New York, NY 12
June 2019: The global CCS market was
estimated to be worth of USD 4.68 billion in 2018 and is projected to grow at a
CAGR of 7.9% over the forecast period. The report ‘Carbon Capture
and Sequestration (CCS) Market Share, Size, Trends, & Industry Analysis
Report, [By Technology (Pre-combustion, Post-combustion, Oxy-fuel combustion),
By Application (EOR Operations, Industrial, Agriculture, Others) By Regions]:
Segment Forecast, 2018 – 2026’ provides insights on the current
market scenario and the future prospects.
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Carbon
capture and storage can be defined as the process that traps the carbon dioxide
gas at the emission source, and then transporting it to a storage location in
turn isolating it. The storage location in most of the cases is underground.
The process guarantees greener energy by capturing the excess carbon dioxide
(CO2). They can be employed not only on coal-based sources but also on natural
gas and other industrial sources.
CCS
is an integrated technology with each process complementing the other one. It
is a well proven and established technology and can achieve an efficiency of as
high as 90% when deployed. It can capture CO2 fossil fuel emissions thus
preventing the harmful gas from escaping to the atmosphere. The rising concerns
over climate change combined with the efficiency of CCS is expected to benefit
the CCS market over the forecast period.
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The
captured CO2 is a value-added commodity that can be used for a variety of
applications. The CO2 can be used for curing concrete or for the derivation of
plastics from biomass. The captured CO2 can also be converted into other forms
such as biomass, by using algae farming, that employs CO2 as a feedstock.
Enhanced
oil recovery (EOR) extensively uses CO2 for the extraction of oil in mature oil
fields. CO2 is injected into oil fields as it mixes with the crude oil making
it swell. This mixing causes a reduction in the viscosity of the oil, thus
enabling the maintenance of pressure in the reservoir. The process enables
increase of oil flow into the production wells.
In
situations in which CO2 is not soluble, the CO2 injection enables the increase
in pressure, thus facilitating more oil flow towards the production wells. Thus,
EOR contributes positively in the creation of value for stored CO2 in CCS
setups. The depleting oil wells as wel as the increase in number of mature
wells has contributed to a rise in demand for EOR, thus in turn benefitting the
CCS market growth.
CCS
processes require state of the art technology at each step of its operations.
These processes have a higher operating cost and require significant
investment. Capturing is the most expensive part of the process. To offset this
restraint, companies are focusing on improving the overall efficiency as well
as lowering of costs and are concentrating on the improvement in the
integration of power generation and capture equipments.
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Major
industry participants include Aker Solutions, Dakota Gasification Company,
Exxon Mobil Corp., Fluor Corporation, General Electric, Halliburton, Honeywell
International Inc., Japan CCS Company, Mitsubishi Heavy Industries Ltd, NRG
Energy, Schlumberger, Shell, Siemens AG, Sulzer Ltd, and The Linde Group, among
others.
Polaris
Market Research has segmented the global CCS market on the basis of Technology,
Applications and Region:
CCS Technology Outlook
(Revenue, USD Million, 2015 – 2026)
- Pre-combustion capture
- Post-combustion capture
- Oxy-fuel combustion capture
CCS Application Outlook
(Revenue, USD Million, 2015 – 2026)
- EOR Operations
- Industrial
- Agriculture
- Others
CCS
Region Outlook (Revenue, USD Million, 2015 – 2026)
- North America
- U.S.
- Canada
- Europe
- UK
- France
- Germany
- Spain
- Poland
- Italy
- Belgium
- Asia Pacific
- China
- Japan
- Australia
- India
- Malaysia
- Indonesia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- Nigeria
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Market Research
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industries including healthcare, technology, semi-conductors and chemicals. We
strive to provide our clients with updated information on innovative
technologies, high growth markets, emerging business environments and the
latest business-centric applications, thereby helping them to make informed
decisions and leverage new opportunities.
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Mr. Rohit
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Sales, USA
Polaris Market
Research
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1-646-568-9980
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