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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.
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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:
A Significant Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Volume (MTPA) and Value (USD Billion)
By End Use
By Capture Source