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Classified in: Mining industry, Oil industry, Environment, Science and technology
Subjects: ENI, MRR

Global Carbon Capture, Utilization & Storage Technology Analysis Report 2022: Carbon Capture With Bioenergy Becomes Increasingly Cost-Competitive With Fossil Fuel-Based CCUS at Higher Carbon Prices


DUBLIN, Dec. 2, 2022 /PRNewswire/ -- The "Carbon Capture, Utilization & Storage Technologies" report has been added to  ResearchAndMarkets.com's offering.

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This report provides an analysis of the global market for carbon capture, utilization and storage technologies and current market trends. It uses 2020 as a base year and provides estimates for 2021 and 2026, along with CAGR projections over this forecast period. The report includes a discussion of the technological factors, competitive factors and economic trends affecting the market.

CO2 sequestration can be defined as the segregation of CO2, either chemically, as in chemical utilization, or physically, as in geologic storage. The integrated process from capture to sequestration is defined as carbon capture, utilization and storage (CCUS).

For both the power sector and industry, carbon capture is the only large-scale option available to reduce emissions at relatively low cost while preserving the value of fossil fuel reserves and existing infrastructures. For CCUS to contribute significantly to the mitigation of CO2 emissions, it would be necessary to implement thousands of large-scale CCUS projects worldwide over the coming decades, which would require a joint and dedicated effort from industry and policymakers.

National demonstration programs are an essential driver of the development of new technologies. In terms of the number of large demonstration projects, the leading countries are the U.S. , U.K. and China, where numerous projects have been reported. In other countries, such as Australia, and European countries, a number of ambitious projects have been developed in the past years but have been since cancelled or face serious delays.

According to IEA, in the past ten years, around $15 billion capital has been invested in the 15 large-scale CCUS projects that have been commissioned as well as the Kemper County CCUS facility, which was abandoned in 2017. This capital investment was supported by approximately $2.8 billion in public grant funding. Moreover, in 2020, governments of different countries along with related industries have announced to invest more than $25 billion in CCUS projects and programs.

Based on the large CCUS plants and projects that we have identified worldwide, we expect the combined CO2 capture capacity based on post-combustion, pre-combustion and oxy-fuel combustion to dominate in 2020 in terms of volume captured. We differentiate between the three main capture systems that can be integrated in both power plants and industrial plants and the inherent capture of CO2 that occurs in industrial processes such as in the gas processing or biofuel sector.

While considerable R&D efforts are being made to develop new pathways for converting CO2 to useful products, these emerging applications are still mostly being tested at the laboratory or pilot scale. However, Chinese companies have already started to commercialize CO2-based polymers, thus overtaking Western companies that have been doing extensive research in this field for years.

Despite the many developments being made, CCUS technology has not reached its optimum level. While its importance in terms of helping organizations and governments reach climate goals was recognized long ago, its deployment has been very slow.

Furthermore, it explains the major drivers and regional dynamics of the global carbon, capture utilization and storage technology market and the current trends within the industry. The report covers carbon capture, utilization and storage technology segments in brief. The global market for carbon capture, utilization and storage technologies has been analyzed in terms of technologies, source, applications, service, country and region.

The report concludes with detailed profiles of major vendors in the global carbon capture, utilization and storage technology market. The publisher examined key categories and regions of the carbon capture, utilization and storage technology market and forecasted market growth from 2021 to 2026.

The global market size estimates are provided both value ($ million) and in volume (kiloton, KT). All tons in this report are metric tons or MTs (2,205 lbs.), not U.S. tons (2,000 lbs.), unless otherwise noted. The British spelling "tonne" is not used in this report.

Report Includes

Market Dynamics

Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/5o9ro8

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Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets


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