The global market size of carbon capture and storage (CCS) industry was 61,150 kilo tons in 2015. Rising pressure on nations to cut down carbon dioxide emission coupled with demand for clean energy is expected to drive the global carbon capture and storage market. Uprising in global demand to bring down carbon emissions owing to climate change threats, are augmenting the growth of the global CCS market.
Rising demand for global energy has fueled fossil fuel combustion, giving rise to greenhouse gases. CCS is the forefront viable technology which mitigates the greenhouse combustions and converts it into clean energy saving fuel costs and further combustions.
Globally, there 22 projects are in operational status and an additional 14 projects are anticipated to be functional in the forecoming years. CCS technology is a proven cost effective and efficient technology to bring down carbon emissions. Industry players are focusing on developing new and more efficient carbon capture technologies and processes such as Post Cap which is a post carbon capture technology. It’s basic foundation is on amino acid salt (AAS) solution which is used as solvent. This is finds use in coal-fired power stations and natural gas-fired power plants.
Innovation companies are making break through progress to present innovative technologies to recycle CO2 and reduce greenhouse gas emissions are expected to encourage the carbon capturing and storage technology market across the globe. The growing clean power technologies demand and the stringent regulations set by governing bodies of diverse nations for adhering to carbon emission norms are some of the critical factors driving market growth.
Regulatory framework is still in a nascent stage to address the issues concerning CCS. This market requires a strong legal regulatory framework in order to deploy this technology for future benefits. CCS has gained reputation of being a unparalleled technology in combating fossil fuel emissions and efficient energy costs.
Pre-combustion capture technologies for carbon dioxide accounted for the major share owning 73% in 2015 and are estimated to observe growth in the forecasting period. Utilizing water gas shift reaction along with acid gas removal process is the current commercial trend that is practiced globally. On version of these reasons pre-combustion capture technology is assumed to control the capture sort segment in the nearby future.
An estimated growth of 15.6% is projected for post-combustion capture technology in the period 2015-2025. Improved energy generation coupled with advanced amine methods and heat mixing systems are likely to be the core reasons driving the demand for CCS market during the forecast period.
EOR activities accounted for more than 80% of total global revenue in 2015. EOR techniques are finding rampant increase in applications owing to depleting conventional oil in resources. Volatile oil prices are expected to drive EOR operations across oil sites. Currently with the crude oil prices staying low, global EOR operations are seeing a decrease in activity but is expected to pick up in mid-2018.
Modern technologies utilizing carbon dioxide realized in the production stage are expected to foster the growth for CCS technologies in the near future. Growth in sectors such as petroleum refining, chemical and manufacturing are expected to further have a positive impact in this market.
North America CCS industry lead the global demand accounted around 60% of the complete market. Rigid controlling framework for cleaner surroundings tied with aggregate essential of carbon dioxide in EOR practices owed to increasing figure of matured oilfields remain estimated to be the main aspects motivating the industry saturation.
Asia Pacific CCS market is expected to rise at a CAGR of 16.4% between the period 2016 to 2024. The trending regional economies in the region such as China and India with countries such as Japan, Indonesia and Malaysia are targeting on cleaner environment resulting in accelerated economic growth in the areas thereby having a growth prospect in the carbon capture and storage market.
The carbon seizing and storing equipment market through the world is extremely competitive in countryside and is likely to grow concentrated in the upcoming next years. Key players in the CCS industry AkerSolutions, Shell CANSLV, Linde Engineering, Statoil, Sulzer, and Mitsubishi Heavy Industries.
Carbon Capture And Storage (CCS) Application Outlook (Volume, Kilo Tons, USD Million, 2014 - 2025)
• Enhanced Oil Recovery (EOR)
Carbon Capture and Storage (CCS) Capture Technology Outlook (Volume, Kilo Tons, USD Million, 2014 - 2025)
• Industrial separation
Carbon Capture and Storage (CCS) Regional Outlook (Volume, Kilo Tons, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle east and Africa
• Saudi Arabia
Research Support Specialist, USA