According to Reportbuyer, the carbon capture and sequestration market is projected to reach US$8.05 billion by 2021, growing at a CAGR of 13.4% during the forecast period. The growing demand for the reduction of greenhouse gas (GHG) and increasing demand for CO2-enhanced oil recovery (EOR) techniques are acting as the drivers for the carbon capture and sequestration market.
In terms of market, by application, the EOR process for the carbon capture and sequestration market covered largest market share in 2015. Earlier, most of the CO2 used for EOR techniques was recovered from naturally-occurring reservoirs. However, now-a-days, new technologies are being developed in order to produce CO2 from industrial applications such as ethanol, fertilizer, hydrogen plants, and natural gas processing where naturally-occurring reservoirs are not available. EOR techniques include thermal recovery, gas injection, and chemical injection. This creates demand for carbon capture and sequestration market.
North America is estimated to be the largest market for carbon capture and sequestration solutions, followed by Asia-Pacific and the Middle East. The US accounted for the largest share in the North American carbon capture and sequestration market in 2015, and is projected to grow at the highest CAGR from 2016 – 2021. Power generation in the US has traditionally been dominated by coal-fired power plants. However, low natural gas prices have led to large expansion in the nation's gas-fired power plants, whose capacity has more than doubled in the decade leading up to 2012. In addition, the US Supreme Court has proposed a carbon trading scheme, named US Clean Power Plan on February 2016, which is expected to be implemented from 2017. This scheme aims at curbing carbon pollution from the power plants in US. These factors are expected to fuel the demand for carbon capture and sequestration market.
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/10032017/carbon-capture-and-sequestration-market-forecast/