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Carbon Capture, Utilization, And Storage Market 2022 - Global Forecast To 2031
The Business Research Company's Carbon Capture, Utilization, And Storage Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 Reports have been updated with the most recent Ukraine-Russia War impact on market growth for all 27+ industries. Reports also provide possible solutions and opportunities for surviving this crisis.” — The Business Research Company
LONDON, GREATER LONDON, UK, October 24, 2022 / / -- AI's ability to deliver deep insights into multiple aspects of a company's carbon footprint and quick cost-cutting offers a promising route to accelerating sustainable transformation and reducing expenses in a time of need. For example, according to BCG studies, the potential overall impact of applying AI to corporate sustainability is between $1.3 - 2.6 trillion in value, generated through additional revenues and cost savings by 2030. Companies are leveraging artificial intelligence to create separation materials for Co2 which are more efficient and can reduce the current costs of carbon capture. In March 2021, IBM turned to AI to accelerate the design and discovery of better polymer membranes to efficiently separate carbon dioxide from flue gases. Using molecular generative AI modeling, IBM identified several hundred molecular structures that could enable more efficient and cheaper alternatives to existing separation membranes for capturing CO2 emitted in industrial processes.
The is expected to grow from $2.01 billion in 2021 to $3.55 billion in 2026 at a rate of 12.1%. The global carbon capture, utilization, and storage market share is then expected to grow at a CAGR of 13.8% from 2026 and reach $6.79 billion in 2031.
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Carbon Capture, Utilization, And Storage Market provides financially lucrative opportunities is expected to drive the market going forward. CO2 production through carbon capture costs more than conventional production, making it difficult for companies using this method to compete in the market. However, the increasing carbon price plays a major role in opening up new lucrative opportunities for Carbon Capture, Utilization, And Storage Market. Companies with sustainable practices and products have increased access to various financing options. As carbon pricing increasingly impacts the profitability of these companies and plants, companies that are using CCU technology as leverage have the additional funds to invest in innovation and R&D. For example, in 2022, Stripe, Alphabet, Meta, Shopify and McKinsey are trying to spur the market for carbon capture. They are launching the Frontier initiative, which plans to purchase $925 million worth of permanent carbon removal from companies that are developing the technology over the next nine years in order to boost the carbon capture market.
Major players covered in the global carbon capture, utilization, and storage market industry are Shell plc, Aker Solutions, Linde PLC, Fluor Corporation, Mitsubishi Heavy Industries, Ltd.
TBRC's carbon capture, utilization, and storage market report is segmented by technology into pre combustion, post combustion, oxy fuel combustion, by service into capture, transportation, utilization, storage, by end use industry into oil & gas, power generation, iron and steel, chemical and petrochemical, cement, others.
Carbon Capture, Utilization, And Storage Market 2022 – By Technology (Pre Combustion, Post Combustion, Oxy Fuel Combustion), By Services (Capture, Transportation, Utilization, Storage), By End-Use Industry (Oil & Gas, Power Generation, Iron and Steel, Chemical and Petrochemical, Cement, Other End-Use Industries), And By Region, Opportunities And Strategies – Global Forecast To 2031 is one of a series of new reports from The Business Research Company that provides a carbon capture, utilization, and storage market overview, forecast carbon capture, utilization, and storage market size and growth for the whole market, , geographies, carbon capture, utilization, and storage market trends, carbon capture, utilization, and storage market drivers, restraints, leading competitors' revenues, profiles, and market shares.
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