dioxide injection is a good displacing agent for the oil recovery services, attributed to the benefits it occurs. The injected carbon dioxide can remove a significant volume of oil which is not possible with the help of traditional forms of oil recovery.
On the basis of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America is the largest consumer for the carbon storage and is expected to dominate the global carbon capture and storage market during the forecast period. In North America, it is seen that U.S. is contributing the largest share of the carbon storage.
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Some of the major players operating in the global carbon capture and storage market are Royal Dutch Shell plc, Halliburton Company, Schlumberger Limited, Aker Solutions ASA, Equinor ASA, Chevron Corporation, Royal Dutch Shell plc, Carbon Engineering, NRG Energy Inc, and Honeywell International Inc.
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