According to a report by Straits Research, the global CCS market is up for rapid growth.
According to the report, as the world grapples with the urgent need to reduce carbon emissions and combat climate change, carbon capture and storage (CCS) emerges as a pivotal technology in the fight against global warming. CCS, a three-step process involving capturing, transmitting, and underground storage of carbon dioxide (CO2) emissions from industrial activities, offers a promising solution to mitigate the impacts of greenhouse gas emissions.
One of the driving forces behind the expanding adoption of CCS is the increasing preference for the CO2 injection method for enhanced oil recovery (EOR). By extracting CO2 from large-point emitters and utilizing it for EOR purposes, industries can simultaneously reduce emissions and enhance oil production, thereby demonstrating the economic viability of CCS technology.
Furthermore, the visibility of bioenergy carbon capture and storage (BECCS) is on the rise, presenting additional opportunities for the global CCS market. BECCS involves using biomass as a fuel source and capturing the CO2 emitted during energy generation, thus effectively removing carbon dioxide from the atmosphere.
Regionally, North America leads the CCS market, driven by the rising demand for clean technologies and the widespread use of CO2 in EOR techniques. In the United States, CO2 capture and injection plants are prevalent across various industries, including chemical, hydrogen, fertilizer, and natural gas processing.
In Europe, countries like Germany are actively investing in CCS infrastructure to support industries such as cement and steel manufacturing. The recognition of CCS as a crucial component of achieving net-zero emissions goals underscores its growing importance in the global energy transition.
Key market players such as Aker Solutions, Air Liquide, and Exxon Mobil Corporation are spearheading innovations in CCS technology and infrastructure. Collaborative efforts among industry leaders are aimed at driving down costs and accelerating the deployment of CCS solutions worldwide.
Segmentation of the global CCS market by technology includes pre-combustion capture, oxy-fuel combustion capture, and post-combustion capture. By end-user industry, the market encompasses oil and gas, coal and biomass power plants, iron and steel, and chemical sectors.
As nations strive to meet ambitious climate targets and transition towards a low-carbon future, the role of CCS in reducing emissions from heavy industries and facilitating carbon removal from the atmosphere becomes increasingly indispensable. The global CCS market is poised for significant growth as governments, industries, and stakeholders collaborate to address the challenges of climate change through innovative and sustainable solutions.
