Carbon capture and storage or carbon capture sequestration (CCS) aims to control emission of CO2 in large quantities, which can disrupt the environment. It captures the waste carbon dioxide from fossil fuel power plants and such large sources and deposits it where it will be prevented from entering into the elements. Carbon capture and sequestration market is witnessing remarkable investments. This rise in investments is mainly projected from the changing government regulations and advancing technology in the market. The CCS market is set to witness impressive growth in the next few years. This growth rate is expected to be driven by the rising demand from the commercial and industrial applications of these products. As a result, the industry is also witnessing great rise in investments and business expansions on global scale.
Scope of Research in Global CCS Market
In order to analyze the prevailing trends in the market, the researchers have divided the global carbon capture sequestration market into different segments. These segments are based on the types of services, technologies, and geographic regions. The services available in the market, which are analyzed by the experts, include carbon transport, capture and storage. The technologies used for these services are sub-segmented into pre and post combustion capture, industrial separation and oxy-fuel combustion capture. On the basis of the geographic region, the global industry is divided into the Americas, Europe, Middle East and Africa and Asia Pacific. All these regions are further divided on the basis of their key countries and their demands.
Rising concerns and awareness about climate changes are expected to create huge rise in demand in the carbon capture & sequestration market. This is expected to be the strongest driving factor for this industry during the next few years. Integration of CCs with IGCC is anticipated to create attractive opportunities in terms of business expansions, development and revenue channels. However, environmental regulations and governmental concerns about climate changes are estimated to be the major restrains for the global market. Despite the rising demand from all parts of the world, the global market still has a stronghold of the government policies. Technological advancements in terms of developing more environment friendly methods are expected to steer the industry ahead.
According to the latest industry research, the global carbon capture and sequestration market is expected to maintain an impressive CAGR of over 27% during the time span of the next four to five years. From 2014 to 2019, the CCS market is expected to become worth $6.8 billion by the end of the year 2019. The upcoming developments in the storage and capture activities in the industry are considered to be the milestones for the existing as well as potential companies in the market. industrial expansions across power and gas industry are expected to be the key aims of the key players. Hence, growth in the market with contract agreements is expected to account for over 46% of the overall market share.