Carbon capture, utilization, and sequestration (also referred to as CCUS) is a process that involves capturing carbon dioxide (CO2), transporting it through pipelines, ships, and other modes of transport and storing it under the Earth’s surface to prevent CO2 emissions. This process is highly useful for curbing CO2 emissions, which lead to a better atmosphere. The growing need to reduce CO2 emissions from industrial and power plants drives the demand for CCUS system. The global carbon capture, utilization, and storage market size is expected to grow from USD 1.6 billion in 2020 to USD 3.5 billion by 2025, at a CAGR of 17.0% during the forecast period.
COVID-19 has merely put any effect on the market, which is expected to grow at a significant rate in 2020 as well, owing to continuous investment in the field of carbon capture and sequestration. Currently, CCUS is being largely used across natural gas processing plants and power generation plants. The operations of these plants were not affected by the COVID-19 pandemic; as a result, lockdown imposed due to the pandemic posed very minimal impact on the CCUS market.
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North America is the largest carbon capture, utilization, and sequestration market owing to the presence of multiple large-scale CCS facilities in the US and Canada. Century plant, Shute Creek Plant, BPundaryy Dam, Petra Nova Plant, ENID Fertiliser plant are some few projects that are operational in eth US and Canada, The carbon capture, utilization, and storage market in North America is expected to be driven by rising environmental concerns in the region. Current operational projects in eth region include Boundary Dam (Canada), Petra Nova (US), Alberta Carbon Trunk Line (ACTL (Canada), and ENID Fertiliser plant (US), among others .
Over the past years, companies have strengthened their position in the global carbon capture, utilization, and storage market by adopting expansions as a major strategy. From 2016 to 2019, the partnership was the key strategies adopted by the market players to maintain growth in the global carbon capture, utilization, and storage market.
For instance, in May 2020, Royal Dutch Shell, together with Equinor ASA (Norway), and Total SE (France) have invested in the Northern Lights carbon capture and storage (CCS) project in Norway. With this investment of USD 682.3 million, the trio intends to set up a joint-venture company. This unique project opens for the decarbonization of industries with restricted opportunities for CO2 reductions.
In November 2015, Flour Corporation signed a contract with Shell (US), wherein Flour corporation constructed Shell’s Quest Carbon Capture and Storage (CCS) project in Alberta, Canada. This project demonstrated Flour’s third-generation modular execution capabilities.
The key players in the market include Fluor Corpoation (US), Royal Dutch Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries, Ltd. (Japan), Linde PLC (UK), Hitachi, Ltd.(Japan), Exxon Mobil Corporation (US), JGC Holdings Corporation (Japan), Honeywell International, Inc. (US), Halliburton (US), and Schlumberger Limited (US) among others. COVID-19 has majorly affected the commercial sectors CCUS projects, such as cement plants, chemical plants, and others. Moreover, Upcoming carbon capture, utilization, and storage projects are expected to delay due to the outbreak of COVID – 19 pandemic.
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