Taking into account the application landscape of carbon capture and storage market, the oil and gas industry accounted for a major share. One of the significant factors that will fuel the carbon capture and storage market demand in this segment is the usage of CO2 by O&G companies to refill the gas pressure and renew the production volume in wells. Rising crude oil demand coupled with increasing investments in expanding and upgrading of oil refineries is set to favor carbon capture and storage industry growth. As per records, in 2016, the oil and gas industry application contributed to more than 45% of the overall carbon capture and storage market pie and is foreseen to record lucrative growth in coming years. The other application segments of carbon capture and storage industry including chemical processing, iron and steel, and power generation are also likely to witness significant growth in the coming years.
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Carbon Capture and Storage Market is witnessing a rather commendable profitability landscape as concerns over global warming have triggered efforts to reduce CO2 concentration in the atmosphere. Capturing and storing carbon dioxide is considered a vital strategy for meeting the targets to reduce CO2 emissions and sustain in scenario of global climate change. As per statistics, carbon dioxide has become a key business liability that is expected to decrease a firm’s value by USD 212,000 for every 1000 metric tons produced. However, the use of carbon capture and storage (CCS) technology is one of the novel ideas that help to reduce the amount of CO2 released in the atmosphere specifically by fossil fuel-dependent industries. With the help of CCS technology, it is possible to capture around 85% to 90% of carbon dioxide emissions released from industries, which in turn is stimulating carbon capture and storage industry expansion.
Rapid industrialization and economic growth have certainly contributed to today’s ever rising demand for energy across the globe. A clear consequence of this is an increase in the use of fossil fuels such as natural gas, coal, and oil that have become a key source of energy since the industrial revolution. In response, the abundant use of these fuels has become a cause of concern globally, subject to their adverse effects on the environment. Over the past century, the level of atmospheric CO2 has raised to more than 39%, from 280 ppm in the pre-industrial time. Moreover, the statistics provided by the Emission Database for Global Atmospheric Research shows a 48% increase in last two decades by recording the global CO2 emission of over 33.4 billion tons in 2011. Thus, the CCS technology is likely to play a crucial role, as without climate change mitigation regulations & policies it is estimated that the CO2-equivalent concentrations in atmosphere will grow to as much as 600-1550 ppm by 2030. In repose to this fact, stringent government regulations to curb GHG and CO2 emissions will stimulate the carbon capture and storage market growth over the coming years. As per a report by Global Market Insights, Inc., carbon capture and storage market stood at USD 2.5 billion in 2016 and is projected to surpass USD 6 billion by 2024. Moreover, considering the cumulative capacity of carbon capture and storage industry, industry analysts estimates the volume to exceed 103 MTPA (million tons per annum) by 2024.
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From the above-mentioned data, it is quite evident that if climate change and global warming is to be successfully tackled, these application sectors will need to transform the way energy is used and thus reduce CO2 emissions. The global carbon capture and storage industry is anticipated to witness remarkable traction as the CCS technology has been identified to be the only large-scale option that can meet the high targets of CO2 reduction necessary to meet the climate control goals by 2050.
Mitsubishi Heavy Industries, Siemens, Sulzer, General Electric, Linde Engineering, NRG energy, ExxonMobil Corporation, Schlumberger, and Aker Solution are some of the prominent players accumulating significant chunk of carbon capture and storage industry.
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