Carbon Capture and Sequestration Market: Current Analysis and Forecast (2021-2027)

Human emissions of carbon dioxide and other greenhouse gases are a major driver for climate change globally, it acts as one of the major challenges for the global economy. Owing to this in the past few decades, globally the average temperatures have increased to approximately 0.7℃ higher than 1961-1990 baseline. Carbon capture and storage (CCS), refers to the process of capturing carbon dioxide (CO2) from anthropogenic sources such as power generation and/or industrial processes) and permanently storing the captured CO2 underground, to prevent excess emissions of CO2 from entering the atmosphere. This is considered as an integral component of achieving decarbonization. The United States Department of Energy (DOE)’s National Energy Technology Laboratory (NETL) have been spending heavily on R&D related CCS for nearly two decades. As per International Energy Agency data for 2019, globally, roughly 33 million metric tons of CO2 (MtCO2) is being captured and stored each year (mostly as part of enhanced oil recovery [EOR]). However, as per energy outlook analyses, to meet the emission target, it is estimated that CCS would be needed on the scale of upwards of 1,500 MtCO2 being captured per year by 2030 and between 5,000-10,000 MtCO2 being captured per year by 2050.
Insights Presented in the Report
“Amongst Service, Carbon Capture service segment dominated the market in 2020.”
Based on service the Global Carbon Capture and Sequestration Market is bifurcated into Capture (Pre-combustion, Post-combustion, Oxyfuel combustion), Transport, Sequestration. Currently, Carbon Capture segment dominate the market and is expected to maintain its dominance during the forecast period.
“Amongst Capture source, Chemicals, Natural Gas Processing, Power Generation generated major portion of revenue in 2020.”
Based on capture source, the Global Carbon Capture and Sequestration Market is bifurcated into Chemicals, Natural Gas Processing, Power Generation, Fertilizers Production, Others.
“Amongst End-use, EOR Process segment generated highest revenue in 2020.”
Based on End-use, the Global Carbon Capture and Sequestration Market is bifurcated into EOR Process, Industrial, Agricultural, Others (Healthcare and others). Currently, EOR Process segment dominated the market and is expected to maintain its dominance during the forecast period.
“Europe represents as the largest markets in the Global Carbon Capture and Sequestration Market.”
For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Russia, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World. Europe dominated the market in 2020, however, increasing CO2 emission in the Asia-Pacific region and the growing demand for CO2 capturing and use in future, would propel the region to grow at a higher CAGR growth. Some of the major players operating in the market include Fluor Corporation, Linde AG, Shell, BP, Chevron, Total SA, NRG Energy, China National Petroleum Corporation, ExxonMobil, ADNOC Group.
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