Carbon capture and sequestration (CSS) market size was valued at over USD 2.2 billion in 2015 and is estimated to be worth more than USD 15 billion by 2023, with estimate gains of 25% from 2016 to 2023.
U.S. carbon capture and sequestration market size was the largest and is expected to witness gains due to increase in government regulations and growing environmental concerns. Europe is expected to witness significant growth over the forecast period. Energy portfolio strategies and the emission standards adopted by European Union nations are likely to be among the major factors to attract investment. Countries such as the Netherlands, Norway, and UK are expected to plan extensive investments in carbon capture technology. The stored carbon dioxide (CO2) can be efficiently used for better recovery techniques in UK Continental Shelf and North Sea fields.
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Asia Pacific carbon capture and sequestration market share is expected to benefit due to manufacturing industries’ growth in China, Japan, and India. Rapid Industrialization coupled with increase in pollution is expected to drive the CCS market. Initial investment cost and lack of awareness is likely to restrain growth in Middle East & Africa.
Fossil fuels are a major source of greenhouse gas (GHG) and CO2 emissions globally. Practice of coal-burning power stations is responsible for a large volume of electricity generated CO2 emissions. Other sources include industrial sites and thermal power plants, such as natural gas fired. These emissions are increasing gradually and increasing concerns towards permanent air quality change, climate change, and ocean acidification. A control in GHG emissions is made essential at regional, national, and international policy levels. Carbon capture & storage (CCS) has been concluded as a technology to help in these climate change alleviation strategies.
Carbon capture and sequestration (CCS) technology is designed to capture up to 85% of the CO2 emissions obtained from fossil fuels via electricity generation and industrial processes, averting the CO2 from atmospheric accumulation. CCS is segmented into parts; capturing, transporting, and storing the CO2 emissions, in deep saline aquifer formations and underground in exhausted oil & gas fields.
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Growth in exploration activities, research, and investment is likely to drive demand. The carbon capture & sequestration market is likely to witness significant growth in the coming years due to increasing investment in emission reduction technologies.
Demand for clean power technologies and emission compliance targets set by various countries are among the key drivers to attract investment in the carbon capture & sequestration market. European nations are regulated to create a low carbon economy in coming years by investing in CCS technology. This technology is designed to be implemented in coal gasification plants and natural gas processing and Investment in clean power technologies.
Regulations from the department of transportation and the Environmental Protection Agency (EPA) for establishing fuel efficiency standards and CO2 emission standards for medium and heavy-duty engines and vehicles is likely to enhance carbon capture technology demand. However, due to the developing stage there is no price clarity for stored CO2, which is likely to hamper carbon capture & sequestration price trend.
Browse key industry insights spread across market data tables, figures & charts from the report, “Carbon Capture and Sequestration (CCS) Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/carbon-capture-and-sequestration-css-market
Carbon capture and sequestration (CCS) market share is comprised of The Linde Group, Royal Dutch Shell, Vattenfall AB, GDF SUEZ, Mbd Energy, Carbon Cycle, E3tec Service, Skyonic, Novomer Inc., BASF, Oakbio Inc., Lanzatech Inc, and Enn Group.
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