Carbon Capture and Storage Market Size Forecast to Reach $25.3 Billion by 2026 – MENAFN.COM

Carbon Capture and Storage Market Size Forecast to Reach $25.3 Billion by 2026 – MENAFN.COM

(MENAFN - GetNews) The Emerging Demand for Co2 Injection Technologies for Enhanced Oil Recovery (EOR) and Stringent Government Standards for GHG Emissions Are the Key Factors Driving the Market Growth. Impact of COVID-19 The carbon capture and storage market is mainly used across power plants and natural gas production plants where COVID-19 had a marginal effect in the year 2020. However, owing to the lockdown imposed on different countries, commercial sectors such as chemical plants, cement plants, and others were impacted, which also plays a very vital role in the carbon capture and storage industry. However, the lockdown triggered a slowdown in the forthcoming programs, which had a very minor impact on the development of the carbon capture and storage market growth. Capture technology held the largest share in the carbon capture and storage market in 2020. Carbon capture involves the capturing of CO2 from its source of emissions. It can be extended to any large-scale emission operation, including coal-fired power plants; the processing of gas and oil; and manufacturing industries such as cement, iron, and steel. The cost of capturing CO2 depends heavily on the technical, economic, and financial factors associated with the design and operation of the production