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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