Carbon Capture and Storage Market To Exceed USD 8.75 Billion By 2025

 San Francisco, 15 July 2020: The Report Carbon Capture And Storage (CCS) Market Analysis By Application (EOR, Industrial & Agriculture), By Capture Technology (Pre-Combustion, Industrial, Oxy-Firing & Post-Combustion), Competitive Strategies, And Segment Forecasts, 2018 – 2025

Carbon capture & storage (CCS), also known as ‘carbon capture and sequestration’ or ‘carbon control and sequestration’, is the method of capturing waste CO2 (carbon dioxide) from large point sources; for instance, fossil fuel plants. The captured carbon dioxide is then transferred to a storage space & usually deposited in an underground geological formation, from where it won’t enter the environment. This is a potential way of reducing the contribution of CO2 emissions to the process of global warming and ocean acidification through industries and heating. There is a possibility that the combination of CCS and Biomass to show net negative emissions.

Carbon capture and storage is receiving a lot of support from industries as well as Governments across the world, with the common consensus being that carbon capture and storage goes a long way in delivering deep emissions reductions, particularly in industries such as cement, petrochemicals, fertilizer and steel, which make up for over 20% of the global emissions. The United Kingdom has begun a carbon capture project from the burning of wood. The project, known as Bio Energy with Carbon Capture and Storage (BECCS), is being carried out at the Drax Power Station in North Yorkshire, and is the first such project in Europe.

The Carbon capture and storage market is expected to see high growth in the coming years, with the following factors at play:

• The market is anticipated to be propelled by energy demand and ‘carbon dioxide’ reduction awareness.
• Strict Government regulations with regards to greenhouse gas emissions is also expected to drive the industry forward. Since 1997, there has been a 20-time increase in the number of global laws regarding climate change, which include more than 1200 policies across 164 countries that are responsible for GHG emissions.
• Wide adoption of gas injection for enhanced oil recovery (EOR) in various petroleum reserves worldwide is expected to drive industry demand in the near future.
• Under the Paris agreement, Carbon capture & storage has been recognized as being critical in reaching global climate goals by major climate change bodies such as IPCC and IEA, a factor which would help in enhancing the market attractiveness.
• With growth in the number of oil and gas industries, there is a high chance that the market will be populated further with competitive players.

The carbon capture & storage industry is not without its challenges though, with the complexity of the overall process causing an overall increase in costs. Also, there is no definitive opinion regarding underground carbon dioxide storage being totally secure, with scientists advising a continuous monitoring of the storage areas.

Key participants in the carbon capture & storage market include:

• Linde Engineering
• Aker Solutions
• Sulzer
• Shell CANSLV
• Mitsubishi Heavy Industries, and
• Equinor (formerly Statoil)

Access Blog of Carbon Capture And Storage Market @ https://www.grandviewresearch.com/blog/worlds-largest-carbon-capture-plant-to-open-soon

Recent Developments in Carbon Capture And Storage Market

• In September 2019, the S. Department of Energyannounced a federal funding of USD 110 Million for the purpose of Carbon capture, utilization, and storage, with USD 75 Million reserved for two funding opportunity announcements (FOAs) already announced this fiscal year, while USD 35 Million is for an upcoming FOA.
• In September 2019, Equinorand its partners Shell and Total, announced their involvement in the Northern Lights project, which involves transport, reception and the permanent storage of CO2 on the Norwegian continental shelf. More than 150 people from the 3 organizations have come together for the project, with plans to drill a confirmation well for CO₂ storage in the Johansen formation ready to be undertaken.
• In January 2019, Aker Solutionsreceived its first contract on Northern Lights, with the organization expected to deliver subsea infrastructure equipment for an early well development. The organization is already working at Norcem’s cement factory located in Brevik with regards to engineering and design of a carbon capture plant, which will function as a capture site for the Northern Lights project.

Access Press Release of Carbon Capture And Storage Market @ https://www.grandviewresearch.com/press-release/global-carbon-capture-storage-ccs-market