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The global carbon capture and sequestration market size was valued at over US$ 2 Bn in 2018 and is projected to reach more than US$ 5.6 Bn by the end of 2026, exhibiting a CAGR of 13.84% in the forecast period.
Increasing efforts by regional governments to mitigate overall carbon emissions and stabilize climate change is set to augment the global market growth. Stringent actions on the operating procedure and emission monitoring of power generation facilities and coal-fired stations have led major companies to install various GHG diminishing facilities.
Carbon capture and sequestration (CCS) is one of the key technologies which can substantially reduce the carbon footprint from numerous industrial processes like chemicals manufacturing, cement, steel, power generation, and various others. It includes capturing of CO2 from different energy-related or industrial sources, transportation of the captured gas from the source to a target location, and finally the storage of gas in deep reservoirs under the earth surface.
CO2 is generally captured as pure stream from large scale plants that are majorly using pre-combustion, post-combustion, oxyfuel combustion, and other capturing techniques. Natural gas processing facilities aids to store bulk amount of carbon dioxide owing to its increased composition in NG mixtures.
The carbon dioxide that is stored by using carbon capture and sequestration technology is used to finally treated by storing it in underground rock formations typically through Enhanced Oil Recovery (EOR) process or dedicated storage facilities.
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Increasing adoption of environmental policies and laws to curb global carbon footprint has led different countries to focus on carbon capture and sequestration methods for successful reductions. Rising awareness to tackle global climate change and trapping CO2, a major global warming agent, will positively cater to global carbon capture and sequestration market growth.
Rapidly emerging countries will continue to be dependent on fossil fuels to suffice growing industrial infrastructure and therefore has high potential and need to adopt carbon capture and sequestration technologies to maintain low carbon emission. According to the International Energy Agency, in 2016, Asia Pacific CO2 emissions from fuel consumption reached a massive amount of over 17.85 GtCO2 constituting for above 55% of the global discharge.
Stringent government directives to keep a check on overall emissions along with large project pipeline is anticipated to be the key driver for the industry outlook. Private sector investments, along with government support and subsidies, is set to positively affect the global carbon capture and sequestration market revenue.
Various governments and organizations across different regions are offering large grants to promote carbon capture and sequestration deployment and thereby reduce GHG emissions. In December 2018, the USA government announced to reward companies with credits under the 45Q tax credit legislation.
The norm is set to provide US$ 35 per ton of CO2 used for EOR activities, whereas US$ 50 per ton of CO2 will be given dedicated storage facilities. The policy holds a framework to provide a relative level of credits in each operational year by 2026.
"Increasing Efforts to Curb GHG Emissions in Emerging Regions Will Propel the Dedicated Storage Growth"
Carbon capture and sequestration predominantly use captured gas for enhanced oil recovery and dedicated storage operations. Huge potential for dedicated storage sites across the globe is anticipated to fuel the segment market outlook. These facilities mainly operate in two ways; they deliberately store the captured CO2 either in a deep bedrock geological formation or inject it at deeper depths under the ocean or seafloor. Various observations and models suggest that accumulating carbon dioxide in deep-sea regions could isolate the GHG from the atmosphere for several hundreds of years.
CO2 EOR involves an injection of either pure carbon dioxide or CO2 plus water mixture injection into low-pressure old oil & gas wells to increase the overall production. Rising demand for fossil fuels across different sectors will enhance the global market share globally. EOR activities with high purity CO2 sources can be efficient to successfully develop aged reservoirs and significantly reduce anthropogenic carbon footprint in the developing countries. Greenhouse gas is also used to boost gas as well as coalbed methane production by injecting it in different mixtures in particular type of formation.
"Natural Gas Processing Facilities to Dominate the Global Market"
Natural gas processing facilities capturing source will dominate the global carbon capture and sequestration market share in terms of volume throughout the forecast timeframe. Natural gas usually contains a large combination of gases including methane, ethane, propane, carbon dioxide, sulfur, nitrogen, and various others. These other gases are present as impurities in the original blend and are subject to treatment under processing facilities for appropriate applications. Increasing production of oil & gas has helped these treating facilities to capture a huge amount of CO2 for carbon capture and sequestration operations. Additionally, the exponential increase in global energy demand, coupled with the setup of large generation facilities, is anticipated to augment power generation segment market size. Power plants emit a huge quantity of GHG emissions globally and therefore, has an enormous untapped potential to incorporate new capturing units. Fertilizer plants produce different products like ammonia & urea and therefore a significant source for GHG emissions globally. Carbon capture and sequestration projects will facilitate to trap up to 95% of the plant’s carbon dioxide and sequester it efficiently in the subsurface aquifer.
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"Increasing Number of Research and Development Facilities to Favor Growth in North America"
The North America region accounted for major global carbon capture and sequestration market share. Presence of various large scale plants along with advanced research & development facilities in the USA and Canada will positively affect the regional industry outlook. Asia Pacific is anticipated to witness the highest growth rate across the globe owing to the presence of vast untapped potential coupled with the significant capacity expansions by countries like China and Australia.
Several bulk-sized projects are planned and are in different stages of initiation in the region. Europe is projected to observe substantial growth-share due to the vast availability of Enhanced Oil Recovery (EOR) sites and stringent norms by the regional organizations to curb the overall carbon emissions.
North America Carbon Capture and Sequestration Market Share (US$ Bn), By Source, 2018
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The Middle East has oil and gas reservoirs in abundance, which are being exploited over the decades. These huge underground reservoirs, along with sufficient exposure to shallow and deep water storage sites will cater to the regional landscape. Efficient bulk capture technologies, safe transportation options, advanced storage operations, and reduction in effective costs are some of the key drivers for global carbon capture and sequestration market growth.
"Key Market Players Focus on Strategic Investment to Strengthen Their Position"
The global market has different participants contributing to shaping the market trends. ExxonMobil operates with a long history in the market and currently holds a significant presence across the globe. Other major players in carbon capture and sequestration industry are Shell, NRG Energy, Fluor Corporation, Aker Solutions, Dakota Gasification Company, Chevron, Linde, Total, ADNOC Group, Equinor, BP, Carbon Engineering Ltd., and China National Petroleum Corporation.
Carbon capture and sequestration systems have different components like a capture (compression and separation), transport, and storage (as per the properties of reservoirs or aquifers). Abundantly present assets for various EOR, and especially storage activities will positively contribute to the global market potential. Trapping of carbon dioxide is primarily done by two processes by carbon capture and sequestration system, namely, pre-combustion and post-combustion methods. Pre combustion is applied to coal-gasification plants by converting solid coal to gaseous fuel or syngas. Targeted CO2 is captured from the syngas before its ignition in the turbines used for electricity generation. Whereas in the post-combustion process is designed to be incorporated after purification through flue gas after its ignition in the power plants. However, difficulty in separation of generated CO2 from a large amount of nitrogen limits the application of carbon capture and sequestration technology. Trapped carbon dioxide is then transported by ships, road tankers, and pipelines to be stored in the specially selected formations generally located thousands of meters below the earth’s surface.
The report provides qualitative and quantitative insights on the carbon capture and sequestration industry and detailed analysis of global carbon capture and sequestration market size & growth rate for all possible segments in the market. The global market is segmented by end-use, source, and geography.
On the basis of end-use, the global market is segmented into Enhanced Oil Recovery (EOR) and Dedicated Storage. Based on the source, the global market has been bifurcated into Chemicals, Natural Gas Processing, Power Generation, Fertilizers Production, and Others. Geographically, the global market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides elaborative analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, investment scenario, technological advancement in the global market, and key industry trends.
Fortune Business Insights says that the carbon capture and sequestration market was valued at USD 2 billion in 2018.
The carbon capture and sequestration market is projected to reach USD 5.6 billion by 2026.
Growing at a CAGR of 13.84%, the carbon capture and sequestration market will exhibit significant growth in the forecast period.
North America carbon capture and sequestration market was valued at about USD 1.5 billion in 2018.
Natural gas processing capture source is anticipated to be the leading segment in terms of volume, in the carbon capture and sequestration market.
Strict government norms to curb GHG emissions along with rising energy demand will be the key factors driving the growth of the carbon capture and sequestration market. However, the high deployment cost of CCS technologies may hinder industry growth.
Shell, ExxonMobil, Chevron, NRG Energy, Total are among the top players in the carbon capture and sequestration market.
CCS enables to capture of waste carbon dioxide gas from various plants and uses it for Enhanced Oil Recovery (EOR) to increase oil & gas production. Hence, rising energy demand will boost the adoption of carbon capture and sequestration technology.
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