Carbon capture and storage is a technology used to
retrieve carbon produced in a variety of activities and store it in safe sites
such as underground rock formations and unused oil wells. This prevents the
release of large amounts of carbon dioxide into the atmosphere, thus helping
keep the environment clean. The three main stages of carbon capture and storage
include capturing gaseous emissions and separating carbon dioxide from the
overall gas mixture, transporting the carbon dioxide to the storage site
through pipelines, ships, or trucks, and storing it in the aforementioned
sites. Sites such as underground rock formations present the best solution for
storing carbon dioxide in the long term, as they don’t allow the carbon dioxide
to escape and assimilate it over time.
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Segmental Analysis
The global carbon capture and storage market is
segmented on the basis of type, application, and region.
By type, the global carbon capture and storage
market is segmented into pre-combustion, post-combustion, and oxy fuel
combustion. The pre-combustion segment is likely to hold a dominant share in
the global carbon capture and storage market over the forecast period due to
the widespread applicability of the technology in gasification combined cycle
power plants.
By application, the global carbon capture and
storage market is segmented into enhanced oil recovery (EOR), agriculture, and
industrial. EOR is likely to hold a dominant share in the global carbon capture
and storage market over the forecast period due to its suitability as a carbon
reservoir.
By end use, the carbon capture and storage market is
segmented into the iron and steel industry, oil and gas industry, chemical
industry, and others.
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Geographic Analysis
On the basis of region, the global carbon capture
and storage market is segmented into North America, Europe, Asia Pacific, and
the Middle East and Africa.
The Middle East and Africa could also emerge as a
major player in the global carbon capture and storage market over the forecast
period due to the presence of large carbon capture projects in Saudi Arabia and
Algeria. Europe also holds a significant share in the global carbon capture and
storage market due to the extensive oil and gas operations in the North Sea,
which have opened up the possibility of carbon storage in oil wells in the
region.
North America is likely to hold a dominant share in
the global carbon capture and storage market over the forecast period due to
the widespread presence of a large number of CCS plants in the region. The U.S.
alone holds 16 of the 22 operational or under-construction carbon capture and
storage plants in the world and consequently has the highest storage capacity.
Competitive Analysis:
Leading players in the global carbon capture and
storage market include Fluor Corporation, Dakota Gasification Company, Japan
CCS, The Linde Group, Climeworks AG, Shell, Chevron Corporation, NRG Energy,
Aker Solutions, and Cansolv Technologies Inc.
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