Carbon Capture and Sequestration Market to Witness Sustainable Evolution

 The global Carbon Capture & Sequestration Market is projected to grow from an estimated USD 4.25 Billion in 2016 to USD 8.05 Billion by 2021, at a CAGR of 13.6% from 2016 to 2021. Rapidly growing demand for CO2-EOR techniques and rising environment concerns across the globe are expected to drive the demand for the carbon capture & sequestration market.

Electricity generation, transportation, and industrial processes are the main sources of CO2 emissions. The increased CO2 emissions are impacting the environment and leading to global warming, acid rain, ozone & photochemical smog, and reduced atmospheric visibility. Growing environment concerns need to be addressed by reducing CO2 emissions by using carbon capture and storage technologies.

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The capture segment occupied the largest market share in the carbon capture & sequestration market. The capture segment has further been segmented into pre-combustion, post-combustion, and oxy-fuel. In 2015, the pre-combustion segment held the largest market share, owing to increase in number of projects.

The industrial application segment is expected to grow at the highest CAGR during the forecast period. Industrial processes such as cement production, natural gas processing facilities, food & beverage manufacturing emit huge amount of greenhouse gas, and hence, the demand for carbon capture and sequestration technology is expected to increase in industries to reduce emissions.

North America expected to be the largest market for carbon capture & sequestration

In this report, the carbon capture & sequestration market has been analyzed with respect to six regions, namely, North America, Africa, Asia-Pacific, South America, Europe, and the Middle East. North America is estimated to dominate the market, owing to factors such as more number of coal- and gas-fired power plants, which emit more greenhouse gases when compared with other sources of power generation. Furthermore, Supreme Court of the United States has proposed a carbon trading scheme, named US Clean Power Plan on February 2016, which is expected to be implemented from 2017. This scheme aims at curbing carbon pollution from the power plants in the U.S. In addition, the Canadian government, along with the industry partners, is conducting research on developing CCS technology at Alberta’s two largest universities. This creates huge opportunities for carbon capture and storage market in Canada.

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Some of the leading players in the Carbon Capture & Sequestration Market include Fluor Corporation (U.S.), Linde AG (Germany), Shell CANSOLV (U.S.), Siemens (Germany), and Mitsubishi Heavy Industries (Japan), among others.