Market Research Report
Carbon Capture And Storage Market Size By Technology, By Application Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2017 - 2024
|Published by||Global Market Insights Inc.||Product code||563552|
|Published||Content info||160 Pages
Delivery time: 2-3 business days
|Carbon Capture And Storage Market Size By Technology, By Application Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2017 - 2024|
|Published: August 18, 2017||Content info: 160 Pages||
Carbon Capture and Storage Market is expected to surpass USD 6 billion by 2024. Growing demand for cost efficient technique to curb carbon dioxide emission from large energy intensive industries including power plant and iron & steel will stimulate industry growth. Ability to curb carbon emission by 85% to 90% will boost technology penetration among other alternates.
Introduction of several government initiatives including American Recovery and Reinvestment Act for providing tax credit to promote the development of low carbon technologies will propel the U.S. carbon capture and storage market size. In 2008, the U.S. introduced section 45Q under Energy Improvement and Extension Act to provide USD 10 per metric ton credit for storing CO2 through EOR and USD 20 per metric ton credit for storing CO2 in deep water saline formation. Strict government regulation to curb GHG emission will further stimulate the industry outlook. In the U.S., according to section 111 of clean air act the coal fired plant cannot emit more than 1400 lbs. CO2/MWh.
Increasing demand for carbon dioxide EOR technique to boost oil production from aging field will embellish the carbon capture and storage market share. Dependency on import of crude oil, availability of non-recovered oil and depleted hydrocarbon fields are some of the features influencing the demand for enhanced oil recovery.
Increasing demand for cost effective technologies to achieve the decarbonization targets to curb carbon emission will stimulate UK carbon capture and storage market size. In 2016, government of UK set target to reduced carbon emissions up to 57% by 2020 from 1990 levels. Ongoing investment towards CCS projects will further augment the industry.
Increasing implementation of integrated gasification combined cycle power plant will boost the Pre- combustion carbon capture and storage market share. Technology ability to convert solid fuel into synthesis gas through the application of heat under high pressure in presence of steam and oxygen will make its adoption preferable over the other alternates.
Oil and gas application is predicted to witness growth owing to increasing crude oil demand from refinery to suffice petroleum product demand along with growing investment towards expansion and upgradation of refinery facilities. Iron and steel applications was valued over USD 53 million in 2016. Positive outlook towards automobile and infrastructure sector owing to rapid urbanization and industrialization will fuel the carbon capture and storage market growth.
Ongoing investment towards the construction of gas and coal fired power plant to meet growing electricity demand along with rising concern to reduce environment pollution will propel the China carbon capture and storage market size. In 2017, Green Gen program introduced the IGCC demonstration project in Tianjin, China to capture 2MTPA of carbon dioxide.
Key players in carbon capture and storage market include Sulzer, Aker Solution, Mitsubishi Heavy Industries, Shell CANSOLV, General Electric, Dakota Gasification, Schlumberger, Linde Engineering, Exxon Mobil, Fluor, Japan CCS Company, Schlumberger, Haliburton and NRG energy.