Carbon Capture & Storage Market to Reach USD$6B

A recent report by Global Market Insights, a market and strategy consulting firm, says the global carbon capture and storage (CCS) market to set to cross USD$6 billion by 2026.

This is due to stringent government regulations towards curtailing greenhouse gas emissions, along with rising demand for CCS technologies to minimize carbon footprints.

The report predicts that Europe’s CCS market will grow over 10% by 2026, primarily driven by government efforts to deploy emission control technology such as CCS.

Additional findings from the report include:

• The flourishing demand for CCS projects across the industrial sector due to longer operating life and emission control nature.

• Growing investments across various industries, including chemical, oil & gas, and power generation, are estimated to drive industry growth.

• Major players such as Shell, Fluor, Siemens, are Schlumberger are now operating in the CCS market.

• Acceleration of technology trends are expected due to positive outlook toward the expansion industries, along with stringent government protocols to diminish CO2 emissions.

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