Carbon Capture And Storage (CCS) Market Demand, Status, Analysis and Forecasts to 2025: Grand View Research Inc.

San Francisco, 10 December 2019: The Report Carbon Capture And Storage (CCS) Market Analysis By Application (EOR, Industrial & Agriculture), By Capture Technology(Pre-Combustion, Industrial, Oxy-Firing & Post-Combustion), Competitive Strategies, And Segment Forecasts, 2018 – 2025

The global carbon capture and storage (CCS) market value is anticipated to exceed USD 8.75 billion by 2025, according to a new report by Grand View Research, Inc. The rising global energy demand along with the growing awareness towards reducing carbon dioxide emissions in most of the industrial economies is anticipated to drive the CCS market.

Currently, meaningful industrial CO₂ capture is required particularly in the power sector.The increasing adoption of gas injection techniques for enhanced oil recovery (EOR) across several matured petroleum reserves globally is expected to be one of the key factors driving CCS demand.

Enhanced oil recovery (EOR) is expected to account for the highest demand with a net worth estimated to reach over 6.18 billion by 2025. Prevalence of factors such as depleting oil reserves globally coupled with heavy dependence on crude oil imports mainly in the Asia Pacific region is anticipated to be one of the major reasons driving the demand for EOR activities globally.

CCS requirement in high purity industrial applications such as natural gas processing, coal-to-liquid (CTL), ammonia, and hydrogen production facilities holds immense potential for project demonstration. The segment is estimated to witness the fastest growth in terms volume of CO₂ captured. Carbon capture and storage demand in the industrial sector is expected to grow at a CAGR of 6.2% from 2016 to 2025.

Access Research Report of Carbon Capture And Storage (CCS) Market @ https://www.grandviewresearch.com/industry-analysis/carbon-capture-storage-ccs-market

Further key findings from the report suggest:

• The global CCS demand exceeded 61 million tons in 2015 and is estimated to grow at a CAGR of 6% from 2016 to 2025
• Post-combustion capture technology is anticipated to grow at the highest CAGR of 15.6% from 2016 to 2025
• Pre-combustion capture technology demand in the U.S. is estimated to exceed a total volume of 80 million tons by 2025
• Stringent regulatory framework for cleaner environment coupled with increasing CO₂ injection EOR technique in most of the depleted hydrocarbon basins are expected to be the major factors driving demand in North America
• The Asia Pacific carbon capture and storage industry is expected to grow at the highest CAGR of 9.7% from 2016 to 2024.
• Key players include Shell CANSLV, AkerSolutions, Statoil, Linde Engineering, Mitsubishi Heavy Industries and Sulzer
• ACTL with North West Sturgeon Refinery CO2 Stream in Canada, Future Gen 2.0 Project in U.S.A, Preheat CCS & Don Valley Power Projects in UK are some of the upcoming projects over the next few years

Browse more reports of this category by Grand View Research at: https://www.grandviewresearch.com/industry/construction-and-utilities

Grand View Research has segmented the carbon capture and storage market on the basis of application, capture technology, and region:

Carbon Capture And Storage (CCS) Application Outlook (Volume, Kilo Tons, USD Million, 2014 – 2025)

• Enhanced Oil Recovery (EOR)
• Industrial
• Agriculture

Carbon Capture and Storage (CCS) Capture Technology Outlook (Volume, Kilo Tons, USD Million, 2014 – 2025)

• Pre-Combustion
• Industrial separation
• Oxy-fuel
• Post-combustion

Carbon Capture and Storage (CCS) Regional Outlook (Volume, Kilo Tons, USD Million, 2014 – 2025)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle east and Africa

Access Press Release of Carbon Capture And Storage (CCS) Market @ https://www.grandviewresearch.com/press-release/global-carbon-capture-storage-ccs-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

Carbon Capture And Storage (CCS) Market Demand, Status, Analysis and Forecasts to 2025: Grand View Research Inc.

The Concept

Carbon capture & storage (CCS), also known as ‘carbon capture and sequestration’ or ‘carbon control and sequestration’, is the method of capturing waste CO2 (carbon dioxide) from large point sources; for instance, fossil fuel plants. The captured carbon dioxide is then transferred to a storage space & usually deposited in an underground geological formation, from where it won’t enter the environment. This is a potential way of reducing the contribution of CO2 emissions to the process of global warming and ocean acidification through industries and heating. There is a possibility that the combination of CCS and Biomass to show net negative emissions.

A recent statement by the IEA and the UN Climate Panel summarized the high probability of climate change linked to CO2 emissions, with an added recommendation of reducing global CO2 emissions by 5 gigatons annually. Carbon capture & storage can be expected to contribute to the complete elimination of 14-17% of CO2 emissions. Currently, there are more than 40 large-scale facilities, with Chevron’s Gorgon plant one of the latest additions.

One of the more notable examples in the carbon capture & storage field is the Petra Nova, a joint venture between JX Nippon Oil & Gas Exploration Corp. and NRG Energy Inc., which developed a carbon-capture project at NRG’s W.A. Parish Generating Station. It is currently the world’s largest operating CCS system. The project is designed to capture approximately 90 % of the CO2; along with sulfur oxides, nitrogen oxides, and particulates from a 240 MW ‘flue-gas’ slipstream. This process requires about 1.6 million tons of greenhouse gas per annum. The system deploys an amine-based CO2 scrubber, designed by Mitsubishi Heavy Industries, to capture the gas in industrial applications.

‘Capturing’ attention across the globe

Carbon capture and storage is receiving a lot of support from industries as well as Governments across the world, with the common consensus being that carbon capture and storage goes a long way in delivering deep emissions reductions, particularly in industries such as cement, petrochemicals, fertilizer and steel, which make up for over 20% of the global emissions. The United Kingdom has begun a carbon capture project from the burning of wood. The project, known as Bio Energy with Carbon Capture and Storage (BECCS), is being carried out at the Drax Power Station in North Yorkshire, and is the first such project in Europe.

The Carbon capture and storage market is expected to see high growth in the coming years, with the following factors at play:

• The market is anticipated to be propelled by energy demand and ‘carbon dioxide’ reduction awareness.
• Strict Government regulations with regards to greenhouse gas emissions is also expected to drive the industry forward. Since 1997, there has been a 20-time increase in the number of global laws regarding climate change, which include more than 1200 policies across 164 countries that are responsible for GHG emissions.
• Wide adoption of gas injection for enhanced oil recovery (EOR) in various petroleum reserves worldwide is expected to drive industry demand in the near future.
• Under the Paris agreement, Carbon capture & storage has been recognized as being critical in reaching global climate goals by major climate change bodies such as IPCC and IEA, a factor which would help in enhancing the market attractiveness.
• With growth in the number of oil and gas industries, there is a high chance that the market will be populated further with competitive players.

The carbon capture & storage industry is not without its challenges though, with the complexity of the overall process causing an overall increase in costs. Also, there is no definitive opinion regarding underground carbon dioxide storage being totally secure, with scientists advising a continuous monitoring of the storage areas.

Major developments

Key participants in the carbon capture & storage market include:

• Linde Engineering
• Aker Solutions
• Sulzer
• Shell CANSLV
• Mitsubishi Heavy Industries, and
• Equinor (formerly Statoil)

The industry is primarily led by multiple oil & gas companies. Huge operational expenses & initial investments prevent novel players from entering the market. Discrepancies in governmental framework are one of their other concerns.

Some of the other major recent developments in the carbon capture and storage market include:

• In September 2019, the U.S. Department of Energy announced a federal funding of USD 110 Million for the purpose of Carbon capture, utilization, and storage, with USD 75 Million reserved for two funding opportunity announcements (FOAs) already announced this fiscal year, while USD 35 Million is for an upcoming FOA.
• In September 2019, Equinor and its partners Shell and Total, announced their involvement in the Northern Lights project, which involves transport, reception and the permanent storage of CO2 on the Norwegian continental shelf. More than 150 people from the 3 organizations have come together for the project, with plans to drill a confirmation well for CO₂ storage in the Johansen formation ready to be undertaken.
• In January 2019, Aker Solutions received its first contract on Northern Lights, with the organization expected to deliver subsea infrastructure equipment for an early well development. The organization is already working at Norcem’s cement factory located in Brevik with regards to engineering and design of a carbon capture plant, which will function as a capture site for the Northern Lights project.

In-depth report on global carbon capture and storage (CCS) market by Grand View Research:

https://www.grandviewresearch.com/industry-analysis/carbon-capture-storage-ccs-market