Carbon capture and storage (CCS) is one of the leading technologies for tackling global climate change. What is the market value of CCS and how much it will increase in the coming years? What are the key factors behind the market growth? What role can it play in tackling climate change? Are there any restraints associated with the global CCS market?
What is the size of carbon capture and storage market?
The global carbon capture and storage market size was valued at over $4 billion in 2018 and is projected to reach more than $9 billion by 2026.
The growing environmental concerns combined with increasing demand for energy across the world is expected to increase the demand for global carbon capture and storage. Currently, the demand for the carbon capture and storage market across the world is relatively small as the carbon capture, and storage technologies are still undeveloped.
In the coming years, the demand for carbon capture and storage market is expected to take some traction in North America and Europe. Presently, the US holds the largest market share in North America.
In addition to the rising use of carbon dioxide in Enhanced Oil Recovery (EOR) activities, the growing trend towards green technology will likely drive the US CCS market in the coming years.
Elsewhere, governments are supporting the global carbon capture and storage market to reduce overall carbon dioxide emissions and mitigate climate change.
The strict operational measurement and emission monitoring on coal-fired plants along with power generation plants offer opportunities for GHG reduction plants.
The Carbon capture and storage (CCS) market can play a significant role to tackle climate change. At the moment, it is one of the most effective technologies which can trap up to 90% of carbon dioxide(CO2) emitted by the combustion of fossil fuels in a power plant.
It can also significantly reduce the carbon footprint in industries such as chemical, fertilizer, cement, steel and power generation.
According to Global CCS Institutes, around 2,500 CCS facilities are set to be operational worldwide by 2040. Each one can capture approximately 1.5 million tonnes of carbon dioxide per year.
However, due to high production and energy cost, the high initial cost associated with carbon capture is a significant constraint for global market growth. Though, the research and developmental programs are trying to reduce the cost.