Carbon Capture and Sequestration Market Size , Share , Growth and Forecast to 2024 | Hexa Research
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Carbon Capture and Sequestration Market Size , Share , Growth and Forecast to 2024 | Hexa Research
" The global Carbon Capture and Sequestration Market is expected to reach over USD 19 billion by 2024 growing at a CAGR of over 25 % from 2016 to 2024 . "
The worldwide carbon capture & sequestration Market is projected to grow at a CAGR of 25 % from 2016 to 2024 reaching nearly USD 19 billion by 2024 . This industry could witness significant growth over the next few years owing to high investments in emission reduction technologies . Moreover , in-depth research and exploration activities may also propel demand .
Factors attracting investment are popularity of clean power technologies and implementation of discharge compliance norms . Regulations from the U . S . transportation department & the EPA for medium and heavy - duty vehicles can improve the demand for carbon capture technology . Since this market is i n the nascent stage , there is no clarity on the price of stocked up carbon . This may hamper demand in the forthcoming years .
The global Carbon Capture & Sequestration Market is divided into applications , technologies , and regions . Based on applications , the industry is segmented into industrial , agriculture , and Enhanced Oil Recovery ( EOR ). The EOR segment witnessed the highest demand and contributed to more than 50 % of the overall revenues in 2015 . Volatile prices of crude oil may propel market penetration in EOR applications in the forthcoming years .
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