Carbon dioxide (CO2) is the primary cause of climate change and carbon emissions from industry comprise more than half of global greenhouse gases. This makes it imperative to invest in carbon capture and storage (CCS) technologies. CCS can capture the majority of CO2 emissions, preventing it from entering the atmosphere. Carbon capture consists of separating CO2 from other gases created during industrial processes. Carbon capture is very expensive and energy intensive and has a cascading effect on power plant operational costs. However, transportation poses little difficulty as CO2 can be moved in either a liquid or supercritical state (pressure > 73 bars and temperature > 31 *C).
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EOR Extracts Maximum Crude Oil Thereby Leading Carbon Capture and Storage Market
The key factors driving the carbon capture and storage market include incentives, carbon taxes, cap-and-trade based emission trading, and direct funding of projects. Product-based incentives, emission standards, and feed-in tariffs can play a major role in the adoption of CCS at large CO2 emission sites. Carbon dioxide is typically generated in natural gas processing units or sold for subsequent use in enhanced oil recovery (EOR). In the latter, CO2 is forced into reservoirs to mix with oil, resulting in a mix that can easily be shifted to the production site. This is anticipated to continue for the forecast period as CO2 storage adds risk, complexity, reservoir discovery costs, and acceptability concerns that can be avoided through EOR. Typically, only a third of oil can be recovered after secondary recovery, making EOR a viable option for operators. EOR enables crude oil extraction from an oilfield that cannot be extracted through primary or secondary recovery. This makes EOR likely to lead the carbon capture and storage market until the year 2025.
North America Accounts for Half of Global Facilities Playing Outsize Role in CCS Market
Half of the global CCS facilities are located in North America alone with several more covering biofuel, cement production, natural gas processing, and direct air capture (DAC) already in development. In 2020, the Alberta Carbon Trunk Line project commenced operations in Canada and this is predicted to be the worlds largest carbon capture and storage venture. Under the EU 2030 climate and energy framework, emissions must be reduced to half of 2005 levels by 2030. The continent has poured billions of Euros into its Innovation Fund to assist CCS projects, benefiting companies in the Europe carbon capture and storage market. The largest consumers of coal in the APAC region are China and India and this will not change anytime soon. Thus, companies are advised to focus their marketing efforts on these countries as they seek to manage their rampant air pollution.
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Several Companies Entering into Partnerships in Carbon Capture and Storage Market
In May 2020, Total SA, Royal Dutch Shell, and Equinor entered into an agreement to develop the Northern Lights offshore CO2 storage initiative. Other companies with a major stake in the carbon capture and storage market include GE, Occidental Petroleum, Mitsubishi Heavy Industrial Ltd., Air Liquid, Air Products & Chemical Inc., Global Thermostat, Carbon Engineering Ltd., and CO2 Solutions.
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