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Rising demand for carbon capture and storage in maritime industry is driving market revenue growth
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Onboard Carbon Capture System Market Size Worth USD 2,063 Million in 2032 www.emergenresearch.com Rising demand for carbon capture and storage in maritime industry is driving market revenue growth
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Market Summary The global onboard carbon capture system market size was USD 924 Million in 2022 and is expected to register a revenue CAGR of 8.3 % during the forecast period, according to latest analysis by Emergen Research. Onboard Carbon Capture (OCC) system is a new technology that combines energy efficiency and alternative fuels to create a circular solution for lowering maritime CO2 emissions. According to the United Nations Conference on Trade and Development (UNCTAD), the worldwide maritime industry is largely reliant on fossil fuels, emitting around 1.2 gigatons of carbon dioxide equivalents (CO2e) and accounting for about 3% of global Greenhouse Gas (GHG) emissions. Worldwide, marine and shipping companies are widely implementing Onboard Carbon Capture (OCC) systems in order to cut down on greenhouse gas emissions by half by 2050. Commercial and defense aircraft producers are looking for long-term solutions to achieve decarbonization of the aviation industry. Onboard Carbon Capture (OCC) systems play a critical role in achieving global needs in energy and climate goals. www.emergenresearch.com
Market Summary • Some Key Highlights From the Report • Pre-combustion segment accounted for largest revenue share in 2022. Pre-combustion is the method of removing CO2 before combustion. Majority of marine and shipping industries are deploying these specialized ways of steam reforming natural gas to enable mass production of carbon as a byproduct of combustion. These processes greatly aids energy firms in the separation of CO2 from flue gas. • Capture segment accounted for largest revenue share in 2022. Carbon capture is a crucial technology for ensuring a safe and stable climate by accelerating the worldwide transition to zero greenhouse gas emissions. Governments of several countries are widely implementing carbon capture systems to contribute to the commitment of net-zero emission by 2050. • Some major companies in the global market report include Alfa Laval AB, Gaztransport & Technigaz SA (GTT), MAN Energy Solutions, Wärtsilä Corporation, Panasia Co, Ltd., Aker Carbon Capture ASA, BASF SE, Samsung Heavy Industries (SHI) Co., Ltd., Carbon Engineering Ltd., Saudi Arabian Oil Co. (Aramco), LanzaTech, Inc., VICI AG International, CO2 Capsol AS, and others. • Request Free Sample Copy@ https://www.emergenresearch.com/request-sample/1799 www.emergenresearch.com
Market Summary • Emergen Research has segmented the global onboard carbon capture system market on the basis of technology, service, application, and region. • Technology Outlook (Revenue, USD Million; 2019-2032) • Pre-combustion • Post combustion • Oxy combustion • Service Outlook (Revenue, USD Million; 2019-2032) • Capture • Storage • Transportation • Utilization • Read More@ https://www.emergenresearch.com/industry-report/onboard-carbon-capture-system-market
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