As per the latest report published
by Market Research Future (MRFR), the global carbon capture and storage (CCS)
market is set to surge at a sound CAGR of 8.0% during the forecast period
(2018-2023). CCS is increasingly becoming popular in advanced countries such
the U.S. CCS plants can help tackle some of the grave issues of carbon
emission. CCS is a sophisticated yet cutting-edge emission reduction process,
which is intended towards curbing carbon the release of excessive volume of
carbon dioxide into the open air.
CCS process involves collection,
transportation and injection of captured carbon deep into the ground. The
procedure is complex however effective. In CCS, CO2 is segregated from other
gases and stored separately. After separation, the captured CO2 is transported
to suitable reservoir with helps tracks, ships and pipelines. The capture is
usually injected into deep wells or underground rock formation, which
eliminates any chance of escape.
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Segmental
Analysis
Segmental analysis of the market
has been conducted on the basis of technology, application, end-use and type.
Based on type of technology, the
market has been segmented into oxy fuel combustion, post combustion and
pre-combustion. The pre-combustion segment accounts for a significant share of
the market in terms of value. Pre-combustion CCS is a widely applied technology
owing to its compatibility with gasification combined cycle power plants. Based
on application, the market has been segmented into industrial, agriculture and
EOR. The EOR segment is expected to remain highly attractive over the next
couple of years. EOR is an excellent storage capacity and hence witnessing a
rapid growth in demand. Based on end-use, the market has been segmented into
chemical, oil and gas, iron steel, and others. Based on type, the market has
been segmented into
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Regional
Analysis
Europe, Asia Pacific (APAC), North
America are some of the regions that are covered in MRFR’s report. North
America is the largest market for carbon capture and storage (CCS). In fact,
the most number of CCG projects are in North America, with the U.S accounting
for the majority of them. In terms of revenue, the U.S. leads the market in
North America. Consequently, the U.S.
also has the highest storage capacity of carbon in the world. Kemper County
coal CCS plant in Mississippi will supposedly have pre-combustion carbon
capture capability. The CCS plant is
likely to capture close to 65% of emission (~3.5 million tons per year)
Competitive
Landscape
Cansolv Technologies Inc (Canada),
Aker Solutions (U.S.), NRG Energy (U.S.), Chevron Corporation (U.S.), Shell
(U.S.), Fluor Corporation (U.S.), Japan CCS (Japan), Climeworks AG
(Switzerland), Dakota Gasification Company (U.S.) and The Linde Group
(Germany).
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