Carbon Capture and Storage Market worth USD 13.41 Billion by 2027, registering a CAGR of 12.5% – Report by Market Research Future (MRFR)
New York, July 13, 2021 (GLOBE NEWSWIRE) — Carbon Capture and Storage Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Carbon Capture and Storage Market Research Report, Technology, Applications, End Use and Region – Forecast till 2027” the market is projected to be worth USD 13.41 Billion by 2027, registering a CAGR of 12.5% during the forecast period (2021 – 2027), The market was valued at USD 5.6 billion in 2020.
Growing focus on reducing CO2 emissions
Concerns about climate change are driving an increase in the use of CCUS to reduce emissions. CCUS captures CO2 using a variety of methods and uses or stores it to avoid releasing it into the atmosphere. The use of fossil fuels and natural gas to generate electricity is one of the biggest sources of CO2 emissions worldwide. CCUS can help to keep greenhouse gases out of the atmosphere.
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COVID-19 to Limit Market Growth
The pandemic has had a stronger impact on the carbon dioxide market in the United States. As numerous businesses have closed or ceased operations, the Renewable Fuels Association (RFA) indicated in the first quarter of FY2020 that ethanol plants in the United States would reduce output owing to decreased demand. Furthermore, on an annual basis, US ethanol producers were forced to shut down roughly two billion gallons of capacity. Furthermore, biofuels producers have been harmed since all major firms have attempted to limit the virus by shutting down their operations. These variables have had an impact on the carbon capture and storage sector, which is a critical component of the carbon industry. On the other side, Italy has had a stronger impact on the carbon industry, as gas and CO2 prices are low due to delayed projects. Since current capture prices do not justify investments, new entrants may have to wait for the market to settle in the coming months. This is projected to limit the worldwide carbon capture and storage market’s growth.
Key Players
The major key player in the global CCS market includes –
- Fluor Corporation (U.S.)
- Cansolv Technologies Inc (Canada)
- Dakota Gasification Company (U.S.)
- Aker Solutions (U.S.)
- Japan CCS (Japan)
- NRG Energy (U.S.)
- The Linde Group (Germany)
- Chevron Corporation (U.S.)
- Climeworks AG (Switzerland)
- Shell (U.S.).
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Industry News
In May 2020, Royal Dutch Shell, together with Equinor ASA (Norway) and Total SE (France) had invested in the Northern Lights carbon capture and storage (CCS) project in Norway. The trio plans to establish a joint-venture business with this USD 682.3 million investment. This one-of-a-kind project paves the way for the decarbonization of industries with limited options for CO2 reduction.
Market Segmentation
The global carbon capture and storage (CCS) market has been segmented into technology, applications, and end-use.
By technology, the global carbon capture and storage (CCS) market has been segmented into pre-combustion, post-combustion, oxy-fuel combustion.
By applications, the global carbon capture and storage (CCS) market has been segmented into EOR, agriculture, industrial.
By end-use, the global carbon capture and storage (CCS) market has been segmented into iron steel, oil & gas, chemical.
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Regional Analysis
North America to Lead the Global Market
The number of CCS projects in North America is the highest. The United States possesses 16 of the 22 actives or under development projects and the world’s largest capture capacity. Once operational, these projects will have a capacity of roughly 40 million tons of CO2. Kemper County coal CCS facility in Mississippi, for example, would be a new power plant with pre-combustion carbon capture. It will collect 65% of emissions (3.5 million tons per year).
APAC to Witness the Fastest Growth
During the predicted period, Asia Pacific is expected to grow the fastest. Rapid industrialization in Asia Pacific countries, combined with a rising oil and gas industry, is likely to fuel the regional EOR market. This is further backed by positive moves by the governments of China and India to facilitate FDI and infrastructure development in their respective countries’ oil and gas industries.
The rapid expansion of gas and coal-fired power facilities to meet rising energy demand will force the Asia Pacific CO2 storage industry forward. Rising environmental consciousness, combined with continued industrial and commercial expansion, will benefit the business landscape.
Segmentation of Market covered in the research:
Information by Technology (pre-combustion, post-combustion, oxy -fuel combustion), Applications (EOR, agriculture, industrial) End-Use (iron steel, oil & gas, chemical) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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