However, the key problem that industry professionals face is the requirement of large capital expenditures (CAPEX) to set up new carbon capture plants. While this issue is likely to be resolved quickly, climate degradation needs to be tackled long-term with stern actions. The coronavirus infection has obstructed almost all economies and forced many countries to go under lockdowns to contain the outbreak. The global pandemic has emerged as the most significant health problem, stopping nearly all the operations across industries. The seized CO 2 is transferred by multiple modes such as pipelines and tankers for storage in deep aquifers or reservoirs beneath the earth’s surface.ĬOVID-19 Impact: Halting of Operations & Decline in Economy to Affect Growth The capture of CO 2 is usually performed through numerous procedures such as pre-combustion, oxy-fuel, post-combustion, industrial separation, or an amalgamation of various industrial processes. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.ĬCS technology involves trapping, transportation, and storing harmful carbon dioxide emissions from various sources. The market is projected to grow from USD 2.01 billion in 2021 to USD 7.00 billion in 2028 at a CAGR of 19.5% in the 2021-2028 period. Based on our analysis, the global Carbon capture and sequestration (CCS) market will exhibit a substantial growth of 12.2% in 2020. The global impact of COVID-19 has been unprecedented and staggering, with carbon capture and sequestration witnessing a positive demand shock across all regions amid the pandemic. The global carbon capture and sequestration market size was USD 1.96 billion in 2020.
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