Technavio, a tech-focused market research firm, has published a new report on the global carbon capture and storage market, which is expected to grow at a CAGR of close to 9% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global CCS market into the following key regions: the Americas, APAC, and EMEA.
Source: Technavio
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CCS market in the Americas: The Americas, with key revenue generators like Canada and the US, dominates the global CCS market. The growth of this market in the region is expected to be almost stable with three more plants expected to become operational in 2017.
According to Sayani Roy, an industry expert at Technavio, specializing in research on power, “The market in the Americas is driven by the strict regulations imposed by governments to curb GHG emissions. Apart from that, factors such as subsidies, support for clean energy techniques, and environmental protection laws imposed by governments are driving market growth.”
CCS market in EMEA: In EMEA, there will be significant changes in the CCS project, with a major focus on the European Union. Most of the projects in the region are expected to be centered in the UK and within the Netherlands. During 2016-2019, EMEA will undertake no additional CCS project; thus, the growth rate is expected to remain constant.
CCS market in APAC: APAC countries such as India, China, and Indonesia are energy powerhouses; so, the concentration of CO₂ emission is high. However, the focus on the energy security along with funding constraint in big projects infers that the region will register the slowest development regarding the growth of the CCS technology. In 2016, the region had no working CCS project in the power generation sector, however, during 2017-2020, APAC is expected to have a significant capacity addition.
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The top vendors operating in the global CCS market are:
- Babcock & Wilcox
- ENGIE
- GE Power
- The Linde Group
- Mitsubishi Heavy Industries
Other prominent vendors in the market include Air Products and Chemicals, Aker Solutions, Amec Foster Wheeler, Chevron, Fluor, Hitachi, Net Power, Schlumberger, Shell, Siemens, Statoil, and Sulzer.
A more detailed analysis is available in the Technavio report titled, ‘Global CCS Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Wind Tower Market 2017-2021
- Global Smart Water Meter Market 2017-2021
- Global CCS in Power Generation Market 2016-2020
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