Carbon Capture and Storage Market is driven by increasing demand for cost effective technology to reduce carbon emissions along with rapid industrialization.
Selbyville, DE -- (SBWIRE) -- 12/26/2018 -- As reported in the latest study report by Global Market Insights, Inc.; the Carbon Capture and Storage Market size will cross USD 6 billion by 2024.
Growing demand for carbon technologies to meet 20C scenario along with strict government regulations to curb carbon footprint will drive the carbon capture and storage market size. Product ability to reduce carbon emission by 85% to 90% makes its adoption preferable over other available alternates. According to New Source Performance Standards in the U.S., the new coal fired plant can emit 1400 lbs. CO2/MWh.
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Favourable government initiatives to encourage adoption of sustainable technology along with measures to reduce the toxic pollutant concentration will stimulate the U.S. carbon capture and storage market share. In 2008, the U.S Energy Improvement and Extension Act introduced section 45Q to provide credit of USD 20 per metric ton for storing CO2 in deep water saline formation and USD 10 per metric ton for storing CO2 through enhanced oil recovery. In 2016, the U.S. president Obama funded USD 90 billion through American Recovery and Reinvestment Act towards strategic clean energy investment and tax credit to promote development of low carbon technologies.
Post Combustion carbon capture and storage market size will reach over 22 MTPA by 2024. The technology ability to retrofit with new and existing power plant will make its adoption preferable over other alternates. Increasing adoption of conventional pulverized coal fired power plants will propel the industry growth.
Norway in 2016, accounted for over 45% of Europe carbon capture and storage market share. Abundant availability of CO2 storage site in Norwegian North Sea along with growing concern to meet decarbonization target will embellish the industry growth. According to E24, the government of Norway will invest approximately USD 46 million toward feasibility study of CCS project by 2022.
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Iron and steel carbon capture and storage market for 2016 was valued over USD 53 million. Increasing investment towards infrastructure and automobile sector will propel the business growth. In 2016, Abu Dhabi introduced CCS facility with 0.8 MTPA carbon capture capacity for iron and steel industry.
Emerging demand for gas injection technique for EOR from mature fields will drive the carbon capture and storage market growth. Large volume of non-recovered oil, depleted hydrocarbon reserves and heavy reliance on crude oil imports are some of the key factors which will positively impact the demand for enhanced oil recovery.
South Korea carbon capture and storage market share will witness significant growth owing to growing concern to reduce greenhouse gas emissions. In 2016, the country set a target to reduce its GHG emission by 37% below business as usual emissions of 850.6 MtCO2e by 2030.
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Notable players in carbon capture and storage market include Fluor, Dakota Gasification, Sulzer, Japan CCS Company, Schlumberger, Aker Solution, Haliburton, Linde Engineering, Mitsubishi Heavy Industries, NRG energy, Exxon Mobil, Shell CANSOLV, Siemens and General Electric.
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