The global carbon capture and storage (CCS) market size value is anticipated to exceed USD 8.75 billion by 2025, according to a new report by Grand View Research, Inc. The rising global energy demand along with the growing awareness towards reducing carbon dioxide emissions in most of the industrial economies is anticipated to drive the CCS market.
Currently, meaningful industrial CO2 capture is required particularly in the power sector.The increasing adoption of gas injection techniques for enhanced oil recovery (EOR) across several matured petroleum reserves globally is expected to be one of the key factors driving CCS demand.
Enhanced oil recovery (EOR) is expected to account for the highest demand with a net worth estimated to reach over 6.18 billion by 2025. Prevalence of factors such as depleting oil reserves globally coupled with heavy dependence on crude oil imports mainly in the Asia Pacific region is anticipated to be one of the major reasons driving the demand for EOR activities globally.
CCS requirement in high purity industrial applications such as natural gas processing, coal-to-liquid (CTL), ammonia, and hydrogen production facilities holds immense potential for project demonstration. The segment is estimated to witness the fastest growth in terms volume of CO2 captured. Carbon capture and storage demand in the industrial sector is expected to grow at a CAGR of 6.2% from 2016 to 2025.
Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/carbon-capture-storage-ccs-market
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