PUNE, India, March 09, 2020 (GLOBE NEWSWIRE) --
Market Highlights
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.
CCS process involves collection, transportation and injection of captured carbon deep into the ground. The procedure is complex however effective. In CCS, CO2 is segregated from other gases and stored separately. After separation, the captured CO2 is transported to suitable reservoir with helps tracks, ships and pipelines. The capture is usually injected into deep wells or underground rock formation, which eliminates any chance of escape.
The growing demand to limit the emission of greenhouse gasses into the atmosphere is the key driver for the global carbon capture and storage market. While carbon capture and storage has always been considered too expensive for mainstream application, recent advances have made the process much more manageable in terms of financial outlay. This is likely to drive the carbon capture and storage market over the forecast period.
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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. The pre-combustion segment accounts for a significant share of the market in terms of value. Pre-combustion CCS is a widely applied technology owing to its compatibility with gasification combined cycle power plants. Based on application, the market has been segmented into industrial, agriculture and EOR. The EOR segment is expected to remain highly attractive over the next couple of years. EOR is an excellent storage capacity and hence witnessing a rapid growth in demand. 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
Global Carbon Capture and Storage (CCS) Market: Regional Analysis
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 greatest 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)
Global Carbon Capture and Storage (CCS) Market: Competitive Landscape
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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