Carbon capture and storage (CCS) (or carbon capture and sequestration or carbon control and sequestration) is the process of capturing waste carbon dioxide (CO2) from large point sources, such as fossil fuel power plants, transporting it to a storage site, and depositing it where it will not enter the atmosphere, normally an underground geological formation. The aim is to prevent the release of large quantities of CO2 into the atmosphere (from fossil fuel use in power generation and other industries). It is a potential means of mitigating the contribution of fossil fuel emissions to global warming and ocean acidification. Although CO2 has been injected into geological formations for several decades for various purposes, including enhanced oil recovery, the long-term storage of CO2 is a relatively new concept.
𝐆𝐞𝐭𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞@ https://bit.ly/3kcBQVT
The strategy holds high relevance for nations that are diversifying their energy portfolios but are anticipated to remain dependent on fossil fuels for decades to satiate their energy demand.
The Global Carbon Capture and Storage (CCS) Market size was valued at USD 1.7 billion in 2021 and is expected to grow by USD 3.27 billion in 2030 at a CAGR of 10%.
The rising rate of industrialization, combined with increased investment in manufacturing facilities, is driving the global carbon capture and storage industry.
One of the most important driving factors affecting the growth of the worldwide carbon capture and storage (CCS) market in the future years is increased demand from the oil and gas sector, particularly in the domain of Enhanced Oil Recovery (EOR).
👉 Key Market Players:
Fluor (U.S.)
Exxon Mobil Corporation. (U.S.)
Carbon Engineering Ltd. (Canada)
Abu Dhabi National Oil Company (UAE)
Equinor ASA (Norway)
China National Petroleum Corporation (China)
Dakota Gasification Company (U.S.)
Shell (Netherlands)
BP p.l.c. (U.K.)
Chevron Corporation. (U.S.)
Linde plc (Ireland)