United States, Rockville MD, Aug. 16, 2022 (GLOBE NEWSWIRE) -- As per industry analysis on carbon capture and storage by Fact.MR, the global market is anticipated to be valued at US$ 2.9 Bn in 2021, expanding at a high CAGR of 13.4 % over the forecast period of 2021-2031.
Fact.MR – a market research and competitive intelligence provider, analyses that carbon capture and storage demand is set to witness high growth on the back of the increasing quest to reduce CO2 emissions across countries.
Of all the end-use industries, the agriculture industry remains one of the prime contributors to CO2 emissions. In this aspect, biomass-to-energy conversion and storage systems (BECCS) use biomass as a source of energy to remove CO2 from the atmosphere. Bioenergy production generates CO2 emissions, which are then sequestered in geological formations or incorporated into a wide range of end uses.
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CleanEnergy Systems and Schlumberger New Energy have joined forces with Chevron Corporation and Microsoft to begin working on a large-scale BECCS project in Mendota, California. Renewable synthesis gas will be combined with oxygen to generate energy by these enterprises using agricultural waste biomass such as almond trees.
This would have a positive impact on local air quality since the Central Valley in California generates over 200,000 tonnes of agricultural waste each year. Subsequently, over 99% of the carbon generated from this plant will be gathered and deposited underground into deep geologic formation. Once completed, this facility is estimated to remove roughly 300 Kilo tons of CO2 yearly, equivalent to the emissions from the energy use of more than 65,000 dwellings inside the United States.
In addition, substantial CO2-emitting countries are introducing newer standards and targets to be met by the end of the decade, and carbon capture and storage has emerged as one of the finest ways to achieve their climate objectives.
Owing to the aforementioned factors, carbon capture and storage providers are anticipated to experience high-CAGR growth over the coming years.
Why is North America the Most Important Market for CCS?
The global market was dominated by the North American region. Usage of carbon capture and storage technology is expected to increase in nations such as the United States and Canada, as demand for clean technology and CO2 usage in EOR practises continue to rise. This has led to an increase in the demand for CO2-EOR techniques.
EOR operations in the United States consume 75% of the world's carbon capture capacity, approximately 30 metric tons annually. Moreover, FUTURE Act was introduced under 45Q section to give incentives for the capture of carbon dioxide in industrial and power sectors for EOR use (furthering capital carbon capture, utilization, technology, and underground storage and reduced emissions).
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Key Segments Covered in the Carbon Capture and Storage Industry Survey
- By Type
- Direct Air Carbon Capture and Storage
- Bioenergy Carbon Capture and Storage
- Direct Air Carbon Capture and Storage
- By Technology
- Pre-combustion Capture
- Oxy-fuel Combustion Capture
- Post-combustion Capture
- Pre-combustion Capture
- By Service Type
- Capture
- Transportation
- Utilisation
- Storage
- Capture
- By End-use Industry
- Agriculture
- Oil & Gas
- Iron & Steel
- Building & Construction
- Chemical & Petrochemical
- Power Generation
- Others
- Agriculture
Competitive Landscape
In the United States and China, most large-scale carbon capture and storage projects have already been created or are in the planning stages. Furthermore, European countries want to take advantage of new technologies and storage ways. Royal Dutch Shell, Exxon Mobil Corporation, Mitsubishi Heavy Industries, Ltd. and Air Liquide are some of the vital carbon capture & storage service providers.
These players have been investing into collaborative researches for technological advancements in carbon capture & storage to gain a competitive advantage.
- In September 2021, Chevron teamed up with energy services firm Enterprise Products Partners to examine carbon capture, storage, and use in the United States.
- Companies such as Calpine, Chevron, Dow, and LyondellBasell have committed to begin studying options that might lead to the capture and secure storage of up to 50 million TPY of CO2 by 2030 and around 100 million TPY by 2040.
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Key players in the Carbon Capture and Storage Market
- Air Liquide
- Aker Solutions
- Dakota Gasification Company
- Exxon Mobil Corporation
- Halliburton
- Hitachi
- Honeywell International
- JGC Holdings Corporation
- Linde PLC
Key Takeaways from Carbon Capture and Storage Market Study
- Carbon capture and storage market poised to grow 3.5X in value by 2031.
- Post-combustion capture technology poised to dominate the market and capture nearly half of market value by 2031, owing to relative maturity of technology and associated cost advantages.
- Among the types, bioenergy carbon capture and storage anticipated to capture substantial market share by 2031, owing to rising application in agriculture industry.
- Oil & gas industry anticipated to exert dominance in the carbon capture and storage space owing to usage of CCS in EOR applications.
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