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Post Combustion Carbon Capture & Storage Market Size
- Report ID: GMI5812
- Published Date: May 2023
- Report Format: PDF
Post Combustion Carbon Capture & Storage Market Size
Post Combustion Carbon Capture & Storage Market size was valued over USD 3.9 billion in 2023 and is set to grow at a 21.6% CAGR through 2032 owing to factors including climate change mitigation, transition to a low-carbon economy, carbon neutrality & negative emissions, enhancing energy security, among others. In addition, CCS plays a crucial role in reducing greenhouse gas emissions and mitigating climate change. By capturing and storing CO2 that would otherwise be released into the atmosphere, CCS helps to prevent its contribution to the greenhouse effect.
CCS enables the continued use of fossil fuels, such as coal and natural gas, while minimizing their environmental impact. By capturing CO2 emissions from power plants and industrial facilities, CCS allows for the production of energy with reduced carbon footprints. Post-combustion carbon capture and storage (CCS) is a technology that aims to capture carbon dioxide (CO2) emissions from power plants and industrial facilities after the combustion process. It is one of the methods used to reduce greenhouse gas emissions and mitigate climate change.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Post Combustion Carbon Capture & Storage Market Size in 2023: | USD 3.9 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 21.6% |
| 2032 Value Projection: | USD 26.6 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 180 |
| Tables, Charts & Figures: | 184 |
| Segments covered: | Application & Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Post-combustion CCS has the advantage of being applicable to existing power plants and industrial facilities without major modifications to the combustion process. However, it is energy-intensive and can reduce the overall efficiency of the power plant or facility. Therefore, there are ongoing efforts to improve the efficiency and reduce the cost of post-combustion CCS technologies.
Implementing post-combustion CCS at a large scale is crucial for achieving significant reductions in CO2 emissions from power generation and industrial processes. It is considered an important transitional technology while renewable energy sources and other low-carbon alternatives continue to be developed and deployed. Additionally, the development and deployment of CCS technologies can create new job opportunities and stimulate post combustion carbon capture & storage market growth. CCS projects require engineering, construction, operation, and maintenance expertise, contributing to employment in these sectors.
Frequently Asked Questions (FAQ) :
Post Combustion Carbon Capture & Storage Market Scope
