Global Carbon Capture and Storage Market to Reach $3.9 Billion by 2026
SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Carbon Capture and Storage - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 20; Released: May 2021
Executive Pool: 12159
Companies: 58 - Players covered include Archer-Daniels-Midland Company; BP plc; Chevron Corporation; Emissions Reduction Alberta; Equinor ASA; GE Power; HTC CO2 Systems Corp.; Japan CCS Co., Ltd.; Schlumberger Limited; SNC-Lavalin Group, Inc.; Svante Inc. and Others.
Coverage: All major geographies and key segments
Segments: Technology (Pre-Combustion, Post Combustion, Industrial Separation, Oxy-Fuel Combustion); Application (Enhanced Oil Recovery (EOR), Industrial, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Carbon Capture and Storage Market to Reach $3.9 Billion by 2026
Climate change is a critical environmental issue haunting governments worldwide, forcing them to take necessary actions to preserve the prosperity and security of the mankind. Anthropogenic activities, especially since the commencement of industrialization era in the 1800s, have led to an unprecedented increase in emission of greenhouse gases causing significant damage to the environment, which is evident from increasing global average sea level, rising average global ocean as well as air temperatures, and widespread melting of polar ice caps. Given that climate change could also affect a country's prosperity and security, the need for appropriate actions to curb or prevent further damage has arrived. Decarbonizing energy production/consumption and reduction of CO2 from the atmosphere requires combination of several technologies used in tandem. Carbon Storage and Capture (CCS) is one such low-carbon technology that promises to achieve a part of this goal by reducing CO2 emissions across various sectors. Carbon Capture and Storage (CCS) is a valuable tool in the drive to minimize emissions of greenhouse gases worldwide. The rationale for opting CCS comes from the fact that the current large dependence on fossil fuels would continue to exist for several years to come, due in part to a wide installed base in the fossil fuel industry and early stages of renewables in powering the world. The sheer magnitude of existing fossil-fuel based energy infrastructure makes it difficult for being replaced completely by sustainable and eco-friendly alternative energy sources that can serve the global energy needs. In this scenario, CCS offers a middle path, where dependence on fossil fuels can continue while reducing CO2 emissions from such plants. The technology offers a contingency in managing greenhouse gas emissions even if the switch to renewables is delayed.
Amid the COVID-19 crisis, the global market for Carbon Capture and Storage estimated at US$2.7 Billion in the year 2020, is projected to reach a revised size of US$3.9 Billion by 2026, growing at a CAGR of 7.7% over the analysis period. Pre-Combustion, one of the segments analyzed in the report, is projected to grow at a 7.9% CAGR to reach US$3.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Post Combustion segment is readjusted to a revised 8.4% CAGR for the next 7-year period. This segment currently accounts for a 11.3% share of the global Carbon Capture and Storage market.
The U.S. Market is Estimated at $919.1 Million in 2021, While China is Forecast to Reach $381.7 Million by 2026
The Carbon Capture and Storage market in the U.S. is estimated at US$919.1 Million in the year 2021. The country currently accounts for a 33.8% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$381.7 Million in the year 2026 trailing a CAGR of 9.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.4% and 8.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR while Rest of European market (as defined in the study) will reach US$440.4 Million by the close of the analysis period.
While developed countries had an early start in terms of conducting research and development activities and demonstrating carbon capture and storage technologies, developing nations, due to their unique geological characteristics, are expected to catch up on demonstrating the technology in near future. Implementation of carbon capture and storage would enable these countries in not only addressing their energy security issues but also deriving substantial gains from its technological viability in potentially minimizing carbon dioxide emissions, considering many of these countries are dependent on coal as their primary source of energy. However, introduction of carbon capture and storage technology in developing nations would require various policy- and regulatory-level changes. Carbon capture and storage requires very high, long-term private sector investment. Governments would need to create effective policies and provide incentives for promoting such investments and minimizing associated risks. Moreover, there would be a requirement for regulatory and legal frameworks, which would contribute towards establishing an adequate policy environment. Further, existing laws would have to be reviewed and if required, amended for successfully establishing demonstration projects. There might also be an additional requirement for a comprehensive framework in case the amended laws fail to fully serve their purpose
The United States is expected to gain growth over the analysis period led by progressive policy framework and sustained government support. The 45Q tax credits for carbon oxide sequestration represent progressive CCS-specific incentive globally to promote investment in carbon capture and sequestration. While several new projects have been initiated in the US, the onset of Covid-19 pandemic places a significant pressure on time and resources. Projects are required to break ground by 2024 in order to qualify for the 45Q credits. Amid the Covid-19 pandemic, efforts are underway by the Carbon Capture Coalition to plea the Congress to include a "direct pay" option for the 45Q tax credits and also extend the 2024 deadline by which projects should start construction in order to qualify for credits.
Industrial Separation Segment to Reach $247.8 Million by 2026
In the global Industrial Separation segment, USA, Canada, Japan, China and Europe will drive the 6.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$140.1 Million in the year 2020 will reach a projected size of US$212.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$10.7 Million by the year 2026. More
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