Transparency Market Research in a report, titled “Carbon Capturing & Storage Technology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,” states that the global market for carbon capturing and storage technology is poised to witness strong growth in the coming years, single-handedly driven by the excessive carbon emissions present in the atmosphere.
Carbon capturing and storage technology – or carbon capture sequestration as it is commonly called – is a physical process that includes the capturing of manmade carbon dioxide at its source and storing it in an efficient manner before it is released into the atmosphere. The carbon dioxide captured is converted into a concentrated steam for easy storage and transportation.
Some of the key factors driving the carbon capturing and storage technology market are growing climatic concerns, implementation of strict government policies, the availability of advanced technologies for proper storage, and the rise in investments for environmental conservation. In contrast, economic and operational challenges threaten to hamper the growth of the global market.
On the basis of technology, the market for carbon capturing and storage technology is categorized into carbon capture, carbon storage, and carbon transportation. The segment of carbon capture is further broken down to pre-combustion capture, oxyfuel combustion, and post-combustion capture.
The global market for carbon capturing and storage technology is geographically segmented into Europe, Asia Pacific, North America, and Rest of the World. Europe is anticipated to be the largest market for carbon capturing and storage technology by the end of the forecast period owing to the strict emission standards and the various energy portfolio strategies adopted by different countries in the European Union. Substantial investments by countries such as the UK, Norway, and the Netherlands in carbon capturing and storage technologies is another factor driving the Europe market. North America is also anticipated to emerge as a strong contender in the global carbon capturing and storage technology market by 2023 thanks to several planned investments for the large scale deployment of this technology. Asia Pacific is a lucrative market for carbon capturing and storage technology and players in this region are projected to make significant investments in this field.
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One of the most interesting features of the report on the global carbon capturing and storage technology market is its assessment of its vendor landscape. The prominent players are identified and profiled in the report based on aspects such as company overview, business strategies, financial status, and recent developments. Fluor, Hitachi, Shell Cansolv, Vattenfall AB, Schlumberger, Linde AG, Alstom, Aker Clean Carbon AS, Mitsubishi Heavy Industries, Siemens, and Honeywell’s Uop are some of the leading companies operating in the carbon capturing and storage technology market. A SWOT analysis of these players reveals their strengths, weaknesses, opportunities, and threats.
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