Global CCS in Power Generation Market 2016-2020
About the Carbon Capture and Storage (CCS) in Power Generation Market
Carbon capture and storage or storage (CCS) is one of the novel ideas that promises to aid this aspect by reducing the amount of carbon dioxide, which is released into the atmosphere during the operation of fossil fuel dependent industries such as power generation and oil and gas processing. The basic functioning of the CCS technology is based upon the capturing of the emitted carbon dioxide before its release into the atmosphere and then transporting and storing this carbon dioxide at an environmentally safe location. There are three steps in the CCS process:
Technavio Announces the Publication of its Research Report – Global Carbon Capture and Storage (CCS) in Power Generation Market 2016-2020
Technavio recognizes the following companies as the key players in the global CCS in power generation market: GE Energy, GDF Suez, Linde Group, Babcock and Wilcox, and Mitsubishi Heavy Industries.
Other Prominent Vendors in the market are: Hitachi, Sulzer, Siemens, Amec Foster Wheeler, and Air Products.
Commenting on the report, an analyst from Technavio’s team said: “A trend which will boost market growth is the shift in focus toward developing nations. The CCS projects have created a significant buzz in the developed economies' market, where the power generation sector has reached its maturity, and the reduction of the carbon emissions is at the center of all attention. These economies have matured technologies and have sorted the demands from energy sector demands out, which coupled with significant investments, have made it possible for them to shift to the low carbon technologies.”
According to the report, a key growth driver is booming investments and advances in technology. For next-generation capture technologies, investments in R&D have increased over the years. Besides, there are government initiatives promoting carbon capture and storage technology, which also contribute to the growth of the market. Both private and public sectors are investing heavily in testing and commercializing low-carbon technology to reduce carbon costs and protect the environment.
Further, the report states that one challenge that could restrict market growth is the risk associated with carbon capture and storage.
GE Energy, GDF Suez, Linde Group, Babcock and Wilcox, Mitsubishi Heavy Industries, Hitachi, Sulzer, Siemens, Amec Foster Wheeler, Air Products.