Carbon Capture and Sequestration Market Environmental Impact Assessment: Sustainability Perspectives

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According to the TechSci Research report titled "Carbon Capture and Sequestration Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028," the global market for carbon capture and sequestration is expected to experience significant growth in the coming years. The main driving force behind the urgency to address climate change is the need to reduce greenhouse gas emissions. Carbon capture and storage (CCS) technologies offer a viable solution to mitigate CO2 emissions from industries that are difficult to decarbonize, such as cement, steel, and heavy manufacturing. Governments worldwide are actively implementing regulations and incentives to achieve emission reduction goals, and CCS technologies provide industries with an opportunity to comply with these targets. Additionally, CCS can serve as a transitional solution for existing fossil fuel-based power plants, supporting the transition to renewable energy sources until renewable energy infrastructure is sufficiently scaled up.

CCS technologies play a critical role in mitigating climate change by capturing CO2 emissions from major sources like power generation, cement production, and steel manufacturing. As global efforts to reduce greenhouse gas emissions intensify, there is a growing demand for effective CCS solutions. The combination of CCS with bioenergy, known as BECCS, has the potential to provide carbon-negative solutions. Bioenergy captures CO2 through plant growth and stores it underground when the biomass is burned, effectively capturing the CO2. This approach can help offset historical emissions. International agreements like the Paris Agreement encourage countries to explore and invest in CCS technologies as part of their climate action plans.

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In this report, the Global Carbon Capture and Sequestration Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Global Carbon Capture and Sequestration Market, By Type:

• EOR Process
• Industrial
• Agricultural     

Global Carbon Capture and Sequestration Market, By Application:

• Capture
• Transportation
• Storage  

Global Carbon Capture and Sequestration Market, By Technology:

• Pre-combustion
• Post-Combustion
• Oxy-fuel Combustion

Global Carbon Capture and Sequestration Market, By End-Use Industry:

• Oil & Gas
•  Chemicals
•  Cement
• Iron & Steel
• Pulp & Paper
• Others   

Global Carbon Capture and Sequestration Market, By Region:

• North America
• Europe
• South America
• Middle East & Africa
• Asia Pacific

In terms of type, the EOR process segment is expected to dominate the market during the forecast period. Enhanced oil recovery (EOR) can significantly increase oil extraction from reservoirs that would otherwise remain untapped after primary and secondary recovery techniques. In the EOR process, carbon dioxide (CO2) is injected into oil reservoirs, where it blends with the oil and reduces its viscosity, facilitating its flow through the reservoir and into production wells. Moreover, CO2 can expand and displace trapped oil towards the production wells. EOR is commonly used in mature oil fields with depleted reservoirs, leveraging existing infrastructure for the implementation of EOR projects. By combining oil production with carbon storage, EOR with captured CO2 represents a sustainable approach that aligns with emission reduction objectives.

Key market players in the Global Carbon Capture and Sequestration Market are:

• Aker Clean Carbon AS
• Alstom SA
• Chevron Corp.
• Fluor Corp.
• General Electric Co.
• Hitachi Ltd
• Linde AG
• Mitsubishi Heavy Industries
• Siemens Energy Inc.
• Southern Co.

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In terms of application, the capture segment is projected to dominate the market throughout the forecast period. This technology captures CO2 from flue gases emitted by power plants or industrial processes after the combustion of fossil fuels. It involves extracting CO2 from exhaust gases through absorption or adsorption techniques. The primary motivation for implementing capture technologies is the imperative to mitigate greenhouse gas emissions and address climate change by capturing CO2 emissions from major sources like power plants and industrial facilities. Many industries are integrating sustainable practices into their operations, including the adoption of capture technologies to reduce their carbon footprint.

North America is expected to dominate the market during the forecast period due to its diverse industrial sectors, such as power generation, oil refining, chemical production, and manufacturing, which contribute significantly to carbon dioxide emissions. Carbon capture and storage (CCS) provides a viable solution to capture and safely store these emissions. In North America, the oil and gas industry has successfully utilized CCS techniques for enhanced oil recovery (EOR). This practice involves injecting CO2 into oil reservoirs to increase production, generating revenue streams that partially offset the costs associated with CCS projects.

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