Carbon Capture and Storage Market Size By Technology (Pre Combustion, Post Combustion And Oxy-Fuel Combustion), By Application (Oil and Gas, Iron and Steel, Chemical Processing, Power Generation) Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2017 – 2024

Published Date: Aug 2017  |  Report ID: GMI2033  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 160   |   Base Year: 2016

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Carbon Capture and Storage Market size was worth over USD 2.5 billion in 2016 and the cumulative capacity will exceed 103 MTPA by 2024.

Europe Carbon Capture and Storage Market Size, By Technology, 2016 & 2024 (USD Million)

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Paradigm shift toward clean energy along with introduction of stringent government directives to limit the greenhouse gas emissions will drive the CCS industry growth. Several policies are formulated to achieve the emission targets and minimize the carbon footprint. In 2018, the Rhodium Group reported a rise in the energy related GHG emission by 3.4%, where majority of the emissions were contributed by transportation, power, industrial and building sector. In addition, extensive use of well recovering technologies including enhanced oil recovery along with growing number of mature fields will complement the business landscape.

Rapidly expanding industries coupled with growing requirement of economic solutions to limit the carbon emissions will accelerate the carbon capture and storage market growth. As per “Our World in Data”, in 2017 the U.S. and China’s annual share of the global CO2 emissions estimated around 14.58% and 27.21% respectively. Improved performance coupled with capability to reduce the emissions up to 85% to 90% when compared with other available alternatives will encourage the product adoption.

Carbon Capture and Storage Market Report Coverage
Report Coverage Details
Base Year: 2016 Market Size in 2016: 2.5 Billion (USD)
Historical Data for: 2013 to 2016 Forecast Period: 2017 to 2024
Forecast Period 2017 to 2024 CAGR: 13% 2024 Value Projection: 6 Billion (USD)
Pages: 160 Tables, Charts & Figures: 207
Geographies covered (10): U.S., Canada, UK, Norway, Germany, China, Australia, South Korea, UAE, Saudi Arabia
Segments covered: Technology, Application and Region
Companies covered (14): Aker Solution, Exxon Mobil, Fluor Corporation, Haliburton, Shell CANSOLV, Dakota Gasification Company, Linde Engineering, Siemens AG, Sulzer, Mitsubishi Heavy Industries, Japan CCS Company, Japan CCS Company, General Electric, Schlumberger, NRG energy
Growth Drivers:
  • Growth drivers
  • Strict government norms towards GHG emissions
  • Increasing demand for CO2 EOR
Pitfalls & Challenges:
  • High initial cost of CCS
  • Lack of policies

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Carbon Capture and Storage Market, By Technology

Pre-combustion technology will witness extensive growth on account of increasing demand from integrated gasification combined cycle power plant. It involves decarbonation by gasification of the primary fuel, including biomass or coal to produce hydrogen by partial combustion, reforming and water gas shifting while separating the CO2 from the resulting reaction product stream. Higher capture rate than other available product along with high preference for various industrial processes including the IGCC plants will augment the business landscape.

The post combustion carbon capture technology was valued over USD 330 million in 2016. The process involves the capturing of CO2 from the exhaust after the fuel is burned, the exhaust is passed through a chemical solvent that captures the CO2 while the remaining exhaust is released into the atmosphere. The carbon dioxide is then extracted from the solvent in a separation unit called stripper and the remaining pure stream of carbon dioxide can be stored. Its capability of retrofitting with new and existing power plants along with increasing deployment in conventional pulverized coal fired plants will enhance the industry outlook.

Carbon Capture and Storage Market, By Application

The oil and gas applications will gain over 8.5% by 2024. Increasing global energy demand along with rising investments toward upstream and downstream sectors will augment the industry landscape. Ongoing investments toward the expansion and upgradation of refinery capacities coupled with extensive crude oil demand will positively enhance the industry outlook. In 2019, the Chevron Corporation announced the commencement of carbon capture and storage project developed on the Australia’s largest LNG developments.

Carbon Capture and Storage Market Size, By Application, 2016 (USD Million)
Carbon Capture and Storage Market Size, By Application, 2016 (USD Million)

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Shifting trends toward clean energy coupled with strict environment norms and respective government regulations to minimize the carbon emissions will foster power generation applications. In 2019, the government of UK has planned to spend USD 31.4 million that will fund nine carbon capture projects essential to achieve its net zero targets by 2020. The integration of CCS raises the electricity cost by 20-50% however, ongoing technological advancement will result in cost declines that will enhance the industry outlook.

Carbon Capture and Storage Market, By Region

Ongoing investments toward research and development coupled with need to introduce economical carbon capture technologies will stimulate the U.S CCS industry. The government is actively promoting the deployment of emission technologies across the country along with extensive use of EOR methods will complement the industry landscape. In addition, the U.S. introduced the Section 45Q tax credit for the carbon capture projects providing a fundamental policy for increasing the installation of CCS projects.

Rapid deployment of gas and coal fired power plants in order to suffice the increasing demand for energy will propel the Asia Pacific market growth. Rising awareness regarding emission control coupled with ongoing industrial and commercial expansion will augment the business landscape. In 2017, China launched the integrated carbon capture and storage project Yanchang, a coal to gas plant for capturing 410,000 tons of carbon annually.

Competitive Market Share

Key players operating across the CCS industry include Exxon Mobil, Aker Solution, Haliburton, Fluor, Shell CANSOLV, Linde Engineering, Dakota Gasification, Siemens, Mitsubishi Heavy Industries, NRG Energy, Sulzer, Japan CCS Company, Schlumberger, General Electric.

Substantial funding toward R&D in order to make the technology commercially and economically viable is the prime focus of the companies. The government of Australia in 2015, provided an investment of USD 25 million for the development advance of carbon capture and storage solutions.

Carbon Capture and Storage Industry Background

Carbon capture storage is a process in which carbon dioxide from large stationary emissions sources including the industries, oil refineries or fossil fuel power plants is captured and stored geologically underground. It includes capturing which involves separating it from other components of the exhaust and storage of CO2. The process is also known as sequestration and involves compression and transportation through pipeline to remote sites for permanent storage. The method is preferred over other capturing technologies owing to its effective performance and ability to minimize the emission when compared with other available alternatives.

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