Carbon Capture and Storage Market Poised to Reach US$9.4 Bn by 2026 End - Fairfield Market Research

London, Nov. 11, 2022 (GLOBE NEWSWIRE) -- Adoption of carbon capture and storage (CCS) technology has been on the rise over the recent past and the trend will prevail on the back of the year-over-year rise in carbon emissions from both industrial, and power facilities. A newly released report of Fairfield Market Research says that the global carbon capture and storage market will progress at a robust pace in the light of the favourable policy development scenario worldwide. The market revenue that reached around US$4.17 in 2020 will most likely reach US$9.4 Bn by the end of 2026. The report marks the beginning of effective utilization of CCS technology in the year 2019 when approximately 35 MT CO₂ was captured to store, out of over 30 billion MT CO₂ that was released through fossil fuels burning, and industrial activities. The market currently holds exceptional potential for large-scale deployment of CCS technology as a mere 0.1-0.2% CO₂ is being successfully captured and stored.

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Key Research Insights

• The market revenue will more than double between 2020 and 2026
• The market is poised for 15.7% growth during 2021 – 2026
• Enhanced oil recovery remains a dominant category with around 61% market share
  
  

Insights into Segmental Analysis

Market analysis based on the various segments reveals that the enhanced oil recovery (EOR) registered a dominant share in carbon capture and storage market in the year 2020. The segment will continue to account for around 61% share in market revenue as the most of captured CO₂ is used by oil and gas companies for the enhanced oil recovery process. The captured CO₂ is also utilized in the process of blue hydrogen production. Research marks that the decommissioning of an EOR project typically involves blowing down of the reservoir pressure, which is meant to maximize the amount of oil recovered by the process. A small amount of injected CO₂ consequently remains dissolved in immobile oil, which questions the capability of EOR as a permanent storage option. As the most stored CO₂ continues to gain traction within the oil and gas operations, the report projects oil and gas industry to remain the top end user segment in carbon capture and storage market.

Key Report Highlights

• Asia Pacific currently houses nearly 10 CCS facilities in the various stages of their development and the report highlights China, South Korea, and Australia leading their way. Several new pilot projects have entered while some are on the verge of gaining a commercial status.
• Among the market in Middle East & Africa, and Latin America, the former houses around three commercial CCS facilities, whereas there is only one activity CCS facility in the latter

Insights into Regional Analysis

The world as of 2020 houses a minimum of 26 commercially active carbon capture and storage projects. Around 21 projects are in their early developmental stage, whereas nearly 13 have reached an advanced developmental stage. North America alone houses 13 active facilities and spearheads global market, led by the US. The role of the US Department of Energy remains crucial in the market build-up here, says the report. CSS projects here span a versatile range, covering coal- and gas-fired power plants, cement manufacturing, ethanol facilities, waste-to-energy plants, and chemical production. Across Europe, more than 11 commercial projects are targeting operation before 2030. In Europe, 13 commercial facilities are in operation or various stages of development (1 in Ireland, 1 in The Netherlands, 4 in Norway, 7 in the U.K. In 2020 the launch of the first call for projects under the EU’s US$ 11.32 bn Innovation fund; expected to be a major source of funding for both the planning, and the construction and operation of CCS across the EU. The carbon capture and storage (CCS) market in Europe is expected to witness strong growth in the next few years. Asia Pacific however reflects a high-potential regional market for CCS technology penetration. The region has been witnessing growing consideration of carbon capture and storage technology as a viable long-term strategy to fulfil the climate change commitments.

Key Competitors in Global Carbon Capture and Storage Market

Siemens AG, GE, Mitsubishi Heavy Industrial Ltd., Babcock & Wilcox Enterprises, Inc., Air Liquid, Linde AG, Royal Dutch Shell plc, Air Products & Chemical Inc., Global Thermostat, Total SE, Carbon Engineering Ltd., Climeworks, CO₂ Solutions

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REPORT SCOPE

Market Segmentation

Capture Type Coverage

• Pre-combustion
• Post-combustion
• Oxy-fuel Combustion
  
  

Transport Type

• Pipeline
• Ship/Tanker
• Chemical Carrier Vehicle
  
  

Storage Type

• Enhanced Oil Recovery (EOR)
• Dedicated Geological Storage

Geographical Coverage

• North America
• Europe
• Latin America
• Middle East & Africa

Leading Companies

• Siemens AG
• GE
• Babcock & Wilcox Enterprises, Inc.
• Mitsubishi Heavy Industries, Ltd.
• Air Liquide
• Linde AG
• Air Products & Chemicals, Inc.
• Climeworks
• Total SE
• Global Thermostat
• CO2 Solutions
• Carbon Engineering Ltd.
• Royal Dutch Shell plc
  
  

Report Inclusions

• Market Estimates and Forecast
• Market Dynamics
• Industry Trends
• Competition Landscape
• Capture-wise Analysis
• Storage-wise Analysis
• Transport-wise Analysis
• Region-wise Analysis
• Country-wise Analysis
• Key Trends Analysis
• COVID-19 Impact Analysis
  
  

About Us

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