Carbon Capture And Storage (CCS) Market Major Key Players &Latest Trend AnalysisPosted by Neha Bora on November 29th, 2019 The Concept Carbon capture & storage (CCS), also known as ‘carbon capture and sequestration’ or ‘carbon control and sequestration’, is the method of capturing waste CO2 (carbon dioxide) from large point sources; for instance, fossil fuel plants. The captured carbon dioxide is then transferred to a storage space & usually deposited in an underground geological formation, from where it won’t enter the environment. This is a potential way of reducing the contribution of CO2 emissions to the process of global warming and ocean acidification through industries and heating. There is a possibility that the combination of CCS and Biomass to show net negative emissions. A recent statement by the IEA and the UN Climate Panel summarized the high probability of climate change linked to CO2 emissions, with an added recommendation of reducing global CO2 emissions by 5 gigatons annually. Carbon capture & storage can be expected to contribute to the complete elimination of 14-17% of CO2 emissions. Currently, there are more than 40 large-scale facilities, with Chevron’s Gorgon plant one of the latest additions. One of the more notable examples in the carbon capture & storage field is the Petra Nova, a joint venture between JX Nippon Oil & Gas Exploration Corp. and NRG Energy Inc., which developed a carbon-capture project at NRG’s W.A. Parish Generating Station. It is currently the world’s largest operating CCS system. The project is designed to capture approximately 90 % of the CO2; along with sulfur oxides, nitrogen oxides, and particulates from a 240 MW ‘flue-gas’ slipstream. This process requires about 1.6 million tons of greenhouse gas per annum. The system deploys an amine-based CO2 scrubber, designed by Mitsubishi Heavy Industries, to capture the gas in industrial applications. ‘Capturing’ attention across the globe Carbon capture and storage is receiving a lot of support from industries as well as Governments across the world, with the common consensus being that carbon capture and storage goes a long way in delivering deep emissions reductions, particularly in industries such as cement, petrochemicals, fertilizer and steel, which make up for over 20% of the global emissions. The United Kingdom has begun a carbon capture project from the burning of wood. The project, known as Bio Energy with Carbon Capture and Storage (BECCS), is being carried out at the Drax Power Station in North Yorkshire, and is the first such project in Europe. The Carbon capture and storage market is expected to see high growth in the coming years, with the following factors at play:
The carbon capture & storage industry is not without its challenges though, with the complexity of the overall process causing an overall increase in costs. Also, there is no definitive opinion regarding underground carbon dioxide storage being totally secure, with scientists advising a continuous monitoring of the storage areas. Major developments Key participants in the carbon capture & storage market include:
The industry is primarily led by multiple oil & gas companies. Huge operational expenses & initial investments prevent novel players from entering the market. Discrepancies in governmental framework are one of their other concerns. Some of the other major recent developments in the carbon capture and storage market include:
In-depth report on global carbon capture and storage (CCS) market by Grand View Research: https://www.grandviewresearch.com/industry-analysis/carbon-capture-storage-ccs-market Like it? Share it!More by this author |