02 August 2018
Visiongain has published a new energy report Carbon Capture & Storage (CCS) Market Report 2018-2028: Capacity (MMtpa), CAPEX ($m) & OPEX ($m) Forecasts for CO2 Capture (Pre-Combustion, Post-Combustion, Oxy-Fuel Combustion), CO2 Transportation & Transmission (Pipelines (Onshore & Offshore), Ships / Chemical Tankers (Offshore), Chemical Carrier Vehicles (Onshore), CO2 Storage (Depleted Oil & Gas Reservoirs, Un-Minable Coal Seams, Deep Saline Aquifers, Salt Caverns, Carbon Dioxide Enhanced Oil Recovery (CO2 EOR) Onshore Reinjection, Subsea Reinjection) Plus Market Share Analysis of Leading Carbon Capture & Sequestration Companies
The ever-growing concerns about permanent climate change culminated in the Paris Climate Summit in 2015. 187 countries were present and certain measures were put in place to combat climate change. In practice, the way to go about this is to curb the carbon dioxide and greenhouse gas (GHG) emissions but the world is still heavily reliant on fossil fuels for energy. This is why CCS has been put forward as a viable option to help combat climate change. This is because the technology does not require investment in completely alternative energy sources as CO2 emissions can be captured at the source with a high level of efficiency. The other major driver for CCS is its use for CO2 EOR. The market however, is still immature globally but with pressure to meet emissions targets manifesting as tighter regulations and policies, the CCS market will grow worldwide.
The Visiongain report analyst commented “CCS technology looks promising both as a tool to help combat climate change and meet the ambitious targets set and its use for CO2 EOR. It is the cheaper and faster alternative to changing the way energy is sourced globally. The investment in CCS technology will grow much quicker if some work is done to help change the public perception of the technology. There are a couple of mature markets at present and a few advanced emerging markets and with the current problems the market is facing high costs and technical difficulties. It is very plausible to think that once governments around the world put in place clear and tight regulatory frameworks and offer support in the form of subsidies or more robust research budgets, the CCS market is bound to grow rapidly.”
Leading companies featured in the report who are developing CCS technologies are Air Products & Chemicals Inc., Air Liquide, Babcock& Wilcox, E.ON SE, Enel S.p.a., Saskatchewan Power Cooperation, Baker Hughes, Halliburton, General Electric, Linde AG, Southern Company.
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