Worldwide CO2 Capture and Storage Capacity is Projected to Reach 58.7 Million Tonnes by 2020
CO2 Emission Reduction Targets Drive the Carbon
Capture and Storage Market, According to New Report by Global Industry Analysts, Inc.
GIA launches
comprehensive analysis of industry segments, trends, growth drivers, market
share, market size and demand forecasts on the Carbon Capture and Storage market.
Worldwide
CO2 Capture and Storage capacity is projected to reach 58.7 million tonnes by
2020, driven by stringent greenhouse gasses emission control targets, and
strong government support for CCS projects.
Climate change
is a critical environmental issue facing governments worldwide, forcing implementation
of regulations to curtail greenhouse gas emissions. Carbon Capture and Storage
(CCS) is a valuable tool for minimizing greenhouse gas emissions. With the IEA
(International Energy Agency) chalking out plans to reduce CO2 emissions by the
year 2050, CCS technologies are gaining significant attention. CCS refers to a
suite of carbon abatement technologies used for capturing waste carbon dioxide
from large point sources, compressing it, transporting it and storing it for
future use or for indefinite storage.
Current CCS
technologies flaunt the ability to capture upto 90% of carbon dioxide emitted
from coal fired power plants. The continued dependence on fossil fuels to meet
the world’s growing energy needs will continue to spur the importance of CCS. While
a few large-scale integrated projects (LSIPs)
are already operational, several more such projects are in various stages of
development worldwide. Furthermore, the technology also finds use in industries
that depend on biomass for its energy needs, where capture and storage of CO2
would assist in net CO2 reduction from the atmosphere. Use of CCS along with
other emission gas reducing strategies, is critical for achieving emission
targets and prevent large-scale changes to the earth’s climate.
Enhanced Oil recovery (EOR) remains a major driver of CCS projects.
Majority of the current CCS projects in operation follow EOR approach of carbon
storage. The United States remains at the forefront of CCS projects. Government policies act as a major driver
for CCS deployment. Several countries including the United States, Canada, the United
Kingdom and China, among others have legislated supportive policies for CCS
deployment and related technology development. Despite the opportunities for
growth, progress of CCS projects worldwide remains
challenged due to costs issues, and budgetary constraints of governments.
As stated by
the new market research report on Carbon
Capture and Storage, the United States represents
the largest market worldwide. Europe, Asia-Pacific, and other developing
regions are forecast to emerge as the fastest growing markets with
operational carbon capture capacity in these regions projected to rise at a CAGR
of 23% over the analysis period.
Major players covered
in the report include Alstom Power S.A., BP plc, Chevron Corporation, HTC CO2
Systems Corp., Maersk Oil, Petrofac Ltd., Sargas AS, Schlumberger Limited,
Statoil ASA and Vattenfall AB among others.
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