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Power generation carbon capture and storage (CCS) is a process designed to capture carbon dioxide (CO₂) emissions from power plants before they enter the atmosphere, reducing the environmental impact of fossil fuel-based electricity generation. The captured CO₂ is then transported via pipelines or tankers and stored in deep geological formations such as depleted oil and gas reservoirs or saline aquifers. CCS is seen as a key transitional technology in achieving net-zero emissions, allowing coal and natural gas plants to operate with significantly lower carbon footprints. As industries and governments seek cleaner energy solutions, CCS is gaining traction, but its large-scale deployment remains limited due to economic, technical, and regulatory challenges.
According to SPER Market Research, ‘Global Power Generation Carbon Capture & Storage Market Size - By Technology, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Power Generation Carbon Capture & Storage Market is predicted to reach 14.74 billion by 2034 with a CAGR of 19.38%.
Drivers:
One of the main factors propelling the power generation CCS market is the growing urgency to cut greenhouse gas emissions and fulfill global climate commitments. To promote the implementation of CCS, governments throughout the world are enacting stringent carbon regulations and providing financial incentives like tax credits and subsidies. The development of carbon capture systems is further required by the ongoing reliance on fossil fuel-based power plants, especially in emerging nations. Furthermore, efficiency is being increased and operating expenses are being decreased by developments in capture technologies including chemical absorption and direct air capture. Economic incentives for the deployment of CCS are also provided by the possibility of enhanced oil recovery (EOR) utilizing captured CO₂, which further propels market expansion.
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Restraints:
CCS has several advantages, but its broad adoption is hampered by several issues. It is less appealing than renewable energy sources like solar and wind because of its high installation and operating expenses. Because CO2 capture requires a lot of energy, power plants are less efficient overall, which raises the cost of producing electricity. Large-scale adoption is logistically hampered by infrastructure constraints, especially the absence of comprehensive CO₂ transport and storage networks. Environmental and regulatory issues are also brought up by doubts about the long-term safety and dependability of CO2 storage, including the possibility of leaks and seismic activity. Power producers' decisions to engage in CCS are made more difficult by public opposition and a lack of clarity surrounding government regulations.
The Global Power Generation Carbon Capture & Storage Market is dominated by North America due to substantial government support, favorable policies, and existing infrastructure. The U.S. government's financial incentives, including tax credits under the Inflation Reduction Act, have spurred investment in CCS projects. Some of its key players are – Aker Solutions, Dakota Gasification Company, Equinor ASA, Fluor Corporation, Japan CCS Co. Ltd
For More Information, refer to below link: –
Power Generation Carbon Capture And Storage Market Share
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