New York, NY 6 August 2020: The global carbon capture and storage market size is expected to reach USD 10.45 billion by 2026 according to a new study by Polaris Market Research. The report “Carbon Capture and Storage Market Share, Size, Trends, Industry Analysis Report By Capture Type (Pre-Combustion, Industrial Separation, Oxy-Fuel Combustion, Post-Combustion); Application (Enhanced Hydrocarbon Recovery Process (EOR), Industrial, Agriculture); By Regions, Segments & Forecast, 2020 – 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Carbon capture and storage constitute a series of technologies that facilitate the isolation of mainly carbon dioxide from fossil fuels, manufacturing & process waste streams. This is followed by compression, transportation and injection into permanent geological storage. The compressed carbon dioxide is transported through ships or pipeline to the geological formation sites. It is permanently stored in the deep underground geological formations, which may be onshore or offshore. Currently much of the R&D effort is aimed at reducing the energy losses due to capture in the various process steps but one of the greatest improvements to the overall IGCC technology is the development of high firing temperature larger gas turbines of higher efficiency.
The global CCS market is at emerging stage despite of the increasing amount of carbon dioxide emitted every year. It is estimated that there are more than 22 CCS projects globally with more than 16 projects kicking-off during the coming years. The major reason for slow growth in the scenario of new projects is majorly due to complex and stringent government regulations and slow economic growth majorly in the European region. Some of the main factors that are crucial for the rapid development of the CCS industry over the forecast period include increase of financial support for demonstration and early deployment of CCS to drive private financing of projects and to prove capture systems at pilot scale in industrial applications where CO2 capture has not yet been demonstrated. Efforts to reduce the cost of electricity from power plants equipped with capture through continued technology development and use of highest possible efficiency power generation cycles. Development of efficient CO2 transport infrastructure by anticipating locations of future demand centers and future volumes of CO2 are some of the other prominent issues that need to be focused on for significant market growth over the forecast period.
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The cost of carbon capture and storage vary widely. It depends on the capturing technology whether it is to be added to an existing plant as a retrofit or built into a new plant, on the type of power plant. It also depends on the time when the carbon is being captured such as post-combustion, pre-combustion or oxy-fuel in which coal is burned in pure oxygen rather than air to produce pure CO2 emissions, on the type of CO2 transport such as pipeline and on the type of storage such as porous underground saltwater formations, EOR projects, depleted oil and gas reservoirs and coal seams. The cost of the CCS technology along with new plant set up is very high which may not prove to be a viable solution for many industry players and even countries globally. Therefore, the high cost of CCS is expected to restraint the market in the near future. Furthermore, patent expiry of major blockbuster agents and expected launch of generic version are likely to restrain the growth of the market during the forecast period.
The global market is dominated by North America as this region has a perfectly framed regulatory framework. . The government is actively promoting the deployment of emission technologies across the country along with extensive use of EOR methods will complement the industry landscape. In addition, the U.S. introduced the Section 45Q tax credit for the carbon capture projects providing a fundamental policy for increasing the installation of CCS projects. Furthermore, the EU considers the technology crucial to hit its climate goals, which will require the union’s member states to reach net-zero emissions within decades.
European Court of Auditors stated that the EU spent more than €424 million ($486 million) over the past decade fruitlessly trying to establish carbon-capture technology. However, the Asia Pacific countries are anticipated to witness the fastest growth over the forecast period for this market with the presence of several high economically growing countries. The emerging economies in the region such as China and India along with countries such as Japan, Indonesia and Malaysia are focusing on cleaner environment owing to rapid industrialization in the region, thereby, leading to increased carbon emissions. Furthermore, Middle East and Latin America are also expected to witness significant growth over the forecast period.
The key players in the market include Shell CANSOLV, AkerSolutions, Statoil, Dakota Gasification Company, Linde, Siemens AG, Fluor, Sulzer, Mitsubishi Heavy Industries, Maersk Oil, Japan CCS Co., Ltd., and HTC CO2 Systems Corp. among others.
Polaris Market research has segmented the carbon capture and storage market report on the basis of level, application, material type, product type, product style and region
Carbon Capture and Storage Capture Type Outlook (Revenue – USD Million, Volume – MMT 2015 – 2026)
- Industrial separation
Carbon Capture and Storage Application Outlook (Revenue – USD Million, Volume – MMT 2015 – 2026)
- Enhanced Oil Recovery
Carbon Capture and Storage Regional Outlook (Revenue – USD Million, Volume – MMT 2015 – 2026)
- North America
- Asia Pacific
- Latin America
- Middle East & AfricaU.S.
- Rest of EuropeChina
- Rest of Asia-PacificBrazil
- Rest of C&SA
- Saudi Arabia
- Rest of MEA
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