Carbon Capture & Storage Market by Capture Technology (Pre-Combustion, Oxy-Firing, and Post-Combustion), Application (EOR, Industrial, and Agriculture) -Analysis & Forecast 2019-2030
Report ID : 196 | Published Date : Jan 2020 | Pages : 210 | Region : Global | Report Code : ER-1
Carbon Capture & Storage Market Overview and Introduction
Carbon Capture & Storage (CCS) is a technology that can capture up to 90% of carbon dioxide (CO2) emissions produced due to the utilization of fossil fuels in electricity generation and industrial processes. This process prevents carbon dioxide from entering the atmosphere. CCS is an imperative resolution in the contest against global changes in climatic conditions and plays a significant role in controlling greenhouse gas emissions.
The global carbon capture & storage market is mainly driven by growing environmental concerns & a high demand for the CO2 injection technique for Enhanced Oil Recovery (EOR). Moreover, stringent regulations to control the overall carbon emission are also expected to plays a pivotal role in contributing to carbon capture & storage market growth. However, the high cost of technology is likely to restrain market growth to a certain extent.
The global carbon capture & storage market can be segmented into capture technology, application, and regions.
Carbon Capture & Storage Market by Capture Technology
Based on capture technology, the market can be segmented into pre-combustion, oxy-firing, post-combustion, and others. The pre-combustion segment is expected to dominate the carbon capture & storage market during the forecast period. The growth of this segment can be attributed to the increasing demand from integrated gasification combined cycle power plants and its advantages over post combustion capture technology in terms of less energy penalty.
Carbon Capture & Storage Market by Application
Based on the application, the market can be segmented into EOR, industrial, agriculture, and others. The EOR segment is expected to dominate the Carbon Capture & Storage market during the forecast period owing to its usage in a wide range of oil & gas industry applications. Moreover, rising investments for the development of refinery capacities coupled with the ever-increasing crude oil demand are anticipated to positively contribute to the growth of this segment.
Carbon Capture & Storage Market by Region
Based on region, the global Carbon Capture & Storage market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the carbon capture & storage market, followed by Asia Pacific. The growth in North America can be attributed to the ongoing investments in R&D and presence of several coal & gas-fired power plants in this region. Moreover, stringent government policies to control the overall carbon emission for a cleaner environment are further expected to propel the market.
Carbon Capture & Storage Market Prominent Players
Some of the prominent players in the carbon capture & storage market include Aker Solutions, Fluor Corporation, Hitachi, Ltd., Linde, MITSUBISHI HEAVY INDUSTRIES, LTD., Exxon Mobil Corporation., GENERAL ELECTRIC, Halliburton, Schlumberger Limited, and Shell, among others.