Global carbon capture and storage market revenue is set to cross $6 billion by 2026. According to a recent report by Global Market Insights, surging carbon emissions in the environment on account of the excessive burning of fossil fuel across various industries will positively influence the technology deployment over the forecasted timeframe.
Stringent government regulations toward curtailing greenhouse gas emissions, along with rising demand for CCS technologies to minimize the carbon footprint, will propel the global carbon capture and storage industry size. In addition, extensive use of well recovering technologies, including CO2 EOR, coupled with an increasing number of mature oil and gas fields, will complement the business landscape.
The report notes that increasing investments toward the upstream oil and gas industry to cater to the growing demand for high-value petrochemical products, along with the growing awareness regarding emission control, will drive the installation of oxy-fuel carbon capture storage systems. The technology is gaining attention amongst the leading industry players and is primarily deployed across the heavy industries including oil and gas and chemical processing. A longer lifespan and the ability to be retrofitted in existing plants are some of the important factors raising the adoption of oxy-fuel combustion CCS projects.
Findings of the carbon capture and storage market report include:
- The demand for CCS projects is flourishing across the industrial sector due to their longer operating life and emission control nature.
- Growing investments across various industries, including chemical, oil & gas, and power generation, are estimated to drive industry growth.
- Major players operating across the market are Mitsubishi Heavy Industries, Japan CCS Co., Ltd, Shell Cansolv, Fluor Corporation, Siemens, Schlumberger Limited, and Halliburton, amongst others.
- Positive outlook toward the expansion industries, along with stringent government norms to diminish CO2 emissions, will accelerate the technology trends.
The rapid expansion of chemical facilities, along with growing demand for chemical and high-value petrochemical products, will propel the carbon capture and storage market size. For instance, as per the UNIDO, the chemical industry in the United States reached $415.9 billion in 2017 when compared to $329.2 billion in 2005. Increasing government spending to modernize the chemical facilities in order to regulate the carbon emissions will further stimulate the business outlook, the report states.
Europe’s carbon capture and storage market value is anticipated to witness growth of over 10% by 2026. The increasing government efforts to decrease CHGs have substantially raised funding toward the deployment of emission control technologies, including CCS. Furthermore, the existence of large energy-intensive industries across the region, coupled with a positive business outlook toward chemical and waste to energy industries will foster the technology deployment. A paradigm shift toward clean energy, in line with the introduction of government directives to limit greenhouse gas emissions, will further drive Europe’s CCS industry growth.