Global Carbon Capture and Storage (CCS) Market Scenario
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.
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.
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Demand for CCS is expected to grow further in the
coming years as CO2 emission continues to be a major concern worldwide. Growing
air pollution in the countries with high vehicle parc is likely to create
market opportunities for CCS in the forthcoming years. Governments in many
countries are investing in solutions and technologies that help in reducing CO2
emission. This is anticipated to drive the popularity of carbon capture and
storage in the years to come. Moreover, inclination towards usage of clean
technologies is also reflecting favourably on the market. Other factors that
support the market growth are lower consumption of coal in emerging countries
and enforcement of regulations to reduce or limit carbon emission. However,
high cost of CCS remains a major market restraint.
Global Carbon Capture and Storage (CCS) Market:
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
Based on application, the market has been segmented
into industrial, agriculture and EOR.
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
Some the key companies mentioned in MRFR’s report
include 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). Many of these companies are actively
focusing of product innovation and expanding their product portfolio.
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