Carbon Capture and Storage (CCS) Market Statistics, Competitive by 2023
Posted by Anvi on December 3rd, 2019
Global Carbon Capture and Storage (CCS) Market Scenario
As per the latest report published by Market Research Future (MRFR), the global carbon capture and storage (CCS) market is set to surge at a sound CAGR of 8.0% during the forecast period (2018-2023). CCS is increasingly becoming popular in advanced countries such the U.S. CCS plants can help tackle some of the grave issues of carbon emission. CCS is a sophisticated yet cutting-edge emission reduction process, which is intended towards curbing carbon the release of excessive volume of carbon dioxide into the open air.
Carbon capture and storage is a technology used to retrieve carbon produced in a variety of activities and store it in safe sites such as underground rock formations and unused oil wells. This prevents the release of large amounts of carbon dioxide into the atmosphere, thus helping keep the environment clean.
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Demand for CCS is expected to grow further in the coming years as CO2 emission continues to be a major concern worldwide. Growing air pollution in the countries with high vehicle parc is likely to create market opportunities for CCS in the forthcoming years. Governments in many countries are investing in solutions and technologies that help in reducing CO2 emission. This is anticipated to drive the popularity of carbon capture and storage in the years to come. Moreover, inclination towards usage of clean technologies is also reflecting favourably on the market. Other factors that support the market growth are lower consumption of coal in emerging countries and enforcement of regulations to reduce or limit carbon emission. However, high cost of CCS remains a major market restraint.
Global Carbon Capture and Storage (CCS) Market: Segmental Analysis
Segmental analysis of the market has been conducted on the basis of technology, application, end-use and type.
Based on type of technology, the market has been segmented into oxy fuel combustion, post combustion and pre-combustion
Based on application, the market has been segmented into industrial, agriculture and EOR.
Based on end-use, the market has been segmented into chemical, oil and gas, iron steel, and others.
Based on type, the market has been segmented into
Europe, Asia Pacific (APAC), North America are some of the regions that are covered in MRFR’s report.
North America is the largest market for carbon capture and storage (CCS). In fact, the most number of CCG projects are in North America, with the U.S accounting for the majority of them. In terms of revenue, the U.S. leads the market in North America.
Consequently, the U.S. also has the highest storage capacity of carbon in the world. Kemper County coal CCS plant in Mississippi will supposedly have pre-combustion carbon capture capability. The CCS plant is likely to capture close to 65% of emission (~3.5 million tons per year)
Some the key companies mentioned in MRFR’s report include Cansolv Technologies Inc (Canada), Aker Solutions (U.S.), NRG Energy (U.S.), Chevron Corporation (U.S.), Shell (U.S.), Fluor Corporation (U.S.), Japan CCS (Japan), Climeworks AG (Switzerland), Dakota Gasification Company (U.S.) and The Linde Group (Germany). Many of these companies are actively focusing of product innovation and expanding their product portfolio.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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About the AuthorAnvi
Joined: October 25th, 2019
Articles Posted: 461
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