SAN FRANCISCO, Sept. 2, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Carbon Capture and Storage – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 21; Released: August 2021
Executive Pool: 12189
Companies: 90 – Players covered include Archer-Daniels-Midland Company; BP plc; Chevron Corporation; Emissions Reduction Alberta; Equinor ASA; GE Power; HTC CO2 Systems Corp.; Japan CCS Co., Ltd.; Schlumberger Limited; SNC-Lavalin Group, Inc.; Svante Inc. and Others.
Coverage: All major geographies and key segments
Segments: Technology (Pre-Combustion, Post Combustion, Industrial Separation, Oxy-Fuel Combustion); Application (Enhanced Oil Recovery (EOR), Industrial, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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Global Carbon Capture and Storage Market to Reach US$4.9 Billion by the Year 2026
Carbon Capture and Storage (CCS), also termed as Carbon Capture and Sequestration, refers to a suite of carbon abatement technologies used for capturing waste carbon dioxide from large point sources, compressing it, transporting it through pipelines or ships to desired locations, and storing it in the form of mineral carbonates, in geological formations, or in deep ocean masses for an indefinite period of time. The strategy holds high relevance for nations that are diversifying their energy portfolios, but are anticipated to remain dependent on fossil fuels for decades to satiate their energy demand. Emerging applications include embedding CO2 in concrete and other building materials; converting the carbon into polyurethanes for application in furnishings and other materials. The carbon can be used for applications such as enhance oil and gas recovery (EOR), extending the economic life of a reservoir. Carbon capture efforts are further favored by increasing focus of companies to investigate new use cases for captured carbon dioxide. Emerging applications include embedding CO2 in concrete and other building materials; converting the carbon into polyurethanes for application in furnishings and other materials.
Amid the COVID-19 crisis, the global market for Carbon Capture and Storage estimated at US$2.8 Billion in the year 2020, is projected to reach a revised size of US$4.9 Billion by 2026, growing at a CAGR of 9.9% over the analysis period. Pre-Combustion, one of the segments analyzed in the report, is projected to grow at a 10.1% CAGR to reach US$4.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Post Combustion segment is readjusted to a revised 11.2% CAGR for the next 7-year period. This segment currently accounts for a 11.3% share of the global Carbon Capture and Storage market. Post-combustion capture process involves extraction of carbon dioxide from low-pressure flue gases at conventional power plants and other large point sources after the combustion of fossil fuels or other carbonaceous materials such as biomass. This technology has been widely used for capturing carbon dioxide in the food and beverage sector. Pre-combustion capture technology is more beneficial than post-combustion technology as separating carbon dioxide from hydrogen is much easier than from flue gas due to the fact that the partial pressure and concentration of carbon dioxide is much higher than in flue gases. The technology expands options for various gas separation methodologies, which previously were not possible in post-combustion capture processes.
The U.S. Market is Estimated at $1 Billion in 2021, While China is Forecast to Reach $482 Million by 2026
The Carbon Capture and Storage market in the U.S. is estimated at US$1 Billion in the year 2021. The country currently accounts for a 33.5% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$482 Million in the year 2026 trailing a CAGR of 11.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.3% and 10.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.6% CAGR while Rest of European market (as defined in the study) will reach US$546.9 Million by the year end of the analysis period. In the US, carbon capture and storage is enjoying increasing attention and bound to emerge as one of the major industries over the coming years. Growth is led by progressive policy framework and sustained government support. The 45Q tax credits for carbon oxide sequestration represent progressive CCS-specific incentive globally to promote investment in carbon capture and sequestration. Over 40 CCS projects have been announced across various European countries, aiming to develop and deploy CCS facilities for a climate-neutral Europe. Various countries, such as the US, the UK, Norway, Japan, Canada, and Australia, are continuously providing financial assistance in Asia-Pacific for enabling research and development, demonstration, and deployment of CCS projects, with preliminary investments focused on emerging economies, such as India, Indonesia, and China.
Industrial Separation Segment to Reach $293.9 Million by 2026
In the global Industrial Separation segment, USA, Canada, Japan, China and Europe will drive the 7.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$148.3 Million in the year 2020 will reach a projected size of US$249.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$12.9 Million by the year 2026. More
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SOURCE Global Industry Analysts, Inc.