Governmental agencies of developed economies are accelerating their drive to combat climatic changes, specifically focusing on the power sector as it is a major source of CO2 emissions. Carbon capturing and storage technology might play an essential role in establishing the emission reduction targets set by different countries. This technology is designed to capture the carbon dioxide emissions which are primarily produced from the use of fossil fuels in industrial process and electricity generation. The captured carbon dioxide can then be transported by ships and pipelines for safe storage enclosures. The stored carbon dioxide can also be utilized for several commercial purposes such as enhanced oil recovery techniques. The carbon capturing and storage technology is still in the stages of development and the European Union has planned to implement this technology in large scale in 2015. Though this method has been technologically proven to work, it is not yet commercially viable on a large scale in several circumstances. The market for carbon capturing and storage technology is expected to grow at a considerable rate in future years owing to increasing investment in emission reduction technologies.
Compliance of emission targets set by different countries and demand for clean power technologies are the major drivers attracting investment in carbon capturing and storage technology market. Advanced economies, specifically European nations have set targets to create a low carbon economy in future years. To achieve the standards established by these nations government agencies have planned investment in carbon capturing and storage technology. This technology can be implemented in natural gas processing and coal gasification plants. Investment in clean power technologies is another major factor which has encouraged governmental organizations to invest in this technology. The market for CO2 is not yet developed; there are no clear pricing strategies for the stored CO2. This is one of the major restraints that might hamper private investments in carbon capturing and storage technology market.
The market for carbon capturing and storage technology can be segmented on the basis of technology in three broad categories. Carbon capture, carbon transportation and carbon storage are the major categories in this market. The carbon capture market can further be sub-segmented into three techniques as: oxyfuel combustion, pre-combustion capture, and post-combustion capture.
Europe is expected to be the major market for carbon capturing and storage technology in the future years. The emission standards and energy portfolio strategies adopted by European Union nations is the major factor attracting investment in this market. Countries such as Norway, the U.K. and Netherlands have planned substantial investments in carbon capturing and storage technology. The stored carbon can be effectively used for enhanced recovery techniques in North Sea fields and U.K Continental shelf. North America is also anticipated to account for a significant market share in the future years. This region has also planned investments for large scale deployment of this technology. Asia Pacific is a potential market for the growth of carbon capturing and storage technology market. Asia Pacific is a developing economy but this region is anticipated to invest in this technology in the future years.
Some of the major market players investing in carbon capturing and storage technology are Royal Dutch Shell plc, The Linde Group, GDF SUEZ S.A., and Vattenfall AB.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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