Carbon Capture and Storage Market Size to Witness Huge Growth by 2026
Increasing utilization of carbon capture and storage technologies across various industry verticals such as chemical processing, power generation and oil & gas is one of the major factors driving the market growth. Carbon capture & storage (CCS) is referred to a process of preventing carbon dioxide from being emitted into the atmosphere by acquiring and storing it.
Emphasis on improving oil recovery by utilizing carbon dioxide, in consort with rising awareness regarding using CO2 as value-added commodity is propelling the growth of carbon capture and storage market growth.
In terms of technology, oxy-fuel combustion segment is predicted to expand significantly during the forecast period. In this technology, the amount of CO2 generated from burning coal, natural gas or oil accounts for 3-15% of waste gases. Oxy-fuel combustion technology is widely used in capturing and storing carbon since separation of greenhouse gases after combustion requires energy.
CCS is capable of capturing around 90% carbon dioxide emissions that are generated from the use of fossil fuels in various industrial processes such as electricity generation and cement production. Carbon capture & storage alongside renewable biomass is one of the few carbon reduction solutions which extracts CO2 from atmosphere. This process comprises of three parts, acquiring CO2, transporting it and storing carbon emissions in depleted oil & gas field or in deep saline aquifer formations located underground.
Alternatively, pre-combustion method is employed in coal-gasification and in cycle power plants. The coal is gasified to develop a synthetic gas which is made up of carbon monoxide and hydrogen. This carbon monoxide reacts with water and produces CO2, which is then captured.
Based on the application landscape, carbon capture and storage industry is segmented into power generation, chemical processing, oil & gas and others. Rapid expansion of industries coupled with shifting focus towards emission mitigation are fueling the deployment of carbon capture & storage technologies.
Considering the geographical landscape, carbon capture and storage industry in RoW is slated to witness substantial growth in the ensuing years, primarily due to surging investments towards oil & gas upstream sector and growing demand for energy.
The major companies formulating the competitive hierarchy of global carbon capture & storage industry are Mitsubishi Heavy Industries Ltd., Japan CCS Co. Ltd., Sulzer, Dakota Gasification Co., Shell Cansolv, Fluor Corp., NRG Energy Inc., Siemens, Linde, Schlumberger Ltd., Aker Solutions, Halliburton, General Electric and Exxon Mobil among others.
Question & Answer: Carbon Capture & Storage Industry
Question 1: Why is carbon capture & storage industry witnessing continuous growth?
Answer: Increasing utilization of carbon capture and storage technologies across various industry verticals such as chemical processing, power generation and oil & gas is one of the major factors driving the market growth.
Question 2: How will RoW contribute towards the growth of carbon capture & storage market?
Answer: Surging investments towards oil & gas upstream sector and growing demand for energy are favoring the global market scenario.
Question 3: Which companies formulate the competitive landscape of carbon capture & storage market?
Answer: The major companies formulating the competitive hierarchy of global carbon capture & storage industry are Mitsubishi Heavy Industries Ltd., Japan CCS Co. Ltd., Sulzer, Dakota Gasification Co., Shell Cansolv, Fluor Corp., NRG Energy Inc., Siemens and Linde among others.
This article appeared on the MarketWatch website at https://www.marketwatch.com/press-release/carbon-capture-and-storage-market-size-to-witness-huge-growth-by-2026-2020-12-15?tesla=y
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