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Carbon Capture and Sequestration Market to Exhibit 19.2% CAGR till 2027; Rising Investments in Developing New Alternatives will Boost Growth

August 17, 2020 | Energy & Power

The global carbon capture and sequestration (CCS) market size is projected to reach USD 6.13 billion by 2027. The rising investments by administrations in creating new alternatives to efficiently remove carbon from various sources would affect the market positively. Also, numerous companies worldwide are gathering information about the new locations for CCS.  This information is given by Fortune Business Insights™ in a new report, titled, “Carbon Capture and Sequestration Market Size, Share & COVID-19 Impact Analysis, By End Use (Enhanced Oil Recovery (EOR) and Dedicated Storage), By Capture Source (Chemicals, Natural Gas Processing, Power Generation, Fertilizers Production, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 1.75 billion in 2019. However, it is likely to exhibit a CAGR of 19.2% during the forecast period between 2020 to 2027.


Government of U.K. to Provide £800 Million for Constructing CCS in Two Sites


In March 2020, Rishi Sunak, Chancellor of the Exchequer, declared that CCS would receive cash in the form of the CCS Infrastructure Fund. It consists of £800 million that will be further utilized to develop the system in two sites in the U.K. One will be established in 2030, while the other will be done by the mid-2020s. Sunak also announced that the budget for research and development (R&D) would be doubled to meet the growing demand for new decarbonization technologies.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/carbon-capture-and-sequestration-market-100819


Urgent Need to Reduce Carbon Dioxide will Skyrocket Demand


Nowadays, a tertiary oil recovery method called enhanced oil recovery (EOR) is being used extensively all over the world to retain 65% of the total recoverable oil. Besides, the authorities are deploying several measures to reduce the maximum levels of carbon dioxide that are generated during the production of fossil fuels. This factor would help in the CCS market growth in the coming years. The International Energy Agency (IEA), for instance, stated that out of the 374 EOR projects worldwide, only 44.4% utilized CO2 in 2017.


However, the need for huge investments for setting up large-scale CCS systems may hamper the market growth. Additionally, the COVID-19 pandemic has slowed down the operations in various facilities in many countries. This factor would also hinder growth in 2020.


Key Players Aim to Join Hands with Each Other to Develop New CCS Projects


The market houses a large number of organizations all over the world. They are trying to get hold of more revenue by joining hands with the other enterprises. Some of them are also signing new agreements to develop new projects in future. Out of all those, Chevron is considered to be the dominant company on account of its increasing investments in setting up new CCS stations, as well as in enhancing its operations.


Fortune Business Insights™ presents a list of all the reputed CCS companies operating in the global market. They are as follows:



  • Fluor Corporation (U.S.)

  • ExxonMobil (U.S.)

  • Carbon Engineering Ltd. (Canada)

  • ADNOC Group (UAE)

  • Equinor (Norway)

  • China National Petroleum Corporation (China)

  • Dakota Gasification Company (U.S.)

  • Shell (Netherlands)

  • BP (UK)

  • Chevron (U.S.)

  • Linde (Ireland)

  • Total (France)

  • Aker Solutions (Norway)

  • NRG Energy (U.S.)


A Significant Industry Development-



  • May 2019: A consortium of 11 European companies, including Total, IFP Energies nouvelles (IFPEN), Axens, and ArcelorMittal, unveiled a new project to showcase DMX, a unique process that can be used to capture carbon dioxide from multiple industrial activities. The new DMX Demonstration in Dunkirk is also called the 3D project. It is a part of Europe’s research and innovation program, Horizon 2020.


Further Report Findings-



  • North America procured USD 1.30 billion in 2019 and is expected to dominate the carbon capture and sequestration market throughout the forthcoming years backed by the increasing investments by the regulatory bodies in research and development activities.

  • Asia Pacific is set to grow rapidly owing to the presence of several high volume storage locations across subsea oil & gas reservoirs in this region.

  • Based on capture source, the natural gas processing segment held 47.3% in terms of CCS market share in 2019. This growth is attributable to the rising production of oil and gas, which, in turn, would result in the construction of new processing facilities.


The global market can be segmented in the following way:








































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Volume (MTPA) and Value (USD Billion)



Segmentation



By End Use



  • Enhanced oil recovery (EOR)

  • Dedicated Storage



By Capture Source



  • Chemicals

  • Natural Gas Processing

  • Power Generation

  • Fertilizers Production

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (France, Norway, Germany, Spain,  U.K., and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)

  • Middle East & Africa (GCC, and Rest of Middle East & Africa)

  • Latin America (Brazil, and Rest of Latin America)


Carbon Capture and Sequestration Market
  • PDF
  • 2019
  • 2016-2018
  • 140

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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