COVID-19 pandemic Impact on Carbon Capture and Storage Market 2020-2023 | Global Trends, Growth Drivers, Opportunities, Dynamics, Challenges, Scope, Segmentation and Forecast

Global Carbon Capture and Storage Market Scenario:

The spread of novel coronavirus has impacted the global Carbon Capture and Storage Market 2020, but in the latest study of Market Research Future reveals that the global market would expand at a pace of 8.0% (growth rate) and would gain a high valuation by 2023. With this, the market might create new ventures and opportunities post novel COVID-19 pandemic, which can be predicted until the year-end of 2018-2023.

Since the COVID-19 virus outbreak had confronted in December 2019, the disease has spread to almost all countries globally. The global impacts of the coronavirus disease 2019 (COVID-19) have been actively hit and will significantly affect the carbon capture and storage market in 2020. COVID-19 can affect the global economy in three foremost ways: by straight affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.

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Leading Vendors

Leading vendors in the worldwide market for carbon capture and storage are Cansolv Technologies Inc., NRG Energy, The Linde Group, Fluor Corporation, Shell, Chevron Corporation, Dakota Gasification Company, Aker Solutions, Japan CCS, Climeworks AG, among others.

Top Impacting Factors

Carbon capture and storage is an immediate resolution against the global changes in the climatic conditions. The technology’s significant request to the capture and storage of carbon emissions from diverse industries, especially from the power stations, the carbon capture and storage plays a pivotal part in controlling greenhouse gas emissions along with maintaining the supply security. These factors have been counted as essential in the growth course of the carbon capture and storage market.

MRFR indicates that recent estimates from the International Energy Agency (IEA) reveal that the carbon capture and storage are likely to contribute to one-fifth of the total carbon emission reductions till the year 2050 in the industrial and the power sector. At the same time, the increasing concerns over the environmental hazards and irreversible changes resulting from the emissions in the atmosphere have resulted in the implementation of stringent regulations that have encouraged carbon capture storage efficiently. These, in turn, have impelled companies across the globe to extend processes that are efficient at the same time are environmentally friendly.

To add in this, the ever-growing employ of fossil fuels and industrial growth both in developed and developing parts of the world is anticipated to drive the demand as well as the propagation of carbon capture and storage technology, in turn resulting in the growth of global carbon capture and storage market. In fact, the implementation of Carbon Capture and Storage technology provides a relatively more workable option than that of switching over to the use of alternative energy resources is anticipated to oblige the growth of global carbon capture and storage market across the globe.

Carbon Capture and Storage Market Segmentation:

The Carbon Capture and Storage Industry has been carefully analyzed and has been segmented in the report with respect to type and application.

With regard to the type, the market segments are pre-combustion, post-combustion, and oxy-fuel combustion. The pre-combustion CCS is poised to be the top segment in the market, on account of the rising application in gasification combined cycle power plant. Pre-combustion type helps convert solid fuel to syngas via heat application owing to high pressure in the presence of oxygen, which makes it more sought-after compared to its counterparts.

Application-wise, the primary segments are enhanced oil recovery (EOR), agriculture, and industrial. EOR is most likely to seize a dominant share in the carbon capture and storage market in the years to come, given its ability to act as a carbon reservoir.

The end users in the carbon capture and storage market are oil and gas industry, iron and steel industry, chemical industry, and others.

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Regional Outlook

Regionally, North America, Europe, and the Asia Pacific captured over 90% of the global carbon capture and storage market share in 2019. The existence of a robust manufacturing sector and significant investments toward economic development has made North America one of the significant stakeholders globally. Positive outlook toward the oil and gas industry and with the focus of government to curtail emission from industries such as cement, chemical, and F&B, will encourage the demand for carbon capture and storage across the region.

North America has the highest number of carbon capture and storage projects. The U.S. has 16 of the 22 operational or under construction projects and has the most significant capture capacity worldwide. Once in operation, the faculty of these projects will be around ~40 million tons of carbon dioxide. In the case of point, Kemper County coal CCS plant in Mississippi would be a new power plant with pre-combustion carbon capture. It will capture ~65% of emissions (~3.5 million tons per year).

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