Pune, Aug. 18, 2020 (GLOBE NEWSWIRE) -- The global carbon capture and sequestration market is set to gain traction from the increasing partnerships between industry giants to commercialize the CCS technology by completing large scale production facilities. This information is given by Fortune Business Insights™ in a new report, titled, "Carbon Capture and Sequestration Market Size, Share & COVID-19 Impact Analysis, By End Use (Enhanced Oil Recovery (EOR) and Dedicated Storage), By Capture Source (Chemicals, Natural Gas Processing, Power Generation, Fertilizers Production, and Others), and Regional Forecast, 2020-2027." The report further states that the CCS market size was USD 1.75 billion in 2019 and is projected to reach USD 6.13 billion by 2027, exhibiting a CAGR of 19.2% during the forecast period.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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This Report Answers the Following Questions:
- What are the market growth drivers, hindrances, and dynamics?
- Which companies would lead the market by generating the largest revenue?
- How will the companies surge sales of CCS amid the COVID-19 pandemic?
- Which region and segment would dominate the market in the coming years?
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Drivers & Restraints-
Increasing Government Action Plans to Curb Emissions of Greenhouse Gases to Aid Growth
The governments of various countries are introducing stringent action plans to eliminate the problem of carbon emissions and to normalize climate change for a longer period of time. The major driver for the carbon capture and sequestration market growth is the implementation of stern steps for curbing and monitoring the emissions of greenhouse gases (GHG) from every power generation facility.
The International Energy Agency (IEA), for instance, mentioned that the global energy-related CO2 emissions was 32.2 gigatonnes (Gt) in 2015. It surged to 33.3 Gt in 2019, thereby exhibiting an increase of up to 3.4% in only 5 years. However, the outbreak of the COVID-19 pandemic is set to impact the market for CCS severely backed by the halting of operations in various countries.
Segment-
Natural Gas Processing Segment to Grow Steadily Backed by Rising Demand for Energy
Based on capture source, the market is divided into chemicals, natural gas processing, fertilizers production, power generation, and others. Out of these, the natural gas processing segment earned 47.3% in terms of CCS market share in 2019. This growth is attributable to the presence of high capacity production plants, as well as the increasing demand for energy. In addition to this, the rising production of oil and gas worldwide is further leading to the construction of new processing facilities. It would also contribute to the growth of this segment.
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Regional Analysis-
North America to Lead Fueled by Rising Investments in Research & Development Activities
In 2019, North America generated USD 1.30 billion in terms of revenue. The region is anticipated to dominate the global market on account of the presence of several high capacity carbon capture and sequestration plants in this region. Coupled with this, the rising number of investments in numerous research & development activities would propel growth. Asia Pacific, on the other hand, is likely to grow considerably owing to the presence of high volume storage locations, mainly across the subsea gas and oil reservoirs in this region.
Competitive Landscape-
Key Players Focus on Collaboration Strategy to Gain a Competitive Edge
The market for CCS consists of a large number of prominent companies that are presently trying to engage in partnerships and collaborations with other local companies for gaining a competitive edge. Below are two of the latest key industry developments:
- April 2020: Aker Solutions bagged the technological approval from DNV GL for its CCS systems. They will be utilized to capture carbon emissions at a cement plant in Norway.
- July 2020: Four major companies signed an agreement to create a carbon capture, utilization and sequestration (CCUS) system for capturing and using carbon dioxide in Singapore.
List of the Key Companies Operating in the Carbon Capture and Sequestration Market are:
- Fluor Corporation (U.S.)
- ExxonMobil (U.S.)
- Carbon Engineering Ltd. (Canada)
- ADNOC Group (UAE)
- Equinor (Norway)
- China National Petroleum Corporation (China)
- Dakota Gasification Company (U.S.)
- Shell (Netherlands)
- BP (UK)
- Chevron (U.S.)
- Linde (Ireland)
- Total (France)
- Aker Solutions (Norway)
- NRG Energy (U.S.)
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Carbon Capture and Sequestration Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Carbon Capture and Sequestration Market Analysis (MTPA, USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By End Use
- Enhanced Oil Recovery (EOR)
- Dedicated Storage
- Market Analysis, Insights and Forecast – By Capture Source
- Chemicals
- Natural Gas Processing
- Power Generation
- Fertilizers Production
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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