09 July 2008 20:35 [Source: ICIS news]
HOUSTON (ICIS news)--The global carbon capture technologies industry is poised to grow by more than 20% by 2012, market analysis company BCC Research said on Wednesday.
Carbon capture applications for all stages of the combustion process were worth $88.7bn (€57bn) in 2007, and are expected to grow to $236.3bn within the next four years, the company said.
“By 2025, more than 10bn metric tons of carbon dioxide will need to be captured each year, and carbon dioxide emissions will still continue to grow. A global infrastructure that will ultimately cost more than $15,000bn will need to be installed over the next century to accomplish that ever increasing annual task,” the company said in a statement.
The carbon capture industry is expected to benefit if the US Congress passes legislation mandating emissions reductions. The chemical industry generally opposes the idea, as it could lead electric utilities to switch from coal to cleaner burning natural gas. Such a move would push demand and prices up sharply for the industry feedstock.
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