DUBLIN, 22 October 2021 / PRNewswire / – The “Carbon Capture and Storage – Global Market Trajectory and Analysis” report was added to ResearchAndMarkets.com offer.
Global carbon capture and storage market to reach 4.9 billion US dollars by 2026
Amid the COVID-19 crisis, the global carbon capture and storage market is estimated at 2.8 billion US dollars in 2020, is expected to reach a revised size of 4.9 billion US dollars by 2026, with a CAGR of 9.9% over the analysis period.
Pre-combustion, one of the segments analyzed in the report, is expected to grow at a CAGR of 10.1% to reach US $ 4.1 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Post Combustion segment is readjusted to a revised CAGR of 11.2% for the next 7 year period. This segment currently represents an 11.3% share of the global carbon capture and storage market.
The post-combustion capture process involves the removal of carbon dioxide from low-pressure flue gases in conventional power plants and other large point sources after the combustion of fossil fuels or other carbonaceous materials such as biomass. . This technology has been widely used to capture carbon dioxide in the food and beverage industry.
The pre-combustion capture technology is more advantageous than the post-combustion technology because the separation of carbon dioxide from hydrogen is much easier than flue gases due to the fact that the partial pressure and the concentration of carbon dioxide are much more higher than in flue gases. The technology expands the options for various gas separation methodologies, which was not previously possible in post-combustion capture processes.
Emerging applications include the incorporation of CO2 into concrete and other building materials; converting carbon to polyurethanes for application in furniture and other materials. Carbon can be used for applications such as improving oil and gas recovery (EOR), extending the economic life of a reservoir.
Carbon capture efforts are further aided by the growing attention of companies to investigate new use cases for captured carbon dioxide. Emerging applications include the incorporation of CO2 into concrete and other building materials; converting carbon to polyurethanes for application in furniture and other materials.
The US market is estimated at $ 1 billion in 2021, when China is expected to reach $ 482 million by 2026
The market for carbon capture and storage in the United States is estimated at US $ 1 billion in 2021. The country currently represents a 33.5% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of 482 million US dollars during the year 2026, with a CAGR of 11.4% throughout the analysis period.
Other notable geographic markets include Japan and Canada, each projects growth of 8.3% and 10.4% respectively during the analysis period. In Europe, Germany is expected to grow by around 8.6% CAGR while the rest of the European market (as defined in the study) will reach US $ 546.9 million before the end of the analysis period. In the United States, carbon capture and storage is receiving increasing attention and is set to become one of the major industries in the years to come.
Growth is driven by a progressive policy framework and sustained government support. The 45Q Carbon Monoxide Sequestration Tax Credits represent a progressive CCS-specific incentive globally to promote investment in carbon capture and sequestration.
More than 40 CCS projects have been announced in various European countries, aiming to develop and deploy CCS facilities for a climate neutral Europe. Various countries, such as USA, UK, Norway, Japan, Canada, and Australia, continuously provide financial assistance to Asia Pacific to enable research and development, demonstration and deployment of CCS projects, with preliminary investments focused on emerging economies, such as India, Indonesia, and China.
Main topics covered:
1. MARKET OVERVIEW
- Carbon Capture and Storage (CCS): An Introduction
- Types of CCS technologies
- Carbon capture
- Post combustion
- CO2 compression
- CO2 transport
- CO2 storage
- Impact of Covid-19 and an impending global recession
- 2020: a year of disruption and transformation
- As the virus-vaccine race intensifies, where the global economy is heading in 2021
- The pandemic emerges as an opportunity to trigger a transition to a greener global future
- Key indicators of climate change
- COVID-19 Highlights Importance of Carbon Capture to Mitigate Climate Change
- Net zero carbon goals: how achievable are they and what does it take to make them work?
- Where does CCS fit in the action plan to reduce climate change?
- Evolving role of carbon capture and storage (CCS) technologies
- Favorable policies to stimulate growth
- Difficult scenario for CCS
- Regional review
- Market factors
- Government support
- Industrial reuse of captured carbon dioxide
- Improvements in carbon capture and storage technologies
- Introduction of relevant standardizations and legislation
- Public awareness
- Market inhibitors
- High cost of CCS
- Environmental concerns and challenges
- Unequal distribution of capital investments among stakeholders
- CCS funding
- Market uncertainty
- Technological uncertainty
- Global landscape of CCS projects
- Commercial installations of CSC in construction, advanced and early development: 2020
- An overview of important global projects
- Recent market activity
2. FOCUS ON CERTAIN PLAYERS (Total 90 featured)
- Archer-Daniels-Midland Company
- BP plc
- Chevron Corporation
- Alberta Emissions Reduction
- Equinor ASA
- GE Power
- HTC CO2 Systems Corp.
- Japan CCS Co., Ltd.
- Schlumberger Limited
- SNC-Lavalin Group, inc.
- Svante Inc.
3. MARKET TRENDS AND FACTORS
- Improved oil recovery offers strong growth opportunities
- Demand for CO2 storage takes a hit as oil and gas sector faces tough times amid pandemic
- Growing focus on hydrogen production with CCS bodes well
- Leveraging blue hydrogen
- High growth opportunities identified in the electricity sector
- Growing relevance of CCS in bioenergy
- Direct air capture with carbon storage: the new vertical to come
- Rising levels of industrialization and urbanization trigger demand
- Natural gas processing: an important market
- Growing contribution of the oil and gas industry
- Align energy assets with carbon capture
- Capture carbon from the atmosphere
- Startups enter the fray
- R&D in CCS continues to accelerate
- Select recent innovations
4. WORLD MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information on this report, visit https://www.researchandmarkets.com/r/a5qgl2
Research and markets
Laura Wood, senior
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SOURCE Research and Markets