The Global Carbon Capture and Storage (CCS) Market to Grow Amid COVID-19 Crisis
According to Market Research Future (MRFR), the global carbon capture and storage (CCS) market is estimated to rise at a CAGR of more than 8.0% from 2018 to 2023 (forecast period). The Carbon Capture and Storage Industry Report identifies the major factors likely to significantly boost or hinder the global carbon capture and storage market growth. The study also throws light on the potential impact of COVID-19 on the development of the global carbon capture and storage market.
Carbon Capture and Storage (CCS) is an emission control mechanism intended to prevent the release of huge amounts of carbon dioxide into the environment. The technology involves the collection, transportation, and injection of the carbon dioxide so that it does not leak into the atmosphere. The process includes three main phases and technologies, such as capture, which include the separation of CO2 from gases produced by different processes. Secondly, it involves transporting the CO2 captured to an appropriate storage site with the aid of pipelines, trucks, and ships. The last step is storage, which consists of the injection of CO2 into the underground rock formation, deep wells, and depleted reservoirs. These are the best storage options for the storage of large amounts of CO2 for many years.
Market Dynamics
The key reason for the growth is the serious concern about growing CO2 emissions and increasing energy demand among governments and societies that ultimately drive the carbon capture and storage market. Moreover, propelling factors are sustainable technologies, reduced coal consumption in developing countries, technical developments in manufacturing units to reduced emission rates, renewable energy production, and widespread implementation of CCS technology.
Market Segmentation
The global market for carbon capture and storage (CCS) has been segmented into technology, applications, and end-use.
Based on technology, the global Carbon Capture and Storage Industry has been segmented into as pre-combustion, post-combustion, and oxy-fuel combustion. The pre-combustion CCS is expected to increase to ~70.0 MTPA by 2023 due to the massive technological applicability in gasification combined cycle power plant. The ability to turn solid fuel into syngas through heat application due to high pressure in the presence of oxygen would make it superior to others.
Based on applications, the global carbon capture and storage (CCS) market has been segmented into EOR, agriculture, and industrial. The EOR application is the best since it is an excellent storage reservoir. In this area, syndicate research and development are being undertaken to capture and control CO2 emissions, eventually reducing climate risks.
Based on end-use, the global carbon capture and storage (CCS) market has been segmented into iron steel, oil and gas, chemical, and others.
Region-wise, the global carbon capture and storage (CCS) market has been segmented into North America, Europe, Asia Pacific, and Rest of the World.
North America has the most significant number of CCS projects. The U.S. has 16 out of 22 projects in operation or under construction and has the world's largest capture capacity. In the US, the power sector accounts for 25.50% of greenhouse gas emissions, which would be a promising way to fuel growth in the CCS industry. The cost is the only constraint. Once in operational, the capacity of these projects will be about 40 million tons of carbon dioxide. For example, the Kemper County Coal CCS plant in Mississippi will be a new power plant with pre-combustion carbon capture. It will account for 65% of emissions (3.5 million tons per year).
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Key Players
The key players in the global CCS market are Fluor Corporation (U.S.), Cansolv Technologies Inc (Canada), Dakota Gasification Company (U.S.), Aker Solutions (U.S.), Japan CCS (Japan), NRG Energy (U.S.), The Linde Group (Germany), Chevron Corporation (U.S.), Climeworks AG (Switzerland), and Shell (U.S.). They are highly capable of offering the most satisfactory service in the market.
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