12 May 2022
Visiongain has published a new report entitled the Carbon Capture & Storage (CCS) Market Report 2022-2032: Forecasts by Type (CCS Technology, CCS Services), by Application (Power Generation, Industrial Sector, Transport Sector, Construction Sector, Other), by Technology (Industrial Separation Capture Technology, Inherent Separation Technology, OXY-Fuel Combustion Capture Technology, Post-Combustion Capture Technology, Pre-Combustion Capture Technology, Other), by Service (Carbon Capture Transportation Services, Carbon Capture Services, Carbon Storage Services, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
The global carbon capture and storage market was valued at US$2,697.0 million in 2021 and is projected to grow at a CAGR of 7.7% during the forecast period 2022-2032.
Meeting Climate Goals Requires the Development of a Highly Adaptable Electricity System
An additional scenario referenced in World Energy Outlook (WEO-2021) is the Sustainable Development Scenario (SDS). The very high percentage of renewables generation and capacity in the Sustainable Development Scenario (SDS) by 2040 requires an exceptionally adaptable power infrastructure to ensure steady and secure operation. The SDS predicts a rise in demand for flexibility across all years. When presented as peak ramping needs, flexibility requirements, for example, rise much faster than power consumption. In the SDS developing economies such as India, Indonesia, Iran and others confront a major increase in the need for flexibility; these countries account for more than 90 percent of global energy demand growth, and renewables supply a significant percentage of new demand.
How has COVID-19 had a significant negative impact on the Carbon Capture and Storage Market?
The Coronavirus pandemic (COVID-19) has swept the globe, causing havoc on health, industry, the global economy, and the environment. This research examines the worldwide trend in CO2 emissions as well as the impact of COVID-19 on climate change. Mineralization technique is the first in a long line of carbon capture technologies that directly react minerals with low concentration CO2 to generate carbonate minerals Long-term CO2 storage capacity can be boosted with this method. The pollution control policies had a considerable impact on several industries across the world, namely transportation, industrial, residential and public buildings, and electricity generation. During lockdown period, there was a significant shift in energy consumption, which influenced CO2 emissions.
How this Report Will Benefit you?
Visiongain’s 538-page report provides 314 tables and 305 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global carbon capture and storage market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Carbon Capture and Storage. Get the financial analysis of the overall market and different segments including type, technology, application, service and capture higher market share. We believe that high opportunity remains in this fast-growing carbon capture and storage market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Government Support Will Drive the Market Growth
The UK government has chosen two clusters, led by energy majors, to receive funding and develop their proposed carbon capture, utilization, and storage projects beginning in 2025. Carbon Capture, Utilization, and Storage (CCUS) will be important to the UK net-zero energy aspirations. The UK Prime Minister's 10 Point Plan pledged to implement CCUS in at least two industrial clusters by the mid-2020s, and at least four by 2030. The objective is to absorb and store 20-30 Mt CO2 per year using CCUS technology by 2030.
Emerging Economies Projected to Boost CCS Market Growth
India will need to deploy more CCUS facilities in the coming decades to meet its Paris Agreement commitment to limit global average surface temperature rise to 1.5 degrees Celsius. This is especially important given the need for more capacity in emissions-intensive, difficult-to-abate industries. A steel or cement plant's typical lifetime is 30 to 40 years, resulting in a technology lock-in where the plant will emit for three to four decades. As a result, the role of CCUS becomes increasingly important in achieving higher emission reductions from existing capacity.
Where are the Market Opportunities?
Carbon Capture Technologies are Essential for Achieving Climate Goals
Carbon capture projects has long been acknowledged as an essential component of a low-cost portfolio of technologies required to support global power system change. By expanding the portfolio of low-carbon supply sources, CCS technologies such as industrial separation capture technology, inherent separation technology, oxy-fuel combustion capture technology, post-combustion capture technology play a vital role in promoting energy security and climate goals. This is especially true in nations where fossil-fuelled power generation is likely to play a significant role in the future, such as those with existing infrastructure or plentiful local resources. Other choices may also be limited, such as where renewable energy potential is limited due to insufficient solar radiation or wind potential, or where land availability is limited.
CCS Contribute to the Reduction of Emissions from Major Industrial Operations
CCS is presently the only technology that can help reduce emissions from major industrial operations. It has the potential to be a game changer in the battle against global climate change. When paired with bioenergy technology for power production (so-called BECCS – bioenergy with carbon capture and storage), CCS has the possibility to create 'negative emissions,' removing CO2 from the atmosphere. According to many scientists and politicians, this is vital if the world is to stay within the Paris Agreement's target of 2°C global warming. The International Energy Agency estimates that a tenfold increase in capacity is required by 2025 to meet the target, while the Global CCS Institute anticipates that 2,500 CCS units will be operating globally by 2040, each absorbing 1.5 million tonnes of CO2.
The major players operating in the carbon capture and storage market are Air Liquide S.A.,, Aker Solutions ASA, Baker Hughes Company, Carbon Cycle Limited, Dakota Gasification Company, Empower Materials, Inc., Exxon Mobil Corporation, General Electric Corporation, Halliburton Company, Integrated Carbon Sequestration Pty Ltd., Japan CCS Co., Ltd, Joule Unlimited, Inc., LanzaTech Inc., Linde AG., Liquid Light, Inc., Mitsubishi Heavy Industries, Ltd., NRG Energy, Inc., Occidental Petroleum Corporation, Shell plc, Schlumberger Limited., Siemens Energy AG, Skyonic Corporation, Solidia Technologies, Inc., Sulzer Ltd., These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• On 21st Oct 2021, Exxon Mobil Corporation began the engineering, procurement, and construction contracting process as part of its ambitions to increase carbon capture and storage (CCS) at its LaBarge, Wyoming plant, which has already captured the most CO2 on the earth. The extension project will collect up to 1 million metric tonnes of CO2 in addition to the 6-7 million metric tonnes of CO2 captured at LaBarge per year.
• On 3rd Nov 2020, Baker Hughes Company acquired Compact Carbon Capture (3C). 3C is a cutting-edge technology development company specialising in carbon capture technologies. The purchase reinforces Baker Hughes' strategic commitment to driving the energy transition by providing decarbonisation solutions for carbon-intensive industries such as oil and gas, as well as wider industrial processes.
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