Carbon Capture And Storage Market Cumulative Capacity Is Anticipated To Exceed 124 MTPA By 2026.
Rising carbon emissions due to enormous burning of fossil fuel across various industry verticals will favor carbon capture & storage (CCS) technology deployment in the forthcoming years. CCS technology is experiencing high demand from industrial sector on account of their excellent emission control and longer operating life.
Growing investments across power generation, chemical and oil & gas industries will fuel the product adoption. Stringent regulations pertaining to curtailment of greenhouse gas emissions to reduce carbon footprint will encourage the adoption of carbon capture & storage technology over the coming years.
Estimates suggests that carbon capture and storage market size will witness a cumulative capacity of more than 124 MTPA by the end of 2026.
Demand from upstream oil & gas sector
The CCS technology is gaining attention from various industries. Increasing investment in upstream oil & gas sector over the recent years in a bid to cater to the escalating demand for petrochemical products, along with awareness regarding emission control has resulted in large-scale deployment of oxy fuel carbon capture storage systems.
However, CCS are majorly deployed across heavy industries like chemical processing and oil & gas industries. Oxy fuel combustion CCS technology is witnessing high adoption rate due to key benefits including longer lifespan and as well as the ability to be retrofitted in existing plants.
Expansion of chemical facilities
Chemical facilities across the globe are rapidly expanding due to growing demand for chemicals & high value petrochemical products. As per the UNIDO, the chemical industry in U.S. crossed USD 415.9 billion in 2017, which stood at USD 329.2 billion in terms of annual valuation in 2005.
Strict environment regulations are encouraging chemical manufacturing facility owners to install carbon capture and storage technology. Increasing government spending to modernize chemical facilities in an effort to regulate the GHG and carbon emissions will boost CCS industry growth.
Carbon emission regulations across Europe
Europe carbon capture & storage market is estimated to exhibit a growth rate of more than 10% over the analysis period on account of strict regulations regarding carbon emissions in the region. The regional government is making progressive efforts to decrease the GHGs and have substantially raised funding for the deployment of emission control technologies including carbon capture and storage.
Presence of large energy intensive industries across Europe along with positive outlook towards proper chemical and waste treatment may fuel technology deployment. A paradigm shift towards the implementation of clean energy in line with the government directives to control emissions will further supplement regional industry growth over the coming years.