Global Carbon Capture and Storage Industry to Reach $15.2 Billion by 2029

The global carbon capture and storage market is expected to reach $15.2 billion by 2029, according to a new study by Research and Markets.

The international market research agency said in its report that increasing government regulation of greenhouse gas emissions, coupled with increasing awareness of the climate change situation in the carbon dioxide emitting industry, is expected to boost the market over the forecast period.

In addition, increased use of sustainable resources such as wind and water, as well as the introduction of emission control machinery, is expected to create opportunities for the industrial sector, it added.

North America is expected to hold the largest share of the market over the forecast period owing to increasing energy demand coupled with government initiatives to reduce carbon dioxide emissions, said the international market research agency in its report, which provides a detailed analysis of current market dynamics and an analysis of future market growth. market share.

Furthermore, increased investment in technical storage development and the presence of major industry players are expected to support this trend in the coming years.

Furthermore, advanced economies in the region are expected to increase demand for storage products over the forecast period, it added.