The global carbon capture and storage market is expected to record a CAGR of 9.22% during the forecast period of 2019Ð2024. The major factor driving the market studied are emerging demand for CO2 injection technique for enhanced oil recovery (EOR), and strict government norms towards GHG emissions.
Huge CCS technologies implementation cost, and growth in shale investments are expected to hinder the growth of the market studied.
Augmenting prominence for bioenergy carbon capture and storage (BECCS) is likely to act as an opportunity in the future.
Scope of the Report
The global carbon capture and storage market report includes:
Key Market Trends
Oil and Gas Segment to Dominate the Market
- ___Carbon Capture and Storage (CCS), is aiding the oil and gas industry to mitigate greenhouse gases out of the atmosphere. Carbon dioxide stored in deep, onshore, or offshore geological formations uses CCS technologies for enhanced oil recovery that have been developed in the oil and gas industry. These technologies are proven to be economically feasible under specific conditions for oil and gas fields and saline formations.Carbon dioxide is extensively used in the oil industry for enhanced oil recovery (EOR) from mature oilfields. When carbon dioxide is inserted into an oilfield, it can mix with the crude oil triggering it to swell and thereby dropping its viscosity, helping to maintain or raise the pressure in the reservoir. The combination of these processes permits more of the crude oil to flow to the production wells.
- In other circumstances, the carbon dioxide is not soluble in the oil. Here, injection of carbon dioxide raises the pressure in the reservoir, helping to sweep the oil toward the production well. In Texas (US), for more than three decades carbon dioxide has been used in enhanced oil recovery projects, EOR constitutes over 20% of total oil production, and some fields achieve recoveries of nearly 70%.
- Kyoto Clean Development Mechanism is mostly applied among the OPEC Nations, which support CCS technology. For instance, Abu Dhabi National Oil Company achieved dramatic reductions in gas flaring, from about 1,500 million cubic feet per day in the early 1980s to less than 200 million cubic feet per day today. This decreased air pollution and augmented gas availability for export or internal use.
North America to Dominate the Market
- The North America region dominated the global market share in 2018. With the growing demand for clean technology, accompanied by the growing use of CO2 in EOR practices, is likely to drive the CCS market in the countries like United States, Canada.
- The United States uses 75% of the global carbon capture capacity in EOR operations, which accounts for nearly 30 Metric ton per annum.
- The country introduced the FUTURE Act (Furthering Capital Carbon Capture, Utilization, Technology, Underground storage, and Reduced Emissions) under 45Q section, to provide incentives for capturing carbon dioxide produced from industrial and power sources to be used in EOR.
- In February 2018, the United States passed significant financial incentives for carbon capture, utilization, and storage (CCUS) that will make capture from the lowest-capture-cost sources economically viable. With approximately 50% government financing for pipelines, over 19 million metric ton of carbon dioxide per year could be captured and transported profitably.
- The United States Department of Energy has always supported R&D on CCS, but the new government has proposed to cut funding in the financial year 2018 budget request.
- The commencement of the large CCS plant (Petra Nova in CCS) and the suspension of Kemper County Energy Facility in Mississippi, have led to the uncertainty about the future of carbon capture and storage in the United States.
- With the development of shale gas techniques and less interest in the carbon capturing by the new government, it is expected that the market for CCS is likely to grow at a moderate rate in the country. Thereby increasing the market share of North America.
A majority of the large-scale projects for the Carbon Capture And Storage are either set up or being established in the United States and China. Furthermore, newer technologies and storage techniques are expected to be deployed in European countries. The Major Players for the Carbon Capture And Storage Market are Occidental Petroleum Corporation, Exxon Mobil Corporation, Dakota Gasification Company, NRG Energy, Inc, and Air Liquide.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Emerging Demand for CO2 Injection Technique for Enhanced Oil Recovery (EOR)
4.1.2 Strict Government Norms towards GHG Emissions
4.2.1 Huge CCS Technologies Implementation Cost
4.2.2 Growth in Shale Investments
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1.1 Pre-combustion Capture
5.1.2 Oxy-fuel Combustion Capture
5.1.3 Post-combustion Capture
5.2 End-user Industry
5.2.1 Oil and Gas
5.2.2 Coal and Biomass Power Plant
5.2.3 Iron and Steel
5.2.5 Other End-user Industries
220.127.116.11 Rest of Asia-Pacific
5.3.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.4 Rest of World
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Air Liquide
6.4.2 Aker Solutions
6.4.3 Dakota Gasification Company
6.4.5 Fluor Corporation
6.4.6 General Electric
6.4.8 Honeywell International Inc.
6.4.9 Japan CCS Company
6.4.12 Mitsubishi Heavy Industries Ltd
6.4.13 NRG Energy Inc.
6.4.14 Occidental Petroleum Corporation
6.4.15 Royal Dutch Shell PLC
6.4.16 Schlumberger Limited
6.4.17 Siemens AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Augmenting Prominence for Bioenergy Carbon Capture and Storage (BECCS)
7.2 Other Opportunities
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.