The global carbon capture and storage market size is expected to reach $15.2 billion by 2029 according to a new study by Research And Markets.
Increasing government regulations on GHG emission along with rising awareness regarding climate change conditions among CO2 emitting industries is expected to boost the market over the forecast period, stated the Research And Markets in its report.
Furthermore, increasing the use of sustainable resources such as wind and water along with the introduction of emission control machinery is expected to create opportunities for industry growth, it added.
North America is expected to hold the largest market share over the forecast period due to increasing energy demand along with government initiatives to reduce CO2 emissions, said Research And Markets in its report that gives a detailed insight into the current market dynamics and provides analysis on future market growth.
Moreover, increasing investment towards technology storage development coupled with the presence of key industry players are expected to favor the trend in the coming years.
Additionally, developed economies in this region are expected to increase the demand for the storage product over the forecast period, it added.