Global Carbon Capture and Storage Market 2017-2021
About carbon capture and storage
The use of CCS technology is one of the novel ideas that help reduce the amount of CO₂ released into the atmosphere by fossil fuel-dependent industries such as power generation and oil and gas processing. The basic functioning of the CCS technology includes capturing the CO₂ before its release into the atmosphere and then transporting and storing it in an environmentally safe location.
Technavio’s analysts forecast the global carbon capture and storage market to grow at a CAGR of 9.18% during the period 2017-2021.Covered in this report
The report covers the present scenario and the growth prospects of the global carbon capture and storage market for 2017-2021. To calculate the market size, the report analyzes business dimensions with an eye on individual growth trends and contribution of upcoming market segments.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Carbon Capture and Storage Market 2017-2021
Technavio recognizes the following companies as the key players in the global carbon capture and storage market: Babcock & Wilcox, ENGIE, GE Power, The Linde Group, and Mitsubishi Heavy Industries.
Other Prominent Vendors in the market are: Air Products and Chemicals, Aker Solutions, Amec Foster Wheeler, Chevron, Fluor, Hitachi, Net Power, Schlumberger, Shell, Siemens, Statoil, and Sulzer.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is growing popularity of ccs projects in developing nations. The CCS projects have created a significant buzz in the developed countries, 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 mature technologies and sorted the demands from the energy sector, which coupled with significant investments, have made it possible for them to shift to the low carbon technologies.”
According to the report, one of the major drivers for this market is growing demand to reuse CO₂. The growing demand for the reuse of CO₂ will drive the growth of the global CCS market in the future. The below-mentioned projects will enhance the use of CO₂. In addition, the diversification of CO₂generation sources for CCS is essential in encouraging power utility companies to integrate CCS technologies into their projects.
Further, the report states that one of the major factors hindering the growth of this market is risks associated with CCS. CCS has its own share of public apprehensions associated with it, as is the case with any emerging technology. The most significant of these apprehensions is related to the potential leakage hazards associated with the dedicated storage facilities. Although not established till now, many questions are being raised regarding the impact of leakage of stored CO₂. This doubt if proven true will counter the whole purpose of implementing the CCS project, which is reducing the effectiveness of CCS as an option for climate change mitigation.
Babcock & Wilcox, ENGIE, GE Power, The Linde Group, Mitsubishi Heavy Industries, Air Products and Chemicals, Aker Solutions, Amec Foster Wheeler, Chevron, Fluor, Hitachi, Net Power, Schlumberger, Shell, Siemens, Statoil, Sulzer.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook