18 November 2019 - Million
Insights Market Research has published a new report titled ‘Carbon Capture And Storage (CCS) Market – Global Industry Analysis, Size, Share,
Growth, and Forecast, 2018–2026.’ Carbon Capture And Storage (CCS) market
report helps analyze trends and significant developments in the industry.
The global market size of carbon capture and storage (CCS)
industry was 61,150 kilo tons in 2015. Rising pressure on nations to cut down
carbon dioxide emission coupled with demand for clean energy is expected to
drive the global carbon capture and storage market. Uprising in global demand
to bring down carbon emissions owing to climate change threats, are augmenting
the growth of the global CCS market.
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Rising demand for global energy has fueled fossil fuel
combustion, giving rise to greenhouse gases. CCS is the forefront viable
technology which mitigates the greenhouse combustions and converts it into
clean energy saving fuel costs and further combustions.
Globally, there 22 projects are in operational status and an
additional 14 projects are anticipated to be functional in the forecoming
years. CCS technology is a proven cost effective and efficient technology to
bring down carbon emissions. Industry players are focusing on developing new
and more efficient carbon capture technologies and processes such as Post Cap
which is a post carbon capture technology. It’s basic foundation is on amino
acid salt (AAS) solution which is used as solvent. This is finds use in
coal-fired power stations and natural gas-fired power plants.
Innovation companies are making break through progress to
present innovative technologies to recycle CO2 and reduce greenhouse gas
emissions are expected to encourage the carbon capturing and storage technology
market across the globe. The growing clean power technologies demand and the
stringent regulations set by governing bodies of diverse nations for adhering
to carbon emission norms are some of the critical factors driving market
growth.
Regulatory framework is still in a nascent stage to address
the issues concerning CCS. This market requires a strong legal regulatory
framework in order to deploy this technology for future benefits. CCS has
gained reputation of being a unparalleled technology in combating fossil fuel
emissions and efficient energy costs.
Market Segment:
Carbon Capture And
Storage (CCS) Application Outlook (Volume, Kilo Tons, USD Million, 2014 - 2025)
• Enhanced Oil
Recovery (EOR)
• Industrial
• Agriculture
Carbon Capture and
Storage (CCS) Capture Technology Outlook (Volume, Kilo Tons, USD Million, 2014 -
2025)
•
Pre-Combustion
• Industrial
separation
• Oxy-fuel
•
Post-combustion
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EOR activities accounted for more than 80% of total global
revenue in 2015. EOR techniques are finding rampant increase in applications
owing to depleting conventional oil in resources. Volatile oil prices are
expected to drive EOR operations across oil sites. Currently with the crude oil
prices staying low, global EOR operations are seeing a decrease in activity but
is expected to pick up in mid-2018.
Modern technologies utilizing carbon dioxide realized in the
production stage are expected to foster the growth for CCS technologies in the
near future. Growth in sectors such as petroleum refining, chemical and
manufacturing are expected to further have a positive impact in this market.
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