Global Carbon Capture and Storage Market Report 2021-2026: Enhanced Oil Recovery Offers Strong Growth Opportunities
DUBLIN, Oct. 22, 2021 /PRNewswire/ — The “Carbon Capture and Storage – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Carbon Capture and Storage Market to Reach US$4.9 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Carbon Capture and Storage estimated at US$2.8 Billion in the year 2020, is projected to reach a revised size of US$4.9 Billion by 2026, growing at a CAGR of 9.9% over the analysis period.
Pre-Combustion, one of the segments analyzed in the report, is projected to grow at a 10.1% CAGR to reach US$4.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Post Combustion segment is readjusted to a revised 11.2% CAGR for the next 7-year period. This segment currently accounts for a 11.3% share of the global Carbon Capture and Storage market.
Post-combustion capture process involves extraction of carbon dioxide from low-pressure flue gases at conventional power plants and other large point sources after the combustion of fossil fuels or other carbonaceous materials such as biomass. This technology has been widely used for capturing carbon dioxide in the food and beverage sector.
Pre-combustion capture technology is more beneficial than post-combustion technology as separating carbon dioxide from hydrogen is much easier than from flue gas due to the fact that the partial pressure and concentration of carbon dioxide is much higher than in flue gases. The technology expands options for various gas separation methodologies, which previously were not possible in post-combustion capture processes.
Emerging applications include embedding CO2 in concrete and other building materials; converting the carbon into polyurethanes for application in furnishings and other materials. The carbon can be used for applications such as enhance oil and gas recovery (EOR), extending the economic life of a reservoir.
Carbon capture efforts are further favored by increasing focus of companies to investigate new use cases for captured carbon dioxide. Emerging applications include embedding CO2 in concrete and other building materials; converting the carbon into polyurethanes for application in furnishings and other materials.
The U.S. Market is Estimated at $1 Billion in 2021, While China is Forecast to Reach $482 Million by 2026
The Carbon Capture and Storage market in the U.S. is estimated at US$1 Billion in the year 2021. The country currently accounts for a 33.5% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$482 Million in the year 2026 trailing a CAGR of 11.4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.3% and 10.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.6% CAGR while Rest of European market (as defined in the study) will reach US$546.9 Million by the year end of the analysis period. In the US, carbon capture and storage is enjoying increasing attention and bound to emerge as one of the major industries over the coming years.
Growth is led by progressive policy framework and sustained government support. The 45Q tax credits for carbon oxide sequestration represent progressive CCS-specific incentive globally to promote investment in carbon capture and sequestration.
Over 40 CCS projects have been announced across various European countries, aiming to develop and deploy CCS facilities for a climate-neutral Europe. Various countries, such as the US, the UK, Norway, Japan, Canada, and Australia, are continuously providing financial assistance in Asia-Pacific for enabling research and development, demonstration, and deployment of CCS projects, with preliminary investments focused on emerging economies, such as India, Indonesia, and China.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Carbon Capture and Storage (CCS): An Introduction
- Types of CCS Technologies
- Carbon Capture
- Oxy-Fuel Combustion
- CO2 Compression
- CO2 Transportation
- CO2 Storage
- Impact of Covid-19 and a Looming Global Recession
- 2020: A Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021
- The Pandemic Emerges as an Opportunity to Ignite a Transition to a Greener Global Future
- Key Climate Change Indicators
- COVID-19 Underlines Significance of Carbon Capture to Mitigate Climate Change
- Net Zero Carbon Goals: How Feasible Are They & What is Needed To Make Them Work?
- Where Does CCS Stand in the Action Plan to Curtail Climate Change?
- Evolving Role of Carbon Capture & Storage (CCS) Technologies
- Favorable Policies to Drive Growth
- Challenging Scenario for CCS
- Regional Review
- Market Drivers
- Government Support
- Industrial Reuse of Captured Carbon Dioxide
- Improvements in Carbon Capturing and Storing Technologies
- Introduction of Relevant Standardizations and Legislations
- Public Outreach
- Market Inhibitors
- High Cost of CCS
- Environmental Concerns & Challenges
- Uneven Division of Capital Investments among Stakeholders
- Financing in CCS
- Market Uncertainty
- Technological Uncertainty
- Global CCS Project Landscape
- Commercial CCS Facilities in Construction, Advanced and Early Development: 2020
- A Peek into Important Global Projects
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 90 Featured)
- Archer-Daniels-Midland Company
- BP plc
- Chevron Corporation
- Emissions Reduction Alberta
- Equinor ASA
- GE Power
- HTC CO2 Systems Corp.
- Japan CCS Co., Ltd.
- Schlumberger Limited
- SNC-Lavalin Group, Inc.
- Svante Inc.
3. MARKET TRENDS & DRIVERS
- Enhanced Oil Recovery Offers Strong Growth Opportunities
- Demand for CO2 Storage Takes a Hit as Oil & Gas Sector Confronts Challenging Times amid the Pandemic
- Growing Emphasis on Hydrogen Production with CCS Augurs Well
- Leveraging Blue Hydrogen
- High Growth Opportunities Identified in Power Sector
- Growing Relevance of CCS in Bioenergy Domain
- Direct Air Capture with Carbon Storage: The New Upcoming Vertical
- Increasing Industrialization and Urbanization Levels Trigger Demand
- Natural Gas Processing : An Important Market
- Rising Contribution from Oil & Gas Industry
- Aligning Energy Assets to Carbon Capture
- Capturing Carbon from Atmosphere
- Startups Enter the Fray
- R&D in CCS Continues to Gain Pace
- Select Recent Innovations
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/a5qgl2
Research and Markets
Laura Wood, Senior Manager
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