World - CCS market to reach $7 bln by 2028 bolstered by increased investments, Fortune Business Insight says
Fortune Business Insights, a market research company, expects the carbon capture and storage (CCS) market to grow to $7 billion by 2028 aided by rising investments in developing new alternatives for curbing the carbon footprint and achieving the energy transition goals and net-zero targets.
The company expects the market to exhibit a CAGR of 19.5 per cent from 2021 to 2028, while the global carbon capture and sequestration market size will grow from $2.01 billion in 2021 to $7.00 billion by 2028.
The report by Fortune Business Insights states that rising investments by administrations for the creation of new alternatives for the efficient removal of carbon from various sources shall affect the market positively. In addition, numerous companies worldwide are gathering information about the new locations for CCS.
The report further mentions that the market stood at $1.96 billion in 2020, however, it is likely to exhibit a CAGR of 19.5 per cent during the forecast period between 2021 to 2028.
Low-carbon projects to aid expansion of CCS market
In April 2021, Equinor announced cooperation with SSE Thermal to build two low-carbon power plants in Humber, U.K. One will be designed with carbon capture and storage technology to help the country meet its target of capturing 10 MT of CO2 per year by 2030.
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Moreover, in March 2020, Rishi Sunak, Chancellor of the Exchequer, declared that CCS would receive cash in the form of the CCS Infrastructure Fund. He also announced that the budget for research and development (R&D) would be doubled to meet the growing demand for new decarbonization technologies.