Industry Insights
The rising energy demand globally has led to the increasing uses of fossil fuels, the major source of carbon emission. Though many alternate technologies such as wind, solar and nuclear are now in practical use or under development, CCS is the most viable technology currently available to mitigate greenhouse gas emissions from large scale fossil fuel usage.
Currently, over 22 CCS projects are in operation globally and another 14 planned projects are expected to be functional in the next few years. However, the global CCS industry is still at its nascent stage in comparison to the amount of carbon dioxide emitted yearly. Some of the factors such as inconsistent government regulations and economic slowdown in the past few years especially in Europe and China are the main factors responsible for the slow growth of the market.
The current regulatory frame work is not designed prominently to address some of the special issues that arise in the CCS industry such as cautious monitoring & long-term stewardship and the need for thorough site characterization. A robust legal and regulatory framework is necessary, as the deployment of this technology is likely to involve various parties in the process of capture, transport, sequestration and storage.
To view summary of this report, click the link below:
www.grandviewresearch.com/industry-analysis/carbon-capture-storage-ccs-market
Technology Insights
Advantage of using this capture technology under pressure is that it incurs less of an energy penalty, i.e., approximately 20% than current PCC technology (approx.30%) at 90% CO2 capture. On account of these factors pre-combustion capture technology is expected to dominate the capture type sector in the near future.
The post-combustion capture technology is anticipated to grow at the highest CAGR of 15.6% from 2016 to 2025. Increased energy generation, newly developed advanced amine systems and heat integration systems are expected to be the main factors driving its demand over the forecast period.
Application Insights
Volatile crude oil prices are also anticipated to drive market penetration in EOR applications in the near future. The increasing need to extract oil & gas from low permeability and unconventional reserves including carbonate traps and tight sands is expected to positively influence the global EOR process demand.
To request a sample copy of this report, click the link below:
www.grandviewresearch.com/industry-analysis/carbon-capture-storage-ccs-market
Regional Insights
Around 14 projects are currently operational in the region with majority of operations centered in the U.S. Some of the prominent projects include Shute Creek Gas processing facility, Air Products Steam Reformer EOR Project in Quest, and the Illinois Industrial CCS project.
Asia Pacific is estimated to grow at the highest CAGR of 16.4% from 2016 to 2024. The emerging economies in the region such as China and India along with countries such as Japan, Indonesia and Malaysia are focusing on cleaner environment owing to rapid industrialization in the region, thereby, leading to increased carbon emissions.
CCS Report Scope
Attribute & Details
Base year for estimation
2015
Actual estimates/Historic data
2013 - 2015
Forecast period
2016 - 2024
Market representation
Revenue in USD Million & CAGR from 2016 to 2024
Regional scope
North America, Europe, Asia Pacific, Latin America & MEA
Country scope
U.S., Canada, UK, Germany, Japan, China, Brazil, Mexico, South Africa
Report coverage
Revenue forecast, company share, competitive landscape, growth factors and trends
15% free customization scope (equivalent to 5 analyst working days)
If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization