Carbon Capture And Storage Market In-Depth Research On Basis By Capture Technology, Application, Region And Forecast To 2030 : Grand View Research Inc.

San Francisco, 2 June 2023: The Report Carbon Capture And Storage Market Size, Share & Trends Analysis Report By Application (Power Generation, Oil & Gas), By Capture Technology (Oxy-Combustion, Pre-combustion), By Region, And Segment Forecasts, 2023 – 2030

The global carbon capture and storage market size is expected to reach USD 5.61 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2023 to 2030. Increasing carbon emissions across the globe and concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of carbon capture and storage technology.

The European Union has emerged as a global leader by developing CCS as a part of its energy and climate policy in order to meet the 80-95% emission reduction target by 2050. Various policies and funding programs favoring the development of more efficient and cost-effective CCS technologies are primarily fueling market growth in the region. Increasing R&D and testing of several pilot projects are expected to lower the CCS technology cost and enhance its commercial viability. Low-carbon investment programs such as NER300 and NER400, which contain provisions regarding the financing of large-scale commercial CCS pilot projects, have accelerated market growth.

NER300 is a funding mechanism that has the provision to provide 300 million carbon allowances for subsidizing the construction of CCS demonstration plants. On similar lines, NER400 innovation fund targets the 2021-2030 period to decarbonize industrial production by raising USD 9.97 billion assuming a carbon price of 25.5 USD/ton. Moreover, the development of EU ETS and EPS has majorly propelled CCS technology penetration in the market. The provision of a cap and trade system, which puts a price on carbon emissions, is stimulating the CCS installations across several industries such as power generation, chemical processing, oil & gas, and iron & steel.

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Carbon Capture And Storage Market Report Highlights

• By capture technology, in 2022, the pre-combustion segment emerged as the largest segment with a revenue share of more than 66.91%. Newly developed advanced amine systems, heat generation systems, and increased energy demand are expected to be the main factors driving post-combustion technology over the forecast period
• In 2022, the power generation application segment emerged as the largest segment with a volume share of more than 66.9%. Global energy-related carbon dioxide emissions reached 36.3 Gt CO2 in 2021, according to The International Energy Agency (IEA). The power sector accounted for approximately two-thirds of the emissions growth from the previous year. Due to high emission rates, carbon capture and storage potential is extremely high in coal-fired power plants
• North America dominated the market with a revenue share of more than 36.69% in 2022. North America is one of the largest markets for CCS around the world owing to the presence of major countries including the U.S., which accounted for more than 75.0% share in terms of revenue in 2021. The U.S. is the front runner in technology implementation for CCS globally as the first CCS project in the world was started in 1978 by Searles Valley Minerals in a coal-based power plant located in the state of California in the U.S.
• The industrial process segment is expected to register a volume-based CAGR of 7.6% over the forecast period. A significant proportion of Green House Gasses (GHG) is contributed by the industrial sector. Industrial separation targets the capture of CO2 from various industrial sectors such as cement, steel, and oil & gas. Physical properties, gas volume, and composition of flue gases are different for each industry. Hence, a standard industrial separation technology is absent in the market. These custom-made carbon capture solutions result in high implementation costs for this technology

List of Key Players of Carbon Capture And Storage Market

• Aker Solutions
• Dakota Gasification Company
• Equinor ASA
• Fluor Corp.
• Linde plc
• Maersk Oil
• Mitsubishi Heavy Industries Ltd.
• Royal Dutch Shell PLC
• Siemens AG
• Sulzer Ltd.

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Carbon Capture And Storage Market Outlook On The Basis Of Capture Technology, Application, Region And Forecast From 2022 to 2030: Grand View Research Inc.

San Francisco, 9 Aug 2022: The Report Carbon Capture And Storage Market Size, Share & Trends Analysis Report By Application (Power Generation, Oil & Gas, Metal Production, Cement), By Capture Technology (Pre-combustion, Industrial Process), By Region, And Segment Forecasts, 2022 – 2030

The global carbon capture and storage market size is expected to reach USD 5.35 Billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.8% from 2022 to 2030. Increasing concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of carbon capture and storage (CCS) technology. Various governments are encouraging the implementation of technology through pilot projects across various industries due to the ability of carbon capture & storage technology to serve as a large-scale solution for achieving the high CO2 emission reduction targets and climate control goals.

The pre-combustion segment led the market in 2021. The pre-combustion segment was the dominant segment in 2021. However, the post-combustion segment is anticipated to take over in the forecast period by a small margin. Post-combustion carbon dioxide capture technology removes the diluted CO2 from the flue gases which are produced after the combustion of fossil fuels.

In application, the power generation segment accounted for the largest revenue share of more than 40% in 2021. Coal-fired power plants are the most dominant emitters of carbon dioxide. Due to imposed restrictions on power plants, the utilization of CCS facilities has become mandatory to reduce carbon emissions up to the required standards. Adoption of these technologies is essential, to potentially permit the continued use of coal resources for power generation, whilst reducing CO2 emissions.

Carbon dioxide is increasingly being used for crop growth enhancement inside closed greenhouses; as well as applications in the fields, for growth enhancement. It is commonly used compressed gases for pneumatic systems (pressurized gas) in portable pressure tools that are ubiquitous in the construction industry. Carbon dioxide is also used to create dry ice pellets which can be used to replace sandblasting for removing paint from surfaces.

The market is anticipated to have a steady growth in the medical segment. Carbon dioxide is used in surgeries, such as arthroscopy laparoscopy, and endoscopy, to stabilize body cavities and enlarge the surgical surface area. It is also used to maintain the cryotherapy temperatures of approximately -76-degree Celsius.

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Carbon Capture And Storage Market Report Highlights

• In terms of revenue, the pre-combustion segment accounted for a prominent share in the market in 2021 and is further expected to witness steady growth over the forecast period
• As of 2021, North America accounted for about 36.63% revenue share in the overall market. The presence of a well-established manufacturing base for Carbon Capture and Storage in Europe, Asia, and many other developing countries, along with the increasing concern for the environment around the world is expected to increase the regional market growth
• Various strategic initiatives were recorded over the past few years to boost the growth of the market. For instance, in January 2019, Aker Solutions secured a contract for a carbon capture and storage project, which was initiated by Equinor in partnership with Shell and Total, to develop the world’s first storage facility capable of receiving CO2 from various industrial sources. The project, known as The Northern Lights project, consists of a CO2 receiving terminal, an offshore pipeline, injection, and CO2 storage

List of Key Players of Carbon Capture And Storage Market

• Aker Solutions
• Dakota Gasification Company
• Equinor ASA
• Fluor Corporation
• Linde plc
• Maersk Oil
• Mitsubishi Heavy Industries Ltd.
• Royal Dutch Shell PLC
• Siemens AG
• Sulzer Ltd.

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Carbon Capture and Storage Market Size Is Poised To Reach USD 8.75 Billion By 2025: Grand View Research Inc.

San Francisco, 15 July 2020: 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

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.

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.

Key participants in the carbon capture & storage market include:

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

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Recent Developments in Carbon Capture And Storage Market

• In September 2019, the S. Department of Energyannounced 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, Equinorand 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 Solutionsreceived 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.

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Carbon Capture and Storage Market Size Is Poised To Reach USD 8.75 Billion By 2025: Grand View Research Inc.

San Francisco, 9 June 2020: 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 size 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.

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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

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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.

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