Dublin, Oct. 18, 2022 (GLOBE NEWSWIRE) -- The "Carbon Capture, Utilization, and Storage Market by Service (Capture, Transportation, Utilization, Storage), Technology (Chemical Looping, Solvents & Sorbent, Bio-Energy CCS, Direct Air Capture), End-Use Industry, and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global carbon Capture, Utilization, and Storage market size is projected to grow from USD 2.4 Billion in 2022 to USD 4.9 Billion by 2027, at a CAGR of 15.1% during the forecast period. The increasing demand for carbon Capture, utilization, and storage in power generation, and oil & gas industry is one of the most significant factors projected to drive the growth of the carbon Capture, utilization, and storage market.
Transportation is the fastest growing service type of carbon capture, utilization, and storage market
Transportation is second within the procedure that is followed after capturing the carbon. it involves transporting carbon from the capture location to the storage area using trucks, ships and pipelines. Pipelines are most favored as they offer low value for transportation in long term. alongside, it is the technique where the emission of CO2 throughout the transportation is very much less, making them most effective for the purpose. For industrial applications, onshore trucks are favored, whilst for EOR and storage application purposes, pipelines offers powerful mode of transportation of CO2. As in line with worldwide CCS institute, there already exists 6500 kms of CO2 pipeline, maximum of them linked to EOR packages.
Chemical Looping is the fastest growing technology adopted in the carbon Capture, utilization, and storage market
Chemical looping or chemical looping combustion is an inherent CO2 capture process during thermal fuel conversion activities in industries. It mainly involves a series of chemical reactions to produce nitrogen-free flue gas that majorly constitutes CO2, H2O, and reduced oxy-carbonates. This flue gas having very less chemical mixture is then separated and utilized during other stages of the carbon capture, utilization, and storage program. Chemical looping technology is majorly installed in the separation and capture of carbon from flue gas emitted in the oil & gas and chemical industries.
Power generation to be the fastest growing industry in the carbon Capture, utilization, and storage market
Fossil fuel power plants generate a significant amount of CO2 emissions, which are the main cause of climate change. Among CO2 mitigation options, carbon capture and storage is considered the only technology that can significantly reduce the emissions of CO2 from fossil fuel combustion sources. The existing fleet of fossil fuel combustion power plants currently generates significant amounts of CO2 emissions into the atmosphere (more than 12 billion tons of CO2 per year). According to the International Energy Agency, electricity production from fossil fuels will increase by nearly 30% by 2035, inevitably leading to more CO2 emissions. This is where carbon capture, utilization, and storage will be highly useful to curb these emissions of CO2. There are mainly three technological routes for CO2 capture from power plants: post-combustion, pre-combustion, and oxy-fuel combustion. The prime advantage of post-combustion capture is that it can be integrated into existing power plants without altering the combustion process.
North America to be the dominating region in carbon Capture, utilization, and storage market in terms of both value and volume.
North America led the carbon capture, utilization, and storage market, in terms of value, in 2021 and is projected to register a CAGR of 14.1% between 2022 and 2027. The growth of the region's market is driven by the early adoption of CCUS technology in the region and the execution of various large-scale projects in the US and Canada. Major projects such as the Petra Nova Carbon Capture Project (US) and Boundary Dam CCS Project (Canada) supported the market in North America.
Market Dynamics
Drivers
- Growing Focus on Reducing Co2 Emissions
- Increasing Demand for Co2 in EOR
- Rising Environmental Awareness to Increase Natural Gas Demand
Restraints
- High Capital Cost of Carbon Capture and Storage
- Safety Concerns Over Storage Techniques and Sites
Opportunities
- Increasing Investments in Developing Newer and Efficient Technology for Carbon Capture, Storage, and Transportation
- Increasing Number of Projects in Asia-Pacific
- Incorporation of Large-Scale Hydrogen Projects
Challenges
- High Capex for CCUs
- Reducing Carbon Capturing Cost
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Carbon Capture, Utilization, and Storage Market, by Service
7 Carbon Capture, Utilization, and Storage Market, by Technology
8 Carbon Capture, Utilization, and Storage Market, by End-use Industry
9 Carbon Capture, Utilization, and Storage Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- Aker Solutions
- Carbfix
- Carbon Clean
- Carbon Collect
- Carbon Engineering
- Drax Group
- ENI SPA
- Equinor Asa
- Exxonmobil Corporation
- Fluor Corporation
- Honeywell International
- Jgc Holdings Corporation
- Linde PLC
- Mitsubishi Heavy Industries, Ltd
- Schlumberger Limited
- Shell PLC
- Suzhou Jinhong Gas Co Ltd
For more information about this report visit https://www.researchandmarkets.com/r/zftj6m
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