Rise in greenhouse gas emissions and its numerous health effects have birthed a wave of concern across a spectrum of industries. Fossil fuel-based power plants and industrial sources collectively account for more than 60% of carbon in the atmosphere. However, evolution of cutting-edge technologies alongside key policy developments are likely to shore up demand within the carbon capture and storage (CCS) market. The leading-edge technology is highly capable of capturing and storing CO2 emissions at pre-combustion and post-combustion levels. In this context, the bid for achieving net-zero outflows is expected to support growth within the global carbon capture and storage (CSS) market.
The global market for carbon capture and storage (CCS) is projected to be valued at US$ 9.42 Bn in 2026. Growing from a market value of US$ 4.17 Bn in 2020, the CCS market is projected to exhibit substantial growth at a CAGR of 15.7% over the forecast period.
With a market share of 61% in 2020, enhanced oil recovery (EOR) is anticipated to lead the worldwide carbon capture and storage industry. The majority of CO2 collected is used by oil and gas firms for EOR processes and blue hydrogen synthesis. Much of the CO2 injected into the oil reservoir is only briefly held in most CO2 EOR projects. Decommissioning an EOR project more precisely entails “blowing down” the reservoir pressure in order to maximize the quantity of recoverable oil. As a result, just a little quantity of CO2 infused into the stationary oil remains dissolved. This is why some people are skeptical of EOR as a long-term storage solution. Thus, prominent use of CO2 in exploration and production makes it a prime end user industry of carbon capture and storage.
With more than 11 commercial CSS projects, Europe has geared up to gain ascendancy over others in the market by 2030. The region garnered 13 commercial facilities that are either up and running or in different phases of development. The EU’s US$ 11.32 bn Innovation fund is expected to act as a key bankroller for planning, construction, and CCS operations. Subsequently, the carbon capture and storage (CCS) market in Europe is expected to propel growth for the forthcoming years.
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