Global Carbon Capture and Sequestration Market by Types, Applications, and Regions-Global IndusGlobal Carbon Capture and Sequestration Market by Types, Applications, and Regions-Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

Global Carbon Capture and Sequestration Market is valued to reach USD 8.45 Billion by 2021, growing at CAGR of 12.8% over the forecast period 2020–2026. Increasing demand for power & CO2-EOR techniques and rising initiatives by local governments to reduce the carbon footprint are the factors propelling the market growth.

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The global carbon capture and sequestration market are segmented into service, application, and region. On the basis of the service, the market is segregated into capture, sequestration, and transport. The capture segment is further sub-segmented based on the capture techniques which include oxy-fuel, pre-combustion, and post-combustion. Based on the application, the global market is categorized into agricultural, EOR process, industrial, pressurized containers and healthcare. Regionally, the market is diversified into North America, Asia-Pacific, Europe, South America, and Rest of the World.

Market Dynamics:

Increasing government interference toward carbon footprint reduction by industries is one of the key factors driving the growth of the market. For instance, the governments of developed countries are implementing innovative programs to divert attention toward carbon emission control. The carbon trading system is one such initiative and its demand is rapid increasing globally.
The boom in industries such as chemical manufacturing, power generation, cement, and steel is creating huge emission of carbon during industrial operations. The carbon capture and sequestration process is an effective method utilized for sustainable carbon emission management. This, in turn, is expected to drive market growth.
High implementation costs are expected to restrain the growth of the carbon capture and sequestration market.