An innovative technique called carbon capture and storage is utilized to capture and store carbon dioxide (CO2) created during the combustion of fossil fuels in the production of energy and industrial activities. Approximately 90% of the Emissions of co2 may be captured by the device, preventing it from entering the environment.
The CO2 is either used to make valuable goods later on or is kept permanently underground in geological. The majority of it is delivered from carbon capture, utilization, and storage facilities to its final destination through pipelines or ships.
The primary factor propelling the worldwide carbon capture, utilization, and storage market is the growing use of such technologies, including post-combustion, pre-combustion, and oxy-fuel combustion, throughout key industries, including oil and gas and power plants. The industry is on track to hitting a $17,835.6 million value by 2030.
As of right now, according to the International Energy Association, CCUS facilities have the ability to capture more than 40 MtCO2 annually.
Governments are launching various projects all over the world to promote the use of carbon capture, utilization, and storage technology. New laws are continuously being put into place to reduce carbon dioxide emissions from businesses and power plants.
Additionally, China’s government is developing regulations to attain carbon neutrality by the year 2060, which will lead to the establishment of CCUS facilities there. For instance, China made up around 6% of new project developments in 2021.
Additionally, in May 2021, the MEE declared its assistance for CCUS demonstration and pilot projects in free-trade zones. Additionally, the nation provided financial institutions with low-interest loans totaling $13.41 billion in order to reduce carbon emissions in 2021.
Although pre-combustion technology now leads the industry, post-combustion technology demand is expected to grow at a considerable CAGR of 27.6% over the next several years. The expansion of electricity plants in emerging countries like China and India is responsible for this rise. This technique is the most practical way to remove co2 from gases created by burning fossil fuels to generate electricity.
Read more: https://www.psmarketresearch.com/market-analysis/carbon-capture-and-storage-market