02 October 2020
Visiongain has published a new report on Carbon Capture, Transportation & Storage Market Report 2021-2031: Forecasts by Type (Carbon Capture, Carbon Transportation, Carbon Storage), by Technology (Pre Combustion, Post Combustion, Pre Combustion), by End-user (Oil and Gas, Chemical Processing, Iron and Steel, Others) AND Profiles of Leading Carbon Capture, Transportation and Storage Market Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Carbon Capture, Transportation and Storage Market was valued at US$ xx million in 2020 and is projected to reach at a market value of US$ xx million by 2031.
Government Legislation and Funding
Government funding initiatives are crucial to ensure that government GHG emissions reduction targets are translated into tangible CCS projects. Visiongain expects that various public support mechanisms will remain the principal driver throughout the forecast period. Estimates for the cost of CCS range between research papers as well as between capture technologies and plant characteristics.
Ambitious Emissions Reduction Targets
In November 2015, representatives of 187 countries, which taken together accounted for 98% of the global population, gathered in Paris in to set a new strategy to tackle climate change. Two objectives were achieved at this conference. First of all, the participant countries agreed on a common target, namely, to limit the temperature increase to 1.5°C above pre-industrial levels. Secondly, each participant country would publish its own national contribution in terms of GHG reductions in a detailed document known as Intended Nationally Determined Contribution (INDC).
Market Leaders and Technological Progression
Naturally, it is expected that the cost of CCS will fall. This will be achieved through two routes. Firstly, continued R&D on new processes or techniques will aid in cost reduction. Secondly, when demonstration commercial scale projects are operational, a lot more understanding of the integrated system will be realised, leading to increased efficiencies and thereby cost reductions. These cost reductions will enable CCS to become more comparable.
CO2 as a Commodity
CO2 is already being used in the process of CO2 EOR. With vast geological storage sites, as well as extensive experience, CO2 EOR acts as a commercial driver of CCS. Although natural sites of CO2 do exist, with the growth of the market, there will need to be more of a supply of CO2. At the end of the production of an oil field, as much as 60% of oil may still be in place in the formation. Although waterflooding could retrieve an additional 10-35%, substantial oil may still remain. When considering the value of this oil, it may reach billions of dollars in revenue and royalties.
Qualitative Insights. Some of the companies profiled in the report include Air Products & Chemicals, Inc., Air Liquide, Babcock & Wilcox Enterprises, Inc., Fluor Corporation, General Electric Company, The Linde Group, Mitsubishi Heavy Industries Ltd., Kinder Morgan, Inc., Halliburton Company, and Schlumberger Limited.
In October 2018, Hexacom, which is a division of Schlumberger Technology Corporation, introduced The Oilfield Marketplace. The Oilfield Marketplace is an e-commerce platform developed for connecting oil and gas industry professionals with the products and services. In May 2019, a carbon capture and storage project operated by Royal Dutch Shell Plc in Canada reached a milestone of sequestering 4 million tons of carbon dioxide ahead of schedule.
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