The global carbon capture and storage (CCS) market is expected to exceed US $8.75 billion by 2025, according to a new report. The rising global energy demand along with the growing awareness towards reducing carbon dioxide emissions in most of the industrial economies is anticipated to drive the CCS market.
Currently, meaningful industrial CO2 capture is required particularly in the power sector. The increasing adoption of gas injection techniques for enhanced oil recovery (EOR) across several matured petroleum reserves globally is expected to be one of the key factors driving CCS demand.
Enhanced oil recovery (EOR) is expected to account for the highest demand with a net worth estimated to reach over 6.18 billion by 2025. Prevalence of factors such as depleting oil reserves globally coupled with heavy dependence on crude oil imports mainly in the Asia Pacific region is anticipated to be one of the major reasons driving the demand for EOR activities globally.
CCS requirement in high purity industrial applications such as natural gas processing, coal to liquid (CTL), ammonia, and hydrogen production facilities holds immense potential for project demonstration. The segment is estimated to witness the fastest growth in terms volume of CO2 captured. Carbon capture and storage demand in the industrial sector is expected to grow at a CAGR of 6.2% from 2016 – 2025.
Further key findings from the report suggest:
Trees and forests can capture carbon dioxide (CO2) from the air, return the oxygen to the atmosphere and store the carbon for centuries. Deforestation is disrupting this vital system, while contributing to global warming and climate change. Trees and forests can absorb some of the carbon dioxide that we all produce in our daily lives. Unfortunately, our remaining forests are under siege, which also threatens endangered species and entire nations. We can reverse the trend now by demanding forest conservation and reforestation.