There is a continuous growth in “Carbon Capture and Storage (CCS)” Market in last five years and also continue for the forecast year 2023. Carbon Capture and Storage (CCS) industry report analyses the outline of the global market with respect to major regions and segmented by types and applications. Carbon Capture and Storage (CCS) Market covers top manufacturers, product scope, market overview, market opportunities, market risk, market driving force, technological advancement, distributors, traders, dealers, research findings.
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The global carbon capture and storage market is estimated to witness a healthy CAGR of 10% during the forecast period. North America is expected to hold the largest share of the market owing to increasing investments clubbed with R&D in the region. The oil & gas sector is estimated to have the largest share in the end-user application.
Emerging Demand for CO2 Injection Technique for Enhanced Oil Recovery
EOR method is widely being adopted by oil & gas participants to extract oil and gas from mature fields. CO2 is considered to be an excellent displacing agent for EOR techniques because a large portion of injected CO2 remains in place in depleted reservoirs. Therefore, this method could provide a good option for CO2 sequestration to mitigate global warming. CO2 injection also presents potential benefits by alternatively injecting gas and water as slugs in the water-alternating-gas (WAG) method to control CO2 mobility and flood conformance.
The cost implemented in CCS technology is quite challenging, but the revenue from EOR has underpinned CCS investment decisions in China and the Middle East. The increasing demand for CO2 injection, owing to its aforementioned favorable properties in EOR, accompanied with the need to mitigate global warming, is likely to drive the CCS market.
Oil & Gas End-user Holds the Largest Share
CO2 sequestration can be used in the oil & gas industry in enhanced oil recovery (EOR) and enhanced coal-bed methane (ECBM) operations, in which CO2 is injected in oil and gas beds, to store them in depleted and mature fields. The cost benefits provided by the EOR technique is appealing to the companies to invest in CCS technology and recover the investment.
North America to Dominate the Market
The United States accounts for the largest share of the market in North America. The growing demand for clean technology, accompanied by the growing use of CO2 in EOR practices, is likely to drive the CCS market in the United States. The country uses 75% of the global carbon capture capacity in EOR operations, which accounts for nearly 30 Mtpa.
The country introduced a FUTURE Act (Furthering Capital Carbon Capture, Utilization, Technology, Underground storage, and Reduced Emissions) under 45Q section to provide incentives for capturing carbon dioxide produced from industrial and power sources to be used in EOR. In Jan 2017, the Petra Nova carbon capture facility on a coal-fired power plant commenced its operation, with a storage capacity of 1.4 million metric ton of CO2 per year. It is expected to utilize post-combustion capture technology. With the development of shale gas techniques and less interest in the carbon capturing by the new government, it is expected that the market for CCS is likely to grow at a moderate rate in the country.
Notable Developments in the Market
December 2017: ExxonMobil and FuelCell Inc. announced an agreement to pursue a novel application of carbonate fuel cells for coal-fired plants carbon dioxide capture.
Major Players include Aker Solutions AS, Fluor Corporation, Dakota Gasification Company, Schlumberger, and Honeywell International Inc., amongst others.
Major Regions: – US, Canada, Mexico, Rest of North America, Brazil, Argentina, Rest of South America, China, Japan, India, Rest of Asia-Pacific, UK, Germany, France, Rest of Europe, UAE, South Africa, Saudi Arabia
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Reasons to Purchase this Report:
- Analysing various perspectives of the Carbon Capture and Storage (CCS) market size with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness fastest Carbon Capture and Storage (CCS) market growth during the forecast period.
- Identify the latest developments, Carbon Capture and Storage (CCS) market shares and strategies employed by the major market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
Major Points Covered in Table of Content of Carbon Capture and Storage (CCS) Market forecast 2023
1. Introduction of Carbon Capture and Storage (CCS) Market Report
1.1 Study Deliverables
1.2 General Study Assumptions
2. Research Methodology
2.2 Analysis Methodology
2.3 Study Phases
2.4 Econometric Modelling
3. Executive Summary
4. Market Overview and Carbon Capture and Storage (CCS) Market Trends
4.2 Market Trends
4.3 Porter’s Five Force Framework
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products and Services
4.3.5 Competitive Rivalry within the Industry
5. Carbon Capture and Storage (CCS) Market Dynamics
6.Global Carbon Capture and Storage (CCS) Market, Segmented by Size
7. Global Carbon Capture and Storage (CCS) Market, Segmented by Technology Type
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8. Global Carbon Capture and Storage (CCS) Market, Segmented by Geography
8.1 North America
8.1.1 United States
8.2 South America
8.4.1 United Kingdom
8.5 Africa and Middle East
8.5.2 South Africa
8.5.3 Saudi Arabia
9. Competitive Landscape
9.2 Market Share Analysis
9.3 Developments of Key Players
10. Key Vendor Analysis (Overview, Products & Services, Strategies)
11. Future Outlook of the Market
And Many More……….
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