Based on application, the chemical processing segment held over 4% share of the carbon capture and storage market in 2022. Going ahead, the segment is likely to see notable growth from rigorous government efforts to help market players develop, accelerate, and reduce risk in the carbon capturing process while performing chemical operations. CCS systems are consistently and exponentially used in chemical processing plants, that emit gas streams, and fertilizer and ethanol production operations, which have significant emissions as well. In 2021, the U.S. alone produced over 15 billion gallons of ethanol, creating strong demand for CCS systems.
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Asia Pacific carbon capture and storage market size surpassed USD 1 billion in 2022. This growth is attributed to the rising regional government focus on controlling industrial emissions from the food and beverages, cement, and chemical sectors. APAC is home to some of the most populous countries in the world, with many acting as manufacturing hubs for the rest of the world. Consequently, many countries in the region face high pollution levels, which presents an ideal growth opportunity for the market. In some countries, government efforts are being extensively aimed at carbon capture and sequestration initiatives towards applicable industries.
In June 2022, for instance, ExxonMobil, CNOOC, Shell, and China’s Guangdong Provincial Development & Reform Commission signed a MoU to assess the feasibility of world-scale CCS project to reduce harmful emissions in the Guangdong Province, which is one of the country’s largest industrial areas.
In terms of technology, the carbon capture and storage market size from oxy-fuel combustion segment is poised to record nearly 20% growth rate through 2032. The effective dissemination and demonstration of oxy-fuel projects on a commercial level is a key factor behind the technology’s adoption. Oxy-fuel combustion also does not incur a high cost or yield significant pollutants as compared to other methods, which further shapes the segment growth. The technology is relatively energy-efficient and enhances carbon capturing capability in industrial plants including glass, metallurgical, and thermal energy engineering by recycling exhaust gas to a low temperature.