According to a recent report by MarketsandMarkets, the carbon capture sequestration service market will grow to be worth nearly US$ 6.8 billion by 2019, rising from US$ 1.78 billion in 2013 at a compound annual growth rate (CAGR) of 27.18%
Carbon capture sequestration has witnessed high growth in recent years due to increasing climatic concerns, environmental concerns, and regulatory norms imposed by local governments. The various technologies in different regions have helped carbon capture sequestration companies to create a niche market. Key services include capture, transport and storage activities for safe carbon capture and sequestration of the excessive carbon present into the atmosphere.
By 2019, 100 more projects are likely to develop in the field of carbon capture sequestration (CCS). According to MarketsandMarkets, CCS technology is likely to spread globally through expanded international collaboration and financing for CCS deployment in developing countries at an average annual level of US$ 1.5 billion – US$ 2.5 billion between 2010 and 2020.
The research report categorises the global market for carbon sequestration by the end of 2019 on the basis of technology, service, and geography: forecasting trends and analyzing trends in each of the submarkets.
The Americas is one of the most developed Pre Combustion arenas. The US Environmental Protection Agency (EPA) and the Department of Transportation have issued regulations establishing carbon capture emissions standards and fuel emissions standards for medium and heavy-duty vehicles. These regulations help to drive market growth, increasing the necessity for carbon capture sequestration (CCS) services.
According to the report, Europe is an authoritative source of knowledge in most aspects of CCS technology and deployment. A European Commission Directive mandates that member states institute legal and regulatory frameworks for CCS.
These geographical markets are less established, with limited focus having been on environmental protection in the past. This is now beginning to change, and exploratory activities are growing in these regions. Increasing understanding of the need to decrease environmental hazards, and increased importance being attached to the development of sustainable energy encourages the need for CCS services.
The full report can be viewed on the MarketsandMarkets website.
Edited from various sources by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/13052014/carbon_capture_sequestration_market_512/