Bioenergy with Carbon Capture and Storage Market Forecasted to Grow at a CAGR of Around 19.27% During 2024-30

The Global Bioenergy with Carbon Capture and Storage (BECCS) market is projected to grow at a CAGR of around 19.27% during the forecast period, i.e., 2024-30.

NEW HAVEN, CONNECTICUT, USA, July 23, 2024 /EINPresswire.com/ -- Bioenergy with Carbon Capture and Storage (BECCS) is a cutting-edge technology designed to combat climate change by reducing carbon dioxide (CO2) emissions through a combination of biomass for energy generation with carbon capture and storage technology. This innovative approach involves harnessing organic materials like crops, plants, or forestry waste to generate energy through processes such as gasification or combustion and subsequently capturing the emitted CO2 for storage underground or in other facilities.

Market Insights & Analysis

The Global Bioenergy with Carbon Capture and Storage (BECCS) Market is projected to grow at a CAGR of around 19.27% during the forecast period, i.e., 2024-30. The market is still in its initial stage & is expected to grow significantly in the coming years as countries & companies strive to reduce greenhouse gas emissions & meet their climate goals. By using biomass as an energy source & capturing the resulting CO2 emissions, BECCS can produce emissions that remove more CO2 from the atmosphere than it emits. It makes this technology a potentially important means in efforts to mitigate climate change & meet emissions reduction targets.

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Bioenergy with Carbon Capture and Storage Market Growth Opportunity

Government Targets to Curb CO2 Emissions to Augment Market Growth - The increasing government initiatives to decarbonize industrial sectors, such as iron & steel, power generation, etc., are estimated to uplift the demand for this technology in the coming years. Governments in countries like the US, India, Vietnam, Brazil, etc., are planning to go carbon-neutral shortly, i.e., to reduce carbon emissions in their countries.

Furthermore, as technology advances & economies of scale are achieved, the price of carbon capture is anticipated to drop in the coming years. Thus, the need for bioenergy with this technology is expected to rise as more nations establish high goals to develop renewable energy sources. Hence, governments are making decarbonizing strategies & taking necessary initiatives by providing their support to drive economies toward renewable energy.

Key Market Player:

• Drax Group
• Chevron Corporation
• Sekab BioFuels & Chemicals AB
• Schlumberger New Energy
• Clean Energy System
• Shell
• Aker Carbon Capture
• Others

Bioenergy with Carbon Capture and Storage Market Segmentation:

• By End Use (Ethanol Production, Pulp & Paper Mills, Cement Production, Biogas Production, Others)
• By Form of Energy (Heat, Electricity, Biofuels)
• By Technology (Oxy-combustion [Oxyfuel], Pre-combustion, Post-combustion, Others)
• By Application (Biomass Conversion, Carbon Storage)

Based on Application: Based on Application, Biomass conversion is anticipated to hold a significant share in the Global Bioenergy with Carbon Capture and Storage (BECCS) Market in the coming years. This process occurs by digestion or fermentation, producing gaseous & liquid fuels, respectively.

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Key Questions Answered in the Research Report

• What is the Bioenergy with Carbon Capture and Storage?
• What is the growth rate of the Bioenergy with Carbon Capture and Storage Market?
• What are the factors expected to drive the BECCS market growth?
• What are the different segments of the Bioenergy with Carbon Capture and Storage Market?
• What growth strategies are the players considering to increase their presence in Bioenergy with Carbon Capture and Storage?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the BECCS Market?
• What segments are covered in the BECCS Market?
• Who are the leading companies, and what are their portfolios in the Bioenergy with Carbon Capture and Storage Market?

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