Global Carbon Capture and Sequestration (CCS) Market to reach USD 15.12 Bn by 2026
Carbon Capture and Storage (CCS) is an emission reduction mechanism aimed at preventing the release of significant amounts of carbon dioxide into the atmosphere. The process includes carbon dioxide capture, transport, and disposal in order to not escape into the atmosphere. The process involves three major steps and technologies such as capture, which involves extracting CO2 from gasses generated from various procedures. The second step is transport; this includes moving the collected CO2 to a suitable storage site with the help of tanks, trucks, and boats. The final step is storage, which includes CO2 injection into the underground rock formation, deep wells, and depleted reservoirs.
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CCS is the superlative technology for reducing air pollution in addition to a cost-effective option for reducing CO2 emissions in large energy-intensive industries. In fact, the promising short-term potential for technology worldwide lies not only in the power sector but also in reducing CO2 emissions from the industrial activities that currently emit CO2 streams. Industry players focused on developing new and more effective technologies and processes for carbon capture. Post Cap, a post-carbon capture system, is one of the most effective technologies, based as a solvent on the solution of amino acid salt (AAS). It can be integrated into new power plants and also can be refitted in existing power plants of small-medium or large scale industries.
Rising concerns about the clean and pollution-free environment are the key factor attributed to market growth. Moreover, rapid evaluation and development of CCS technologies also drive the growth of the global carbon capture and sequestration (CCS) market. However, high investment costs and a lack of awareness are creating a major hindrance to the growth of the global carbon capture and sequestration market. The increased investment from Govt. regulatory bodies in carbon capture and sequestration (CCS) technology is expected to create major growth opportunities in the global market during the forecast period.
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Based on the technology, the pre-combustion capture segment expected to grow at the fastest rate of 16.8% CAGR during the forecast period
Based on application type, the EOR operations segment is expected to lead with 42% market share during the forecast period
North America to dominate with 31% market share in the carbon capture and sequestration (CCS) market
In September 2019, Big Oil launched initiative for 'large-scale' CCS. A coalition was made up of some of the world's largest oil companies in order to introduced initiative and plans to commercialize of carbon capturing as well as usage and storage technologies.
In June 2019, The UK government roll-out one of the largest carbon capture project and funded nearly USD 32 million (GBP 26 million). It aims to remove 40,000 tonnes of CO2 from the atmosphere each year till 2021.
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