Market Scope
Market Research Future (MRFR) reveals that the global carbon capture and storage (CCS) market is likely to expand at about 8% CAGR over the forecast period of 2018 to 2023.
Carbon capture and storage technology is gaining popularity as the need for combatting the rise in greenhouse emissions is rising. This is observed to be the primary factor that is expected to surge the growth of the global market of carbon capture and storage. The increase in automobiles and rise in the number of factories are factors that are encouraging the adoption of CCS technology, is expected to fuel its market growth. The ability of CCS to utilize most of the carbon emitted, for electricity generation is pushing the market in an upward trend.
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Industry Update
September 2019
Ervia, an Ireland company that distributes pipeline natural gas, and Equinor, a Norwegian energy company, to assess Ireland’s potential to benefit from the latest technology that is designed for safe storing of underground carbon emissions.
August 2019
ExxonMobil, an oil and gas corporation based in Texas, made an agreement with Mosaic Materials, a California-based start-up that deals in materials, to explore CCS technology.
Segmental Outline
The carbon capture and storage market has been segmented by type and application.
By type, the carbon capture and storage market has been segmented into pre-combustion, oxy-fuel combustion, and post-combustion. The expansion of the pre-combustion segment over the forecast period can be contributed to the integration of technology in plants that generate gasification combined cycle power.
By application, the carbon capture and storage market has been segmented into enhanced oil recovery (EOR), industrial, and agriculture. The EOR segment is expected to contribute to generating high turnover for the CCS market, over the forecast period owing to the high suitability benefit of CCS.
By end use, the carbon capture and storage market has been segmented into oil and gas industry, iron and steel industry, chemical industry, and others.
Regional Outlook
By region, the market has been analysed in Europe, North America, the Middle East and Africa, and Asia Pacific.
A large number of carbon capture and storage-based plant are present in the North America region. In the United States, new constructions of CCS plants are observed. This indicates the highest carbon capture and storage capacity of North America. MRFR asserts that North America is likely to lead in the global CCS market owing to the aforementioned reasons, where the US market is expected to generate the highest revenue for the market.
In the Asia Pacific region, the rapidly growing industrialization is strengthening the region’s economy, but the increase in number of plants and manufacturing factories are surging carbon emission. The need to combat the rising situation is expected to propel the APAC carbon capture and storage market.
In Europe, the surge in oil and gas operations in the North Sea has created scope for establishing carbon capture and storage technology in oil well. This factor is likely to drive the growth of the regional market. A large number of carbon capture projects in Algeria and Saudi Arabia is expected to gain substantial traction for the Middle East and Africa market over the review period.
Key Players
Cansolv Technologies Inc (Canada), Fluor Corporation (U.S.), Aker Solutions (U.S.), Dakota Gasification Company (U.S.), NRG Energy (U.S.), Japan CCS (Japan), Chevron Corporation (U.S.), The Linde Group (Germany), Shell (U.S.), and Climeworks AG (Switzerland) are some of the remarkable companies of the carbon capture and storage market. They are observed to provide high-quality services. In-depth knowledge about the dynamics of market players aids in the identification of growth windows of the market. Thus, a strategic plan can be designed which is likely to propel the market growth.
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