CO2 Emission Reduction Targets Drive the Carbon Capture and Storage Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) January 12, 2015 -- Follow us on LinkedIn – Climate change is a critical environmental issue facing governments worldwide, forcing implementation of regulations to curtail greenhouse gas emissions. Carbon Capture and Storage (CCS) is a valuable tool for minimizing greenhouse gas emissions. With the IEA (International Energy Agency) chalking out plans to reduce CO2 emissions by the year 2050, CCS technologies are gaining significant attention. CCS refers to a suite of carbon abatement technologies used for capturing waste carbon dioxide from large point sources, compressing it, transporting it and storing it for future use or for indefinite storage.
Current CCS technologies flaunt the ability to capture upto 90% of carbon dioxide emitted from coal fired power plants. The continued dependence on fossil fuels to meet the world’s growing energy needs will continue to spur the importance of CCS. While a few large-scale integrated projects (LSIPs) are already operational, several more such projects are in various stages of development worldwide. Furthermore, the technology also finds use in industries that depend on biomass for its energy needs, where capture and storage of CO2 would assist in net CO2 reduction from the atmosphere. Use of CCS along with other emission gas reducing strategies, is critical for achieving emission targets and prevent large-scale changes to the earth’s climate.
Enhanced Oil recovery (EOR) remains a major driver of CCS projects. Majority of the current CCS projects in operation follow EOR approach of carbon storage. The United States remains at the forefront of CCS projects. Government policies act as a major driver for CCS deployment. Several countries including the United States, Canada, the United Kingdom and China, among others have legislated supportive policies for CCS deployment and related technology development. Despite the opportunities for growth, progress of CCS projects worldwide remains challenged due to costs issues, and budgetary constraints of governments.
As stated by the new market research report on Carbon Capture and Storage, the United States represents the largest market worldwide. Europe, Asia-Pacific, and other developing regions are forecast to emerge as the fastest growing markets with operational carbon capture capacity in these regions projected to rise at a CAGR of 23% over the analysis period.
Major players covered in the report include Alstom Power S.A., BP plc, Chevron Corporation, HTC CO2 Systems Corp., Maersk Oil, Petrofac Ltd., Sargas AS, Schlumberger Limited, Statoil ASA and Vattenfall AB among others.
The research report titled “Carbon Capture and Storage: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies. The report provides market estimates and projections in terms of carbon dioxide capture capacity for LSIPs in Million Tonnes for United States and Rest of World.
For more details about this comprehensive market research report, please click here
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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