April 05, 2022
WELLESLEY, Mass., April 05, 2022 – The global focus on reducing the carbon footprint has shot carbon capture, utilization, and storage (CCUS) technologies into the spotlight. According to BCC Research’s in-depth Carbon Capture, Utilization & Storage Technologies Report, robust growth is expected in the global CCUS technologies market.
The outbreak of COVID-19 in 2020 and following mandatory lockdowns in various countries afterward affected the overall CCUS market by obstructing the operations of power plants, natural gas processing plants, and other carbon-emitting industries. During the pandemic, global carbon emissions dropped by 5-6%, but with the emissions rapidly rising again, the mission continues strong.
Along with the focus on reducing carbon dioxide emissions, the global CCUS market is driven by the increasing demand for CO2-EOR techniques worldwide. Expanding industrialization has contributed to increased carbon dioxide emissions. Countries such as the U.S., the Netherlands, China, and India, are establishing a large number of CCUS plants across various industries. However, factors such as the high cost of CCUS facility operation and implementation restrain the market to some extent. Nonetheless, “CCUS is regarded as a cost-effective solution for large-scale emission reductions for some industrial and fuel transformation processes.”
Carbon Capture, Utilization & Storage Technologies( EGY037F )
Publish Date: Mar 2022
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