NEW YORK, July 25, 2018 (GLOBE NEWSWIRE) -- The global carbon capture & sequestration (CCS) market is expected to witness a CAGR of 15.7% and is projected to reach USD 12.3 billion by 2024. Demand for carbon based gas injection recovery method in oil and gas sites is likely to propel the growth of this market over the forecast period. Additionally, growing environmental concerns due to climate change from greenhouse gases is expected to augment the market growth over the forecast period.
CCS in its integrated form constitutes of capturing carbon dioxide, purifying, compressing, and transporting the CO2 to the sequestration site and injecting it in a geological reservoir or in the ocean. CCS market has gained fast traction in the past few years due to the concern about climate change caused by greenhouse gas emissions. Carbon capture and sequestration effectively removes CO2 from the atmosphere while allowing the continuous use of fossil fuels.
Enhanced Oil recovery (EOR) segment held the largest share of the market in 2017
Enhanced oil recovery is a tertiary technique used to increase the production rate in matured oil wells. The gas injection EOR technique injects CO2 in an oil or gas well to increase the production rate of the well, this results in the permanent storage of carbon dioxide in the underground geological formation. This method is seen as an acceptable way of reducing the effect of greenhouse gases on the atmosphere by Intergovernmental Panel on Climate Change (IPCC) and is being readily adopted by industries and major oil companies across the globe. CCS application in EOR is likely to experience a significant CAGR over the forecast period.
Carbon Capture & Sequestration (CCS) market – regional insight
North America held the largest share of the market in 2017 and the trend is likely to continue over the forecast period. This growth can be attributed to the adoption of gas injection EOR technique by major oil and gas companies. Moreover, stringent policy framework set by the local governments in this region has prompted the growth of this market. Asia-Pacific is expected to witness the fastest CAGR over the forecast period owing to the presence of coal-fired power plants in this region.
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Key findings from the report:
- The global CCS market is likely to reach USD 12.3 billion by 2024
- The EOR segment held the largest share of the market in 2017. This can be attributed to fast adoption of gas injection tertiary method
- Asia-Pacific is expected to experience the fastest CAGR over the forecast period. This can be attributed to the presence of coal-fired plant in this region
- North America held the largest share of the market in 2017 owing to stringent regulations on greenhouse gas emissions by the local governments
- The key players of this market are Siemens AG; Equinor ASA; Aker Solutions; Fluor Corporation; Mitsubishi Heavy Industries, Ltd.; Halliburton; Honeywell International Inc; Shell Global; Maersk Oil; and Japan CCS Co., Ltd. among others
This report segments carbon capture and sequestration (CCS) market based on technology, application, and region.
By Technology
- Industrial Process
- Pre-Combustion
- Oxy-Combustion
- Post-Combustion
By Application
- Enhanced Oil Recovery
- Industrial
- Agricultural
- Others
Region
- North America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
- Central and South America
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