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Pune, India, 22nd August 2019: The Global Carbon Capture and Sequestration Market was worth over US$ 2 Bn in 2018. The market is projected to reach more than US$ 5.6 Bn by the end of 2026. Fortune Business Insights, in a published report, titled, “Carbon Capture and Sequestration: Global Market Analysis, Insights, and Forecast, 2018-2026,” states that the market will rise at a staggering CAGR of 13.84% during the forecast period. This is likely to occur due to the stringent government laws to control the global carbon emission that is further rising the adoption of clean capture and sequestration techniques. Additionally, increasing awareness programs to manage worldwide climate change by trapping carbon dioxide is likely to be one of the major drivers of global carbon capture and sequestration market growth in the coming years.
There has been a rise in various infrastructure projects across the globe that emits carbon dioxide. This has occurred due to the ongoing development in the economy. Moreover, oilfield recovery infrastructure projects in the world emit a large proportion of carbon dioxide when the equipment is under operation. Therefore, there’s an urgent need for CCS systems to capture these carbon dioxides that are persistently emitted. All these factors are projected to drive the global market in the coming years.
Increasing Demand for Energy Across the Globe to Fuel the Power Generation Segment
By source, the global market is divided into chemicals, fertilizer production, power generation, natural gas processing, and others. Out of these, the natural gas processing facilities source is projected to lead the global carbon capture and sequestration market share in the forthcoming years. This is because natural gas consists of a large proportion of ethane, sulfur, methane, propane, nitrogen, carbon dioxide, and others. The other gases are impure and they undergo treatment in the gas processing facilities for various applications. As the gas and oil production activities increased, the demand for natural gas treating facilities has also skyrocketed. The production activities aid these facilities in capturing a huge amount of carbon dioxide for carbon capture and sequestration.
Furthermore, the construction of large generation facilities and rising global energy demand are expected to propel the power generation segment in the coming years. Power plants, on the other hand, often emit greenhouse gases in large quantity, which in turn, creates an untapped possibility to develop new carbon-capturing units. Fertilizer production segment will also witness growth in the coming years owing to the production of urea and ammonia production. These are considered to be two of the major sources of greenhouse gases. Fortune Business Insights predicts that CCS will trap approximately 95% of the carbon dioxide in the atmosphere and sequester it smoothly with the help of subsurface aquifer during the forecast period.
Equinor’s Strategic Collaboration with Total and Shell Expected to Improve CCS System in Norway
There has been immense competition in the global carbon capture and sequestration market since the past few decades. This has led prominent private as well as public market players across the world to invest huge sums in the research and development activities. Equinor (then Statoil), a multinational energy company, based in Norway, for instance, declared that it has signed a contract of partnership in October 2017 with Shell and Total. This collaboration was undertaken with the aim to develop and expand carbon dioxide storage on the Norwegian continental shelf, which would aid in increasing capture volume from various sources.
Fortune Business Insights has profiled some of the prominent key players operating in the global market. They are Linde, ExxonMobil, BP, Shell, Equinor, Fluor Corporation, Carbon Engineering Ltd., NRG Energy, Total, China National Petroleum Corporation, Aker Solutions, ADNOC Group, Chevron, Dakota Gasification Company, and other key market players.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/carbon-capture-and-sequestration-market-100819
The global carbon capture and sequestration market is segmented into: