GIA announces the release of a comprehensive global report on Carbon Capture and Storage markets. The worldwide CO2 capture and storage capacity is projected to reach 56 million tonnes by 2018, driven by increasing pressure to control emissions of greenhouse gasses, political will to achieve emission targets, and growing government support for CCS projects.
Follow us on LinkedIn – Carbon Capture and Storage (CCS) is a valuable tool in the drive to minimize greenhouse gas emissions. The rationale for opting for CCS comes from the fact that the current large dependence on fossil fuels would continue to exist for several years to come, due in part to a wide installed base in the fossil fuel industry and early stages of renewables. The sheer magnitude of existing fossil-fuel based energy infrastructure makes it difficult for complete replacement by sustainable and eco-friendly alternative energy sources that can serve the global energy needs. The situation creates demand for technologies that allow use of fossil fuels as a source of energy while reducing CO2 emissions. Carbon Storage and Capture is one such low-carbon technology that promises to achieve a part of this goal by reducing CO2 emissions across various sectors.
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 set for the decades to come to prevent large-scale changes to earth’s climate.
Enhanced Oil recovery (EOR) remains a major driver of CCS projects. The overall progress of CCS projects worldwide is currently limited due to factors such as associated high costs, nascent stage of the technology, weaker economic environment and public opposition in some countries. Funding, an important aspect of the technology’s deployment due to its huge associated costs, mainly comes from governments. The sluggish progress in global CCS deployment is hampering private sector investment, which in turn is hindering technology development in the industry.
Government policies act as a major driver for CCS deployment. Several countries including the US, Canada, UK and China among others have legislated supportive policies for CCS deployment and related technology development. However, economic pressures have forced certain countries such as Australia to cut funds for CCS projects, while uncertainty with regards to support for the technology and lack of funds are resulting in significant delays in execution in few other countries. Project cancellations due to unsupportive policies, lack of funds, huge costs and public opposition represent key factors impeding desired progress in the market.
As stated by the new market research report on Carbon Capture and Storage, the US 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 20% over the analysis period.
Major players profiled 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, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for global CCS market in terms of carbon dioxide capture capacity in Million Tonnes for United States and Rest of World.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Carbon_Capture_and_Storage_Market_Report.asp
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 more than 1300 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.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
Read the full story at http://www.prweb.com/releases/carbon_capture_storage/carbon_sequestration/prweb10666334.htm