Carbon Capture and Storage Market Trends

Growth Drivers

• Rising Demand for Power Generation

An estimated 580 million terajoules of energy are consumed worldwide each year. This is equivalent to 13865 million tonnes of oil or 580 million trillion joules. However, electricity is one of the major contributors to global CO2 emissions. Hence, it is crucial to swiftly decarbonize this sector of the economy in order to achieve net-zero emissions. As a result, the need for CCS is growing. Power stations using CCS would contribute to the stable and robust low-carbon grid of the future.

• Growing Need to Recover Oil

The stored CO2 is injected in order to extract the remaining crude oil. These remaining crude oils are encountered as the injected CO2 passes through the pore spaces in the rock. As the crude oil and CO2 combine, the viscosity of the oil is reduced, it is pressurized, it is mobilized, and a concentrated oil bank is created that is swept to the producing wells. Oil and gas businesses are able to obtain oil in this method that would otherwise remain in the ground.

• Surge in the Use of CCS in Producing Fertilizers

The synthesis of ammonia generates high-quality carbon dioxide (CO2), which is also a necessary ingredient in the creation of urea fertilizer. As a result, the industry catches CO2 released during the ammonia manufacturing process and reuses it throughout the urea manufacturing procedure.

Challenges

• Large Price of Carbon Capture and Storage
• Growing Risk to Environment - The primary argument against CCS is that, rather than implementing renewable energy options, it may increase dependence on non-renewable fossil fuels and coal mining. Regarding potential storage leakage, there is even another issue. Explosions, earthquakes, and any unfavorable consequences on the environment are additional concerns. Such elements have emerged as the primary CCS challenge that limits market expansion.
• Lack of Awareness Among Industries