Market Research Report
Carbon Capture and Sequestration Market: Current Analysis and Forecast (2021-2027)
|Carbon Capture and Sequestration Market: Current Analysis and Forecast (2021-2027)|
Published: July 1, 2021
UnivDatos Market Insights Pvt Ltd
Content info: 240 Pages
Delivery time: 1-2 business days
Human emissions of carbon dioxide and other greenhouse gases are a major driver for climate change globally, it acts as one of the major challenge for the global economy. Owing to this in the past few decades, globally the average temperatures have increased to approximately 0.7°C higher than 1961-1990 baseline. Carbon capture and storage (CCS), refers to the process of capturing carbon dioxide (CO2) from anthropogenic sources such as power generation and/or industrial processes) and permanently storing the captured CO2 underground, to prevent excess emissions of CO2 from entering the atmosphere. This is considered as an integral component of achieving decarbonization.
The United States Department of Energy (DOE)'s National Energy Technology Laboratory (NETL) have been spending heavily on R&D related CCS for nearly two decades. As per International Energy Agency data for 2019, globally, roughly 33 million metric tons of CO2 (MtCO2) is being captured and stored each year (mostly as part of enhanced oil recovery [EOR]). However, as per energy outlook analyses, to meet the emission target, it is estimated that CCS would be needed on the scale of upwards of 1,500 MtCO2 being captured per year by 2030 and between 5,000-10,000 MtCO2 being captured per year by 2050.