With rapid growth in industrialization, carbon dioxide emissions into the atmosphere have scaled up. The rising CO2 emissions have raised concerns of the industries and government. In order to achieve net-zero, several governments have framed favorable policies and schemes for carbon capture and storage adoption. Furthermore, in several countries, the industries are provided with diverse benefits to work considering net-zero emissions.
Major sources of CO2 emissions across the globe include electricity production via natural gas and fossil fuels. Carbon capture and storage activities enable effortless capture, utilization, and storage of carbon dioxide; hence underpins the market growth. Besides, the change in climatic conditions due to such emissions is also a pressing factor that determines the growth of the carbon capture and storage (CCS) market.
Worldwide, the carbon capture and storage (CCS) market is expected to grow at a stellar CAGR of 15.7% and 101 MTP over the prophesied period of 2020-to 2026. Moreover, the market value is projected to reach US$ 9.42 Bn in 2026 from US$ 4.17 Bn in 2020.
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Rising Demand for Enhanced Oil Recovery Provides Impetus to Carbon Capture and Storage
Offshore oil and gas exploration and production activities are thriving with technical upgrades; thus, increasing the adoption of enhanced oil recovery (EOR). Additionally, with 61% of the share, the EOR sector singlehandedly dominates in the carbon capture and storage market across the globe. The EOR activity enables effortless crude oil extraction using carbon dioxide. Onshore and offshore wells are widely opting for EOR techniques for maturing and depleting the oil reserves. Also, these reserves suffice the need for temporary as well as permanent storage of oil in the reservoirs. Consequently, the carbon capture and storage (CCS) market is envisaged to flourish on the solid turf of surging demand for carbon dioxide in order to enhance oil recovery processes.
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Sweeping Developments and Higher Adoption Rates Hurls Exponential Growth Across North American Market
With 13 active carbon capture and storage facilities, North America holds the largest share in the global market for carbon capture and storage. Large-scale development and adoption of carbon capture and storage from end-use industries are key factors driving growth to the markets in the region. Collaborative financial assistance of around US$270 million from the U.S. Department of Energy further fosters the growth of the CCS market.
The European CCS market is anticipated to proliferate as it garners 11 new projects to be operated by 2030. In the view of CCS, Norway, Ireland, U.K, and the Netherlands are prominent regions of Europe. Further, the planning, construction, and operations of CCS are primarily backed by the EU’s Innovation fund that impels the growth of the CCS market. Besides, CCS markets in the emerging economies of the Asia Pacific such as South Korea, China, and Australia are likely to grow at a promising pace.
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The eminent market players in the global carbon capture and storage (CCS) domain are GE, Carbon Engineering Ltd., Siemens AG, Mitsubishi Heavy Industrial Ltd., Babcock & Wilcox Enterprises, Inc., Air Liquid, Air Products & Chemical Inc., Global Thermostat, CO2 Solutions, Linde AG, Royal Dutch Shell plc, Total SE, and Climeworks.
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