CO2 Capture and Storage Market to reach $31.7 Billion by 2021, driven mainly by continued thrust to control carbon footprints by ensuring proper capture of CO2 from different sources of emission
Browse 10 Market Tables, 96 Figures spread through 187 slides and an in-depth TOC on “CO2 Capture and Storage Market”
The global Co2 emissions from fossil fuels are estimated to increase by 11% in the coming future with biofuels contributed a major share towards the increase of energy consumptionWith increasing emissions there is a growing concern for environmental issues. The carbon capture and storage (CCS) technology is a viable technique for the prevailing problem as it helps capture of carbon dioxide from different sources of emission, separating it from other gases and transporting to a suitable location for storage. . Increase usage of biofuels for the transportation and other applications resulted in the biofuels to be the major market, followed by natural gas for CCS industry. The global market size is estimated to reach $7.8 billion by 2021 according to a recent study by IndustryARC, at a CAGR of around 23% during the forecast period of 2016 and 2021.
The carbon capture and storage market is mainly driven by the fact that this technology is used to mitigate carbon emissions from fossil fuels and eventually helps in mitigating its risks to the atmosphere. The dominant drivers for CO2 Capture and Storage market include climate change obligations, emission standards and taxation policies on carbon emissions among the industry and power plant operators.
Considering the cumulative commitment of disparate industrial stakeholders in curbing CO2 emissions coupled with ongoing dominant role of fossil fuels in energy generation, the carbon capture and storage technology is being adopted and employed across the globe. Pre- combustion capture was assessed to be the largest revenue generating segment in 2015 with a share of 62% of the total market. However, due to the emergence of other technologies, its share is expected to decrease in 2021. Oxy fuel technology segment is forecast to witness brisk growth driven by technological advancements and innovation. Storage of carbon dioxide plays an important role in the overall CCS technology as it supports future sourcing of fossil fuels. According to the current technology and regulatory scenario, licensing of Co2 storage sites involves stringent laws and regulations to be followed.
The global market for carbon capture and storage is dominated by Americas, which is poised to exhibit the fastest growth due to increasing initiatives for reducing carbon footprint, which is followed by Europe. The penetration of CO2 Capture and Storage market in a particular end-use industry depends on several factors including economic feasibility, scale of operations, location, government regulations, pressure on the industry on environmental grounds and commitment towards environmental sustainability at industrial level. The Carbon Capture and Storage market in the American region is however anticipated to grow at a very high pace during the forecast period 2016 to 2021.
On the contrary, the largest market in APAC was China in 2015 and is forecast to grow through 2015 to 2021 to reach $1.5 bn. Growing awareness regarding the environmental impact of carbon emissions will have a positive impact on the carbon capture and storage market. However the significant investment required for these projects will hinder the adoption of this technology.
The number of adopters across the world for CO2 Capture and Storage has increased manifold. These companies are actively investing in scaling up their position in the market and are able to attract profitable deals.
Some of the major players are:
- Royal Dutch Shell plc
- Halliburton Company
- Schlumberger Limited
- Aker Solutions ASA
- Statoil ASA
The Carbon Capture & Storage Market is still in infant stage where the operations existing in the industry have been only for demonstration purposes. The industry is yet to witness the deployment of the technology across the globe. U.S., Canada and U.K. are leading the initiative through continuous amendments in climate change policies and creation of separate funding for research and development in CO2 capture and storage market.
The CO2 Capture and Storage market report is a comprehensive study of the market for different capture technology, storage methods and end users along with geography.
The CO2 Capture and Storage market is analyzed by the following capture technology:
- Post Combustion Capture
- Pre Combustion Capture
- Oxy Fuel Technology and Others
The CO2 Capture and Storage market is analyzed by the following end user areas:
- Chemical Production
- Fertilizer Production
- Iron and Steel
- Oil & Gas
- Power generation and Others
The market has also been analyzed for four geographic regions, which include Americas, APAC, Europe and Rest of the World.
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