LONDON, Feb. 03, 2022 (GLOBE NEWSWIRE) -- The growing levels of carbon emissions and the resultant greenhouse gases have led to an urgent need for reducing the same. This has given the global carbon capture and storage market a massive impetus. According to Fairfield Market Research, the global carbon capture and storage (CCS) market was valued at US$4.17 Bn in 2020 and is anticipated to be worth US$9.42 Bn in 2026, registering a CAGR of 15.7% during the forecast period. In terms of volume, the market is expected to add 101 MTPA from 2020 to 2026. The future of carbon capture and storage looks bright as fossil fuel emissions from industrial facilities and power plants account for about 60%. Deployment of CCS will allow in capturing about 90% of C02 emissions that are caused due to fossil fuels in electricity generation and industrial processes. The relentless pace of industrial activity despite the growing issue of carbon emissions will generate a lucrative market for the global carbon capture and storage (CCS) market during the forecast period.
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Supportive Government Incentives Encourages Global Carbon Capture and Storage Market
The growing need to mitigate the causes of global warming has put the global carbon capture and storage (CCS) market under the spotlight. Carbon taxes, cap-and-trade based emission trading, range of incentives, direct funding of carbon capture & storage projects, and research and development have greatly helped the players in the market in recent years. Furthermore, product-based incentives and feed-in-tariffs along with emission performance standards will prove to be beneficial to encourage CCS deployment in areas that emit CO2 in gigantic quantities.
For instance, in 2019, carbon dioxide exceeding 30 billion metric tons was released from industrial activities and fossil fuels. Out of this, about 35MT of carbon dioxide was captured through CCS technology. The recovered CO2 has from industrial facilities is then transported and stored for later use.
Enhanced Oil Recovery (EOR) Emerges as Key Application Area for Global Carbon Capture and Storage Market
The growing efforts towards enhanced oil recovery are expected to drive the global carbon capture and storage (CCS) market. CO2 is captured from natural gas processing plants and is sold for enhanced oil recovery. The trend is expected to remain the same in the coming few years as passive CO2 storage allows complexity and bears regulatory risks. Additionally, it also remains a widely accepted solution towards mitigating emissions while creating reservoir discovery costs that EOR can avoid.
EOR ensures the extraction of crude oil that cannot be extracted through primary or secondary recovery techniques. This is expected to improve consumption for CO2 for EOR activities, giving the global CSS market an impetus in the coming years.
North America to Pave the Way for Global Carbon Capture and Storage Market
According to Fairfield Market Research, North America is expected to lead the global carbon capture and storage (CCS) market. The region presents boasts about 10 CCS facilities in the U.S. out of the 20 large-scale CCS facilities across the globe. Furthermore, the region is expected to see about 15 more large-scale facilities that will cover applications such as natural gas processing, biofuels and cement production, gas and coal-fired power generation, and direct air capture.
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Some of the key players operating in the global carbon capture and storage market includes GE, Mitsubishi Heavy Industrial Ltd., Occidental Petroleum, Air Products & Chemical Inc., Global Thermostat, Air Liquid, CO2 Solutions, Carbon Engineering Ltd., and others.
REPORT SCOPE & SEGMENTATION:
| REPORT FEATURES | DETAILS |
| Capture Type Coverage |
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| Storage Type |
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| Geographic Coverage |
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| Leading Companies |
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| Report Highlights | Key Market Indicators, Macro-micro economic impact analysis, Technological Roadmap, Key Trends, Driver, Restraints, and Future Opportunities & Revenue Pockets, Porter’s 5 Forces Analysis, PEST Analysis, Historical Trend (2018-2019), Price Trend Analysis- 2018-2026, Market Estimates and Forecast, Market Dynamics, Industry Trends, Competition Landscape, Category, Region, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply Chain) |
Table of Content
1. Executive Summary
1.1. Global Carbon Capture & Storage (CCS) Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis & PEST Analysis
2.5. Covid-19 Impact
3. Global Carbon Capture & Storage (CCS) Operational and Future Projects, 2018 - 2026
3.1. List of Active/Operational CCS Projects
3.2. List of Under-construction/Upcoming CCS Projects
4. Global Carbon Capture & Storage (CCS) Market Outlook, 2018 - 2026
4.1. Global Carbon Capture & Storage (CCS) Market Outlook, by Source, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
4.2. Global Carbon Capture & Storage (CCS) Market Outlook, by Type, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
4.3. Global Carbon Capture & Storage (CCS) Market Outlook, by End-use, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
4.4. Global Carbon Capture & Storage (CCS) Market Outlook, by Region, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
5. North America Carbon Capture & Storage (CCS) Market Outlook, 2018 - 2026
5.1. North America Carbon Capture & Storage (CCS) Market Outlook, by Source, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
5.2. North America Carbon Capture & Storage (CCS) Market Outlook, by Type, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
5.3. North America Carbon Capture & Storage (CCS) Market Outlook, by End-use, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
5.4. North America Carbon Capture & Storage (CCS) Market Outlook, by Country, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
6. Europe Carbon Capture & Storage (CCS) Market Outlook, 2018 - 2026
6.1. Europe Carbon Capture & Storage (CCS) Market Outlook, by Source, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
6.2. Europe Carbon Capture & Storage (CCS) Market Outlook, by Type, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
6.3. Europe Carbon Capture & Storage (CCS) Market Outlook, by End-use, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
6.4. Europe Carbon Capture & Storage (CCS) Market Outlook, by Country, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
7. Asia Pacific Carbon Capture & Storage (CCS) Market Outlook, 2018 - 2026
7.1. Asia Pacific Carbon Capture & Storage (CCS) Market Outlook, by Source, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
7.2. Asia Pacific Carbon Capture & Storage (CCS) Market Outlook, by Type, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
7.3. Asia Pacific Carbon Capture & Storage (CCS) Market Outlook, by End-use, Volume (MTPA) and Value (US$ Mn), 2018 - 2026
7.4. Asia Pacific Carbon Capture & Storage (CCS) Market Outlook, by Country, Volume (MTPA) and Value (US$ Mn), 2018 – 2026
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