The global CCS market was estimated to be worth of USD 4.68 billion in 2018 and is projected to grow at a CAGR of 7.9% over the forecast period. The report ‘Carbon Capture and Sequestration (CCS) Market Share, Size, Trends, & Industry Analysis Report, [By Technology (Pre-combustion, Post-combustion, Oxy-fuel combustion), By Application (EOR Operations, Industrial, Agriculture, Others) By Regions]: Segment Forecast, 2018 – 2026’ provides insights on the current market scenario and the future prospects.
Carbon capture and storage can be defined as the process
that traps the carbon dioxide gas at the emission source, and then transporting
it to a storage location in turn isolating it. The storage location in most of
the cases is underground. The process guarantees greener energy by capturing
the excess carbon dioxide (CO2). They can be employed not only on coal-based
sources but also on natural gas and other industrial sources.
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CCS is an integrated technology with each process
complementing the other one. It is a well proven and established technology and
can achieve an efficiency of as high as 90% when deployed. It can capture CO2
fossil fuel emissions thus preventing the harmful gas from escaping to the
atmosphere. The rising concerns over climate change combined with the
efficiency of CCS is expected to benefit the CCS market over the forecast period.
The captured CO2 is a value-added commodity that can be used
for a variety of applications. The CO2 can be used for curing concrete or for
the derivation of plastics from biomass. The captured CO2 can also be converted
into other forms such as biomass, by using algae farming, that employs CO2 as a
feedstock.
Enhanced oil recovery (EOR) extensively uses CO2 for the
extraction of oil in mature oil fields. CO2 is injected into oil fields as it
mixes with the crude oil making it swell. This mixing causes a reduction in the
viscosity of the oil, thus enabling the maintenance of pressure in the
reservoir. The process enables increase of oil flow into the production wells.
In situations in which CO2 is not soluble, the CO2 injection
enables the increase in pressure, thus facilitating more oil flow towards the
production wells. Thus, EOR contributes positively in the creation of value for
stored CO2 in CCS setups. The depleting oil wells as wel as the increase in
number of mature wells has contributed to a rise in demand for EOR, thus in
turn benefitting the CCS market growth.
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CCS processes require state of the art technology at each
step of its operations. These processes have a higher operating cost and
require significant investment. Capturing is the most expensive part of the
process. To offset this restraint, companies are focusing on improving the
overall efficiency as well as lowering of costs and are concentrating on the
improvement in the integration of power generation and capture equipments.
Major industry participants include Aker Solutions, Dakota
Gasification Company, Exxon Mobil Corp., Fluor Corporation, General Electric,
Halliburton, Honeywell International Inc., Japan CCS Company, Mitsubishi Heavy
Industries Ltd, NRG Energy, Schlumberger, Shell, Siemens AG, Sulzer Ltd, and
The Linde Group, among others.
Polaris Market Research has segmented
the global CCS market on the basis of Technology, Applications and Region:
CCS Technology Outlook
(Revenue, USD Million, 2015 – 2026)
·
Pre-combustion capture
·
Post-combustion capture
·
Oxy-fuel combustion capture
CCS Application Outlook
(Revenue, USD Million, 2015 – 2026)
·
EOR Operations
·
Industrial
·
Agriculture
·
Others
CCS Region Outlook (Revenue, USD
Million, 2015 – 2026)
·
North America
o U.S.
o Canada
·
Europe
o UK
o France
o Germany
o Spain
o Poland
o Italy
o Belgium
·
Asia Pacific
o China
o Japan
o Australia
o India
o Malaysia
o Indonesia
·
Latin America
o Brazil
o Mexico
o Argentina
·
Middle East & Africa
o Saudi Arabia
o UAE
o Nigeria
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