Carbon Capture And Storage Market Size To Increase By 104.5M Tons By 2027

Carbon Capture And Storage Market Size To Increase By 104.5M Tons By 2027 - Carbon Herald

The carbon capture and storage market size is expected to grow by 104.5 million T from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 22.91% during the forecast period.

The carbon capture and storage market is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified vendors. The report analyzes the market’s competitive landscape and offers information on several market companies. Air Products and Chemicals Inc., Aker Solutions ASA, Babcock and Wilcox Enterprises Inc., Chevron Corp., ENGIE SA, Enhance Energy Inc., Eni Spa, Equinor ASA, Exxon Mobil Corp., Fluor Corp., General Electric Co., Hitachi Ltd., Linde Plc, Mitsubishi Heavy Industries Ltd., NET Power, Occidental Petroleum Corp., Schlumberger Ltd., Shell plc, Siemens AG, and Sulzer Management Ltd.

The pre-combustion segment of the Carbon Capture and Storage (CCS) Market is poised for significant growth during the forecast period. Pre-combustion technology, characterized by CO2 removal from fuel before combustion, stands out as the most mature within the rapidly evolving CCS market. Conversely, post-combustion CO2 capture technology, recognized for its retrofitting capability in existing plants, captures CO2 from flue gas through a scrubbing process, providing flexibility for long-lasting power plants.

The Carbon Capture and Storage (CCS) industry plays a crucial role in mitigating climate change by reducing industrial emissions through CCS technology. It encompasses carbon sequestration and storage infrastructure, facilitating greenhouse gas reduction and supporting the clean energy transition. Additionally, CCS projects contribute to enhanced oil recovery while complying with carbon capture policies aimed at combating climate change.

The global Carbon Capture and Storage (CCS) market is experiencing significant growth, driven by various factors such as government initiatives, tax incentives, and the pressing need to curb greenhouse gas emissions. The U.S. Department of Energy plays a crucial role in facilitating this growth by providing loans to nascent stage CCS projects, particularly in sectors like power generation, oil & gas, metal production, cement, and others.

In the United States, the USDA Rural Utilities Service (RUS) and programs like the Clean Coal Power Initiative Program have been instrumental in supporting CCS initiatives. These efforts aim to reduce carbon emissions from coal-fired power plants and other segments such as pulp & paper and fertilizers, especially nitrogen-based fertilizers. CCS technology offers a promising solution by capturing CO2 streams from industrial processes like oxy-combustion and utilizing methods such as the water-gas shift reaction (WGSR) and acid gas removal (AGR) process.

Relevant: New Abatable Report Says Voluntary Carbon Market Is At A Critical Point

Various techniques, including integrated gasification combined cycle (IGCC) and oxy-fuel combustion, are being explored to enhance the efficiency of carbon capture from fossil fuels. The market is witnessing a compound annual growth rate (CAGR) as more industries recognize the importance of reducing nitrogen oxides and other harmful by-products for the environment.

The Carbon Capture, Utilization, and Storage (CCUS) market encompasses construction industries, factory shutdowns, and supply chains across North America and beyond. Companies like Royal Dutch Shell, Fluor Corporation, Exxon Mobil Corporation, JGC Holdings, and Honeywell International are actively involved in CCS projects, investing in demonstration activities for power generation and industrial plants.

The deployment of CCS technology requires significant capital investment but offers long-term benefits, including tax benefits and a reduced carbon footprint. Various methods such as pre-combustion capture, post-combustion capture, and oxy-fuel combustion are being employed in different sectors, including natural gas plants and the oil & gas end-use industry.

Relevant: “The Areas Where I Operate – Markets, Removals, Carbon Capture – Are All Growing In Importance”– Eve Tamme, Climate Principles

Key players like Mitsubishi Heavy Industries, Ltd., Linde Plc, Schlumberger Ltd, Aker Solutions, and Equinor ASA are driving innovation in CCS technology, focusing on improving process efficiency and expanding the value chain. CO2 scrubbers, air-separation units, and carbon storage facilities are integral components of CCS infrastructure, enabling the safe capture and storage of CO2 emissions. As the demand for cleaner energy sources rises, the CCS market is poised for substantial growth during the forecast period, contributing to global efforts to combat climate change.

The global carbon capture and storage (CCS) market is gaining momentum, fueled by initiatives from entities like the U.S. Department of Energy. At the nascent stage, CCS projects often require significant financial backing, prompting government involvement through loans and tax incentives. Programs such as the USDA Rural Utilities Service (RUS) and the Clean Coal Power Initiative Program facilitate the development of CCS technologies, particularly in power generation, oil & gas, metal production, and cement sectors. These initiatives aim to mitigate carbon emissions by capturing and storing CO2, thereby addressing environmental concerns while promoting sustainable industrial practices.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Translate »
Total
0
Share