The Carbon Capture And Storage Market will cross US$6 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
ShareThe Carbon Capture And Storage Market will cross US$6 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Growing demand for carbon technologies to meet 20°C scenario along with strict government regulations to curb carbon footprint will drive the carbon capture and storage market size.
Product ability to reduce carbon emission by 85% to 90% makes its adoption preferable over other available alternates. According to New Source Performance Standards in the US., the new coal-fired plant can emit 1400 lb. CO2/MWh.
Favourable government initiatives to encourage adoption of sustainable technology along with measures to reduce the toxic pollutant concentration will stimulate the US. carbon capture and storage market share. In 2008, the U.S Energy Improvement and Extension Act introduced section 45Q to provide credit of US$20/t for storing CO2 in deep water saline formation and US$10/t for storing CO2 through enhanced oil recovery. In 2016, the US president Obama funded US$90 billion through American Recovery and Reinvestment Act towards strategic clean energy investment and tax credit to promote development of low carbon technologies.