Rapidly growing demand for CO2-EOR techniques and rising environment concerns are expected to drive the demand for the carbon capture & sequestration market during the forecast period. Electricity generation, transportation, and industrial processes are the main sources of CO2 emissions. The increased CO2 emissions are impacting the environment and leading to global warming, acid rain, ozone & photochemical smog, and reduced atmospheric visibility. Growing environment concerns need to be addressed by reducing CO2 emissions by using carbon capture and storage technologies. The carbon capture & sequestration market is projected to reach a size of USD 8.05 Billion by 2021, from an estimated USD 4.25 Billion in 2016, at a CAGR of 13.6% during the forecast period.
Leading companies in the carbon capture & sequestration market are focusing on contracts & agreements, mergers & acquisitions, new product launches, and expansions to broaden their product portfolio. Contracts & agreements and expansions were the most widely adopted growth strategies in the market from 2012 till June 2016. Industry players that adopted this strategy include Fluor Corporation (U.S.), Linde AG (Germany), Shell CANSOLV (U.S.), Siemens (Germany), and Mitsubishi Heavy Industries (Japan), among others.
Fluor Corporation offers engineering, procurement, construction, fabrication, modularization, and project management products and services globally. The company operates through five business segments, namely, oil & gas, industrial & infrastructure, government, power, and global services. The company provides its carbon capture technology under its power segment. Through its integrated product portfolio, the company serves industries such as oil & gas, chemicals & petrochemicals, transportation, mining & metals, power, life sciences, and manufacturing. In November 2015, the company completed the “Quest Carbon Capture & Storage” project in Canada for Shell (U.S.). The project depicts Fluor Corporation’s 3rd gen modular execution capabilities by utilizing 69 interlocking modules.
Linde AG operates in gas and engineering business. It comprises two business segments, namely, gases and engineering. The carbon capture technology comes under the engineering segment. The company focuses on reducing the CO2 emission. It is also involved in recycling CO2 in greenhouse gases through its Dutch subsidiary OCAP. Linde AG launched its mobile technology to remove CO2 from early flow back natural gas, providing producers a cost-effective way to minimize flaring and greenhouse gas emissions.
Carbon Capture and Sequestration Market by Service type (Capture (Pre-Combustion, Post-Combustion, & Oxy-Fuel), Transport, and Sequestration), by Application (EOR, Industrial, and Agricultural), and by Region - Global Trends and Forecast to 2021
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