Carbon Capture and Sequestration Market Scope
Carbon Capture and Sequestration is the process for storing carbon dioxide which can be captured out of air or fossil fuel power plant flue gas using adsorption (or carbon scrubbing), membrane gas separation, or adsorption technologies. Amines are the leading carbon scrubbing technology. This CO2 is either stored in deep geological formations or in the form of carbonates. The increasing CO2 level in the environment makes the need to capture the CO2 for different purposes. As per the United States the inventory of Greenhouse Gas Emissions and Sinks, more than 40% of CO2 emissions in the United States are from electric power generation.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Siemens (Germany), Aker Solutions (Norway), Fluor (United States), Mitsubishi Heavy Industries (Japan), Halliburton (United States), Honeywell International (United States), Shell Global (The Netherlands) and Maersk Oil (Denmark) |
CAGR | % |
Competition among existing players is due to the stiff market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality to cater to the ever-growing demand for Carbon Capture and Sequestration. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Carbon Capture and Sequestration market throughout the predicted period.
Siemens (Germany), Aker Solutions (Norway), Fluor (United States), Mitsubishi Heavy Industries (Japan), Halliburton (United States), Honeywell International (United States), Shell Global (The Netherlands) and Maersk Oil (Denmark) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Carbon Capture and Sequestration market by Type , by Application (Enhanced Oil Recovery, Industrial, Agricultural and Others) and Region with country level break-up.
On the basis of geography, the market of Carbon Capture and Sequestration has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In April 2021, ExxonMobil announced the acquisition of a 2.5% stake in Global Thermostat, a company that develops technology for direct air capture of carbon dioxide. This acquisition is part of ExxonMobil's efforts to reduce its greenhouse gas emissions and develop new low-emission technologies.
In March 2021, Chevron announced the launch of its new carbon capture project in California, which is expected to capture and store around 1 million tons of CO2 per year.
According to the EU CCS Directive on Geological Storage of Carbon Dioxide (Directive 2009/31/EC). It ensures that Directive is an enabling Directive, which means it does not require CCS to be developed, but if an EU Member State or company chooses to develop a CCS project, then the provisions of this Directive must be followed. The Directive establishes a legal framework for the environmentally safe geological storage of carbon dioxide (CO2) – and does not cover capture or transport in great detail. It lays down extensive requirements for storage covering the entire lifetime of a storage site with detailed focus on a selection of storage sites, exploration permits, storage Permits along with operation, closure and post-closure obligations and provision for transfer of responsibility
Influencing Trend:
CCS is the Most Feasible Technology Currently Available to Reduce Greenhouse Gas Emissions
Market Growth Drivers:
The Rise in Energy Demand Globally Have Led To the Increase in Uses of Fossil Fuels, the Major Source of Carbon Emission and Increasing Usages of CO2 in Different Application in Various Industries
Challenges:
Concern Related With the Leakage of CO2 gases
Restraints:
High Cost of the Technology which are made by Storing Carbon Dioxide and Inconsistent Government Regulations and Economic Related to Carbon Dioxide
Opportunities:
Technology Providers Have Been Working On Research and Development to Rise the Economies of Scale of the CCS Projects and Increased Energy Generation, Newly Developed Advanced Amine Systems and Heat Integration Systems in both Developed and Developing Nations Are Boosting the Market
Key Target Audience
Potential Investors, Government Bodies and Associations, Up and Down Stream Vendors, Private Research Organizations, Suppliers and Distributors and Others