Global Carbon Capture And Storage Market Is Expanding Owing To Rising Industrialization And Growing Awareness Regarding The Detrimental Effects Of Carbon Emissions

Carbon Capture and Storage Market

Overview:

Carbon Capture and storage is a key technology for reducing greenhouse gas emissions and mitigating climate change. It is the process whereby a relatively pure stream of CO₂ from industrial sources is separated from other gases, compressed and transported to a geological formation for long-term storage. Capture can be carried out either directly at point sources or from the atmosphere, depending on the technologies being used. The most effective direct capture processes use amine solvents to separate the carbon from other molecules. A variety of storage options are available, including injecting the CO₂ deep underground into saline and depleted oil and gas reservoirs. This involves injecting the CO₂ at a depth of a kilometre or more.

Market Dynamics:

Rising agreements among key players is estimated to augment growth of the global carbon capture and storage market during the forecast period. For instance, Petroleum Sarawak Bhd and Posco Group, a South Korean steel-making company signed an agreement in December 2022, for collaborating on the carbon capture and storage (CCS) development business. Moreover, increasing safety considerations with storage methods and locations are anticipated to restrain growth of the global carbon capture and storage market during the forecast period.

Impact of COVID-19:

COVID-19 was first identified in 2019 in China. The WHO declared the pandemic as a global public health emergency in 2020. This affected the growth of several industries globally. The pandemic led to imposition of strict lockdowns in many regions. These restrictions hampered the growth of many industries. Many businesses had to shut down their manufacturing activities in several sectors. Supply chains were also disrupted in several regions. This led to restraining growth in many sectors rupturing global economy. Thus, the pandemic had a negative impact on the growth of the global carbon capture and storage market. However, the market is estimated to witness high growth as all restrictions have been eased.

Key Takeaways:

The global carbon capture andstorage market is expected to witness high growth, exhibiting CAGR of 6.2 % over the forecast period, due to increasing business expansion by key players. For instance, Shell is planning to build a large carbon capture and storage (CCS) project, in July 2021. The project will be located in Alberta, Canada and it will capture 300 million tonnes of carbon dioxide.

North America is anticipated to witness significant growth in the global carbon capture and storage market during the forecast period, due to increasing demand for clean technology and rising hydrogen production.

 

Key players operating in the global carbon capture and storage market are Air Liquide, Occidental Petroleum Corporation, NRG Energy Inc., Exxon Mobil Corporation, Sulzer Ltd., Dakota Gasification Company,  Aker Solutions, Siemens AG, Equinor ASA, Royal Dutch Shell PLC, Fluor Corp., Mitsubishi Heavy Industries Ltd., Linde plc, and Maersk Oil.