The carbon capture & sequestration market globally is estimated to be $4.25 Billion in year 2016, and is likely to grow with a CAGR of 13.9% from year 2016 to 2022, to grow $8.15 Billion by the end of year 2022. these Capturing technologies separates CO2 from other gases produced via industrial processes and electricity generation mainly by three different ways, pre-combustion, post-combustion and last oxy-fuel combustion. Millions of tons of CO2 are being transported for commercial uses every year this can be fulfilled by this capturing process. Transportation stages includes transfer by ship, pipelines and road tanker for commercial purpose majorly for oil recovery projects. The CO2 which is stored in cautiously targeted geological rocks that are located several kilometres below the earth surface. Growth in exploration activities, research, and investment is expected to drive the growth. The carbon capture & sequestration market is likely to witness significant growth in the coming years owing to growing investment in emission reduction technologies. The carbon capturing and packing technology is still in its stages of development and globally, and later with the increasing awareness, growth in the market is expected.
The global market for carbon capturing and storage technology is broadly segmented on the basis of technologies involved in three broad categories; Carbon capture, carbon transportation and carbon storage. The global carbon capture market can further be sub-segmented into three techniques such as: oxyfuel combustion, pre-combustion capture, and post-combustion capture.
Geographically, the global market is divided into North America, Europe, Asia Pacific and Rest of the World. Among which North America is anticipated to dominate the market in terms of total deployment globally and Asia Pacific carbon capture and sequestration market share is expected to grow with a higher significant growth rate due to manufacturing industries’ growth in China, Japan, and India. Rapid Development along with increase in pollution is likely to drive the CCS market. However, initial investment cost involved and lack of awareness is possible to hinder the growth in Middle East & Africa region. Europe is also anticipated to be the major market for carbon capturing and storage technology in the reported forecast years. The emission standards adopted globally and energy portfolio strategies adopted by top European Union nations is the major factor appealing high investment in this market.
The top leading players in this carbon capture & sequestration market include Fluor Corporation (U.S.), Shell CANSOLV (USA), Linde AG (Germany), Siemens (Germany), and Mitsubishi Heavy Industries (Japan), and various others. Numerous contracts & agreements are the most commonly adopted strategy by these top players in the market, followed by their expansions and other development. One recent example is; in august 2016, Ube Machinery company obtained an 85 % stake in ’Mitsubishi Heavy Industries’ Plastic Technology in order to get into injection moulding machines.