ID: MRFR/E&P/1330-HCR | February 2021 | Region: Global | 128 pages
The Carbon Capture and Storage Market cater to environmental pollution remediation and carbon emissions from the earth. The market is set to grow healthily and register a valuation of USD 9.56 billion by the end of 2027.
The growth trend for the Carbon Capture and Storage Market will come from more concern for the environment and a switch to sustainable technology. The market is all set to grow to double its size in 2020. The Carbon Capture and Storage Market deal with Carbon capture and sequestration. The technology deals with trapping, transport, and storage of carbon molecules from emissions. The applications of the Carbon Capture and Storage Market are more aligned towards industrial use.
Intending to set up sustainably powered industries, different institutions and governments are adopting CCS technology. Thus, the Carbon Capture and Storage Market are at an advantage for the next few years. The adoption of CCS technology is a pressing need today for industries and other significant carbon footprints. Today, as countries aim at reducing their collective carbon footprint, the adoption of CCS technology is a widespread trend.
Climate change is a major concern for the world walking into the next decade of 2030. Under the UN's SDG goals, the need to reduce carbon emissions is mentioned. However, the world's major industries continue to contribute majorly towards carbon emissions. Countries, especially developed countries, are trying to adopt carbon capture and storage technology to reduce their carbon footprint. However, during the COVID 19 pandemic, there was a slight fall in adopting this technology. As concerns shifted towards eradicating a pandemic, the CCS technology took a back seat. In the next section, the impact of COVID 19 on the Carbon Capture and Storage Market has been discussed in detail.
COVID 19 impact
The COVID 19 pandemic left every market of the world toppled. Only a few markets benefitted from the COVID 19 pandemic. However, this growth was not without an initial lag. When it comes to the Carbon Capture and Storage Market, the market suffered a setback as the pandemic became a primary concern worldwide. As funds were channeled into curing the world out of this disease, the adoption of CCS technology saw lesser funds.
On the other hand, the world's industries and factories faced disruption in the supply chain and several lockdowns. As manufacturing industries suffered the biggest setback ever in recent history, the adoption of CCS technology also faced a huge hurdle. Therefore, the growth rate of the Carbon Capture and Storage Market fell to a huge extent. This is because major industries and even small factories did not have enough funds to adopt new technology and give an ecological makeover to their work process and emissions.
However, with the stabilization of the pandemic situation and national booster packages to recover the declining economy, the Carbon Capture and Storage Market has slowly recovered and is all set for a period of growth from the year 2021. Many major stakeholders and national governments are positively taking up industrial decarbonization, boosting Carbon Capture and Storage Market Growth in the forecast period.
Governments' more serious and stringent approach towards climate change and reducing carbon emissions is a major driver of the Carbon Capture and Storage Market. For instance, the carbon emissions are expected to bounce back from an obvious fall in 2020 and grow by 4.8 percent. The governments need to stay prepared to tackle this issue. CCS technology and the Carbon Capture and Storage Market can contribute to this effort this year and in the forecast period. The adoption of CCS technology will help reduce industrial CO2 emissions to a very noticeable level. The reduced consumption of coal and clean technology in industries is also a key driver of the Carbon Capture and Storage Market.
Adopting sustainable technology in the industrial setting is a huge opportunity for the Carbon Capture and Storage Market because CCS technology also falls under it. The switch to alternate fuel sources and the advancement of industrial processes in an environmentally conscious way is also a big opportunity for the Carbon Capture and Storage Market. There are sustainable development goals to be achieved in the future. Thus, the SDG goals and plan also is a significant opportunity for the Carbon Capture and Storage Market.
Some restraining factors in the Carbon Capture and Storage Market oppose the Carbon Capture and Storage Market Growth. For example, the high cost of setting up a large-scale carbon capture facility is a very present market restraint today. On the other hand, the operational costs of the carbon capture facilities are also a restraint for different industries.
There are certain market challenges that the market has to address if it aims at ensuring Carbon Capture and Storage Market Growth for the next few years. For example, making CCS technology available and affordable for developing and underdeveloped countries is a necessary challenge. Once this challenge resolves, the CCS technology can apply in different regional industries for a more collective impact.
Cumulative Growth Analysis
The Carbon Capture and Storage Market Size were poised at USD 5.6 billion in 2020 and will grow at 14.01 percent in the coming forecast period to register double the market value. This double-digit growth rate is a very important indication of the future Carbon Capture and Storage Market Size. Even though the Carbon Capture and Storage Market suffered a setback in the initial pandemic wave, it is steadily recovering. It will return to its growth phase in the forecast period.
The segmentation of the Carbon Capture and Storage Market occurs according to different types and applications. There are many criteria for the segmentation of the Carbon Capture and Storage Market. For example, the Carbon Capture and Storage Market divide into segments based on technology, applications, and end-users. The pre-combustion CCS technology sector will hold the major Carbon Capture and Storage Market Share among the different technologies. The EOR segment will hold major Carbon Capture and Storage Market Share in the application segment because of the excellent storage reservoir. In the end-user segment, the oil and gas and power generation sector will hold the major Carbon Capture and Storage Market Share in the forecast period.
The Carbon Capture and Storage Industry have been analyzed over five major regions in this regional analysis. The major regions considered are North America, Asia Pacific, Europe, Middle East, Africa, and Latin America. North American region leads the Carbon Capture and Storage Industry in revenue and share because of developmental activities and already existing CCS tech projects. Early development stage projects in the regional Carbon Capture and Storage Industry in the Asia Pacific make it the highest growing region for the Carbon Capture and Storage market. The Middle East and Africa also have significant contributions in the forecast period due to enhanced oil recovery processes in old oil reservoirs.
There are many key players in the Carbon Capture and Storage Market that support the industry's competitive landscape as a whole. The top players are-
The above key players influence the major Carbon Capture and Storage Market Trends and developments. Some of the recent developments of the Carbon Capture and Storage Market are discussed below.
The key players of the Carbon Capture and Storage Market enter mergers and acquisitions from time to time. Deals and partnerships between two or more major players help build growth prospects for the Carbon Capture and Storage Market. The most recent developments in the industry are as follows.
The Carbon Capture and Storage Indsutryoverview is as follows
This research report discusses the key drivers of the Carbon Capture and Storage Market in the forecast period of 2021-2027. The report also discusses the many restraints and challenges in the market before going into growth and segment analysis, including a brief regional analysis and overview of the major regional markets mentioned. The report then progresses into the competitive landscape and key players of the industry. It also discusses the recent developments and Carbon Capture and Storage Market trends to help in understanding the future projections in a better way.
|Market Size||2027: USD 9.25Billion|
|CAGR||15% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Applications, End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Fluor Corporation (U.S.), Cansolv Technologies Inc (Canada), Dakota Gasification Company (U.S.), Aker Solutions (U.S.), Japan CCS (Japan), NRG Energy (U.S.), The Linde Group (Germany), Chevron Corporation (U.S.), Climeworks AG (Switzerland), and Shell (U.S.).|
|Key Market Opportunities||Rising CO2 emission and the growing energy demands|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The leaders encouraging the market are Dakota Gasification Company (U.S.), Japan CCS (Japan), The Linde Group (Germany), Aker Solutions (U.S.), Cansolv Technologies Inc (Canada) and NRG Energy (U.S.).
The need to reduce carbon dioxide emissions is expected to be a central factor encouraging the market in the coming years.
A CAGR of 12.5% is predicted to enhance the growth potential of the global market in the coming years.
The enhanced oil recovery (EOR) segment is foreseen to show an unparalleled development rate in the forecast period.
CCS technologies have significant potential to reduce CO₂ emissions in energy systems. Facilities with CCS can capture almost all of the CO₂ they produce (some currently capture 90 or even 100 percent)
CCS could help mitigate global warming. The strategy is to trap CO2 where it is produced at power plants that burn fossil fuels and at factories so that the greenhouse gas isn't spewed into the air.