NEW YORK, Aug. 17, 2016 /PRNewswire/ -- "Carbon capture and sequestration market projected to grow at a CAGR of 13.4% from 2016 to 2021"
The carbon capture and sequestration market is projected to reach USD 8.05 billion by 2021, growing at a CAGR of 13.4% during the forecast period. The growing demand for the reduction of greenhouse gas (GHG) and increasing demand for CO2-EOR techniques are acting as the drivers for the carbon capture and sequestration market
"EOR Process covered large market share of the carbon capture and sequestration market"
In terms of market, by application, the EOR Process for the carbon capture and sequestration market covered largest market share in 2015. Earlier, most of the CO2 used for EOR techniques was recovered from naturally-occurring reservoirs. However, now-a-days, new technologies are being developed in order to produce CO2 from industrial applications such as ethanol, fertilizer, hydrogen plants, and natural gas processing where naturally-occurring reservoirs are not available. EOR techniques include thermal recovery, gas injection, and chemical injection. This creates demand for carbon capture and sequestration market.
"North America: The largest market for carbon capture and sequestration solutions"
North America is estimated to be the largest market for carbon capture and sequestration solutions, followed by Asia-Pacific and the Middle East. U.S. accounted for the largest share in the North American carbon capture and sequestration market in 2015, and is projected to grow at the highest CAGR from 2016 to 2021. Power generation in the U.S. has traditionally been dominated by coal-fired power plants. However, low natural gas prices have led to large expansion in the nation's gas-fired power plants, whose capacity has more than doubled in the decade leading up to 2012. In addition, the U.S. Supreme Court has proposed a carbon trading scheme, named US Clean Power Plan on February 2016, which is expected to be implemented from 2017. This scheme aims at curbing carbon pollution from the power plants in U.S. These factors are expected to fuel the demand for carbon capture and sequestration market.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, corporate-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 35%, Tier 2- 45%, and Tier 3- 20%
By Designation: Corporate Level- 35%, Manager Level- 25%, and Others*- 40%
By Region: The Middle East- 35%, North America -30%, Asia-Pacific- 20%, Europe- 10%, and ROW- 5%
* Note: *Others include product managers, marketing managers, and sales managers.
The tier of the companies has been defined based on their total revenue, as of 2016: Tier 1 = >$20 billion, Tier 2 = $10 billion to $20 billion and Tier 3 =
<$10 billion>Leading players in this industry have been profiled, along with their recent developments and other strategic activities. These include Fluor Corporation (U.S.), Linde AG (Germany), Shell CANSOLV (USA), Siemens (Germany), and Mitsubishi Heavy Industries (Japan), among others.
Why buy this report?
1. The report identifies and addresses key markets for carbon capture and sequestration solutions which is useful for suppliers to review the demand growth of CCS solution.
2. The report helps solution provider to understand the pulse of the market and provides insights on drivers, restraints, and challenges.
3. The report will help key players to better understand the competition strategies and will help in making strategic decisions.
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