Overview of the CCS in power generation market
Technavio’s market research analysts have estimated the global CCS (carbon capture and storage) in power generation market to grow profoundly at a CAGR of about 60% by 2020. The over-dependence on fossil fuels and abundant supplies is considered to be one of the primary growth drivers in this market. Technological advancements and booming economies are directly dependent on the availability of energy and ever since commercial uses of oil and natural gas was discovered, the demand for fossil fuels has only increased. The available fossil fuels are expected to meet the energy demands for decades. There will be significant emissions of greenhouse gases, which will, in turn, increase the demand for carbon capture and storage systems.
This industry research report identifies the apprehensions related to EOR (enhanced oil recovery) application as one of the major trends that will gain traction in this market in the coming years. The significance of CO2 in oil and natural gas recovery has been around for decades. The rise in the number of CCS projects has led to the abundant availability of CO2 which can now be injected into the reservoirs to replenish the naturally occurring gas drive. The constantly increasing demand for fossil fuels will subsequently lead to the demand for EOR techniques, which will, in turn, drive the growth of the CO2 sequestration technology market.
Segmentation by application and analysis of the CCS in power generation market
- Pre-combustion capture
- Post-combustion capture
- Oxy-fuel combustion capture
According to this market study report, the pre-combustion capture segment will dominate the CCS in power generation market during the forecast period and will account for almost 63% of the total market share by 2020. The advances in first-generation pre-combustion technologies and the estimated decrease in the cost of pre-combustion technologies will fuel the growth of this market segment.
Geographical segmentation and analysis of the CCS in power generation market
During 2015, the Americas dominated the global market and accounted for the majority of the market shares. Stringent government regulations on carbon emissions coupled with government support and incentives drive the growth of the market in this region. This market research and analysis predicts that the Americas will continue to dominate this market in the coming years as well.
Competitive landscape and key vendors
The market is currently in its infant stages and even though it exhibits significant potential for growth, its present status is uncertain. Due to the presence of several vendors, the market appears fragmented, and although there is a great growth potential, vendor success depends on a certain course of business decisions and strategies.
The leading vendors in the market are -
- GE-Alstom Grid
- The Linde
- Babcock & Wilcox Enterprises
- Mitsubishi Heavy Industries
- GDF Suez Energie Services
- Fluor Corporation
- Shell Cansolv - (Royal Dutch Shell)
- Net Power
The other prominent vendors in the market are Hitachi, Sulzer, Siemens, Amec Foster Wheeler, and Air Products.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the CCS in power generation market?
- What are the key market trends impacting the growth of the CCS in power generation market?
- What are the challenges to market growth?
- Who are the key vendors in the CCS in power generation market?
- What are the market opportunities and threats faced by the vendors in the CCS in power generation market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the CCS in power generation market?
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