Carbon Capture and Storage (CCS) market size is forecast to reach US$25.3 billion by 2026, after growing at a CAGR of 29.1% during 2021-2026. The emerging demand for carbon dioxide injection technologies for Enhanced Oil Recovery (EOR) and stringent government standards for greenhouse gas emissions are the key factors driving the market growth. Carbon Capture and Storage or Carbon Capture and Sequestration (CCS) is a technology to combat climate change in which Carbon dioxide (CO2) is captured and then transported where it is stored permanently across depleted hydrocarbon fields and deep saline aquifer formations. The goal of carbon capture and storage is to keep CO2 emissions out of the atmosphere as increased levels of CO2 is the main culprit behind the Greenhouse effect and global warming which has a detrimental effect not only on the environment and also on the economy as a whole. Carbon capture and storage aims at reducing the human carbon footprint. CO2 is mainly produced by the combustion of fossil fuels and is also a major by-product of many industries. Hence, it is vital to get rid of it in a responsible manner as it is a greenhouse gas.
The top 5 players in the Carbon Capture and Storage (CCS) industry are –
1. General Electric Company
2. Royal Dutch Shell PLC
3. Aker Solutions ASA
4. Fluor Corporation
5. Mitsubishi Heavy Industries, Ltd
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1. Pre-combustion, post-combustion, oxy-fuel combustion, and industrial separation are some of the widely used capture technologies. The post-combustion capture segment held the largest share of 55.6% in the CCS market in 2020.
2. Oxy-fuel combustion is the fastest growing capture technology in the Carbon Capture and Storage market in 2020 and is growing at a CAGR of 41.0% during 2021-2026. Oxy-fuel combustion is the process of combusting hydrocarbon fuel in the presence of high purity oxygen.
3. The last and the most critical step in CCS is permanent storage of CO2. Geological Storage, Deep Ocean Storage and Enhanced Oil Recovery (EOR) are some of the storage technologies used.
4. Industries produce about 8 billion tons of CO2 emissions annually. Chemical, Iron and steel and cement industries are responsible for 70% of these emissions due to the nature of their processes and high temperature heat requirements.
By Capture Technology
Post Combustion Capture, Pre-Combustion Capture, Oxyfuel Combustion and Industrial Separation
By Storage Technology
Geological Storage, Deep Ocean Storage, and Enhanced Oil Recovery (EOR)
By End-Use Industry
Power Generation, Iron and Steel, Oil and Gas, Chemicals, Cement and Concrete, Biofuels, Fertilizers
North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa).
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Market Drivers and Challenges:
1.Global Aim for Net Zero: There has been a tremendous growth in the renewable energy sources sectors but climate experts and scientists believe that this alone will not result in zero carbon emissions.
2. Role of Power Generation Industry: The expeditious decarbonization of power generation industry is of utmost importance in achieving net-zero emissions as electricity generation is one of the largest sources of CO2 emissions globally.
3. High Cost of Carbon Capture and Storage: Incorporating CCS technologies increases costs including capital investment in equipment technology, operating costs and transportation costs without providing additional revenue.
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A. Carbon Emissions Market Research Report: Report (2018-2023)
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