Carbon capture and storage (CCS) is the process of storing waste carbon di-oxide especially from various sources including power plants. Carbon capture and storage reduces fossil fuel emission which leads to global warming. It also pollutes the ocean which may lead to death of oceanic animals. There are various types of technologies for carbon capture and storage such as post-combustion, pre-combustion, and oxyfuel combustion. In post combustion technology carbon di-oxide is removed after the combustion of fossil fuels .In pre combustion fossil fuel is moderately oxidized. In oxy-fuel combustion, the fossil fuel is burned in oxygen instead of air in the combustion chamber.
Market Size and Forecast
The global carbon capture and storage (CCS) market is anticipated to expand at a CAGR around 11.5% during 2018-2027. It is projected to reach around USD 7.8 billion by 2027. The rising environmental concern coupled with increasing demand from various energy sectors is anticipated to increase the market growth for the global carbon capture and storage (CCS) market during the forecast period.
The global carbon capture and storage (CCS) market can be segmented on the basis of service, technology, application and end-user. On the basis of services, it is sub-segmented into carbon storage, carbon transportation and carbon capture. On the basis of technologies, it is sub-segmented into pre-combustion capture, post combustion capture, oxy-fuel combustion capture and industrial separation capture. On the basis of application it is sub-segmented into industries, agriculture and enhanced oil recovery (EOR) process. Enhanced oil recovery (EOR) process sub-segment is anticipated to expand at fastest rate on the account of rising usage of carbon di-oxide in the oil and gas industries in order to reduce pressure. On the basis of end–user type, it is sub-segmented into food & beverages, manufacturing sector, coal and biomass power plants, iron & steel, oil and gas sector and chemical industries. Oil and gas sector is anticipated to be the fastest growing sub-segment on the account of the rising usage of carbon capture and storage (CCS) in oil and gas industry in order to conserve the environment from pollutants. By region, global carbon capture and storage (CCS) market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to lead the global carbon capture and storage (CCS) market on the account of high number of oilfields in the region. The expansion of shale gas techniques is anticipated to propel the market growth of the carbon capture and storage (CCS) in the region.
Our in-depth analysis segmented the global carbon capture and storage (CCS) market in the following segments:
By Services Type:
By Technologies Type:
By Applications Type:
By End-Users Type:
Global carbon capture and storage (CCS) market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The rising demand for the clean energy and reduction in the amount of carbon di-oxide is anticipated to drive the global carbon capture and storage (CCS) market over the forecast period. The increasing environmental concern in various regions across the globe is major factor anticipated to fuel the demand for the carbon capture and storage (CCS). The stringent government regulations pertaining to emission of greenhouse gases are anticipated to boost the market growth of global carbon capture and storage (CCS) market.
However, high initial cost associated with the carbon capture and storage (CCS) equipment is a major restrain for the global carbon capture and storage (CCS) market.
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