- Industrial application is the fastest growing segment of carbon capture and sequestration.
- Capture service is the largest segment in the carbon capture and sequestration market.
- North America to be the fastest growing market for carbon capture and sequestration.
The carbon capture and sequestration market is projected to grow from an estimated $4.25 billion in 2016 to $8.05 billion by 2021, at a CAGR of 13.6% from 2016 to 2021. Rapidly growing demand for CO2-EOR techniques and rising environment concerns are expected to drive the demand for the carbon capture & sequestration market during the forecast period.
Electricity generation, transportation, and industrial processes are the main sources of CO2 emissions. The increased CO2 emissions are impacting the environment and leading to global warming, acid rain, ozone & photochemical smog, and reduced atmospheric visibility. Growing environment concerns need to be addressed by reducing CO2 emissions by using carbon capture and storage technologies. Carbon capture and sequestration could play an important role in reducing greenhouse gas emissions, while enabling low-carbon electricity generation from power plants.
Carbon capture and sequestration is a set of technologies that can significantly reduce CO2 emissions from new and existing coal- and gas-fired power plants and large industrial sources. Carbon capture and sequestration technology is intended to capture the CO2 emissions obtained from fossil fuels through electricity generation and industrial processes, avoiding the CO2 from atmospheric addition. Carbon capture and sequestration is segmented into parts such as capturing, transporting, and storing the CO2 emissions in deep underground rock formations and underground in drained oil and gas fields.
Industrial Application the fastest growing segment of carbon capture and sequestration
The industrial application segment is expected to grow at the highest CAGR during the forecast period. Industrial processes such as cement production, natural gas processing facilities, food & beverage manufacturing emit huge amount of greenhouse gas, and hence, the demand for carbon capture and sequestration technology is expected to increase in industries to reduce emissions.
Capture Service the largest segment in the carbon capture and sequestration market
The capture segment occupied the largest market share in the carbon capture & sequestration market in 2015. The segment has further been segmented into pre-combustion, post-combustion, and oxy-fuel. In 2015, the pre-combustion segment held the largest market share, owing to increase in number of projects.
North America to be the Fastest Growing Market for Carbon Capture and Sequestration
In this report, the carbon capture & sequestration market has been analyzed with respect to six regions, namely, North America, Africa, Asia-Pacific, South America, Europe, and the Middle East. North America held the largest market share, followed by Asia-Pacific and the Middle East. North America is estimated to dominate the market, owing to factors such as more number of coal- and gas-fired power plants, which emit more greenhouse gases when compared with other sources of power generation.
Furthermore, the Supreme Court of the United States has proposed a carbon trading scheme, named US Clean Power Plan, on February 2016, which is expected to be implemented from 2017. This scheme aims at curbing carbon pollution from the power plants in the U.S. In addition, the Canadian government, along with the industry partners, is conducting research on developing CCS technology at Alberta’s two largest universities. This creates huge opportunities for carbon capture and storage market in Canada.
Some of the leading players in the carbon capture and sequestration market include Fluor Corporation (U.S.), Linde AG (Germany), Shell CANSOLV (U.S.), Siemens (Germany), and Mitsubishi Heavy Industries (Japan), among others.