Carbon Capture and Storage Market size is expected to surpass USD 6 Billion by 2026, as reported in the latest study by Global Market Insights Inc.
The carbon capture and storage industry will witness significant gains on account of rapid industrialization coupled with rising demand for emission control technologies. Furthermore, increasing adoption of CO2 based enhanced oil recovery techniques to cater the rising energy demand will complement the industry growth. Ability to achieve the emission reduction targets and high capture rates will further enhance its market statistics over the forecast period. Moreover, ongoing industrial expansion along with the growing awareness regarding emission control will positively influence the market share for carbon capture and storage projects.
Positive outlook toward industrial sector will drive the Asia Pacific market share
The Asia Pacific carbon capture and storage market will witness significant growth on account of increasing investment towards industrialization across the region. For instance, as per the UNIDO, the chemical industry in China accounted for USD 371.2 billion in 2017 from USD 81.0 billion in 2005. Furthermore, the growing efforts by the respective regulators and policy makers to strengthen the manufacturing sector will augment the business growth.
Rapid installation of coal fired, and gas fired power plants in order to cater the escalating demand for electricity will propel the Asia Pacific carbon capture and storage industry growth. In addition, growing awareness regarding emission control technologies including carbon capture and storage along with the expansion of manufacturing facilities in the region will drive the industry statistics. The carbon capture and storage projects are widely deployed across the oil & gas, chemical and cement plants to capture the emission release from industrial process. CCS projects also offer considerable reduction in electricity costs which in turn will further provide an impetus to market growth.
Browse key industry insights spread across 247 pages with 388 market data tables & 29 figures & charts from the report, “Carbon Capture and Storage Market Analysis By Technology (Pre Combustion, Post Combustion, Oxy-Fuel Combustion), By Application (Oil and Gas, Chemical Processing, Power Generation, Others), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
Shifting focus toward modernization of industrial facilities uplifting the post combustion CCS installation
Post combustion-based carbon capture and storage market is anticipated to witness growth over 5% through 2026. The modernizing of existing industrial facilities by retrofitting the post combustion technology to curb the emission will stimulate the market growth over the forecast timeframe. For instance, as per the Global CCS Institute, the Shengli Oil Field Company commissioned its post combustion retrofitted technology in year 2010 to capture the 1 million ton per annum carbon dioxide. Better operational efficiency and retrofitting with existing and new power plants are some of the key features which will enhance the market share across various industrial application.
Growing gas fired power plants will spur the carbon capture and storage market share in power generation applications
Growing deployment of gas fired power plants along with rising environmental concerns will significantly enhance the market demand of CCS installations for power generation application. For instance, as per the Global CCS Institute, in 2018, NET Power LLC announced the construction on 25MWe natural gas fired power plant in the U.S. to test the carbon capture and storage technology in power generation.
Introduction of stringent norms by respective governments to minimize the emission along with the shifting focus toward clean energy will favor the installation of carbon capture and storage technology in power generation sector. For instance, the DOE has introduced Carbon Storage Assurance Facility Enterprise (CarbonSAFE) initiative in order to encourage the deployment of clean solutions, mitigating the CO2 emissions from burned fossil fuels. Moreover, increasing investments by the government to deploy the sustainable technologies for curtailing the industrial greenhouse emission emissions will play an important role in fueling the carbon capture and storage market demand.
Key market players operating across carbon capture and storage market comprise of Exxon Mobil, General Electric, Halliburton, Mitsubishi Heavy Industries, Aker Solutions, Schlumberger Limited, Linde, Japan CCS Co, Siemens, NRG Energy, Fluor Corporation, Shell Cansolv amongst others. Merger & acquisitions and continuous technological advancement are few significant strategies followed by leading industry players to be at competitive edge over other participant.