Carbon capture and storage (CCS) technology refers to the process of capturing waste carbon dioxide (CO2) from large point sources, such as fossil fuel power plants, transporting it to a storage site, and injecting it deep underground where it will not enter the atmosphere.
CCS can play an important role in mitigating climate change by reducing CO2 emissions from power plants and other industrial sources. When used in conjunction with renewable energy sources, CCS can help to achieve deep cuts in greenhouse gas emissions.
There are a number of CCS projects currently in operation around the world, and many more are in the planning stages. CCS technology is still relatively new and there are a number of challenges that need to be addressed, including the high cost of capture and transport, and the potential for leakage from storage sites.
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Key Drivers
The Carbon Capture and Storage (CCS) market is driven by a number of factors, including environmental concerns, government regulations, and the need for a more efficient and cleaner energy mix.
CCS technology helps to reduce greenhouse gas emissions from power plants and other industrial facilities by capturing carbon dioxide (CO2) before it is released into the atmosphere. The captured CO2 is then transported to a storage site, where it is injected deep underground and permanently sequestered.
CCS is seen as a key technology for mitigating climate change, as it has the potential to reduce CO2 emissions from power plants by up to 90%. In addition, CCS can be used to capture other greenhouse gases, such as methane and nitrous oxide.
The CCS market is expected to grow in the coming years, as more countries adopt climate change mitigation strategies and regulations. The International Energy Agency (IEA) estimates that CCS could play a role in reducing global CO2 emissions by up to 20% by 2050.
There are a number of challenges that need to be addressed in order for CCS to be deployed at scale, including the high cost of the technology and the lack of a comprehensive regulatory framework.
Key Companies
Aker Solutions, Air Products and Chemicals, Inc., Alstom, American Electric Power, Archer Daniels Midland Company, BASF SE, BP plc, Chevron Corporation, Dresser-Rand Group, Exxon Mobil.
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https://www.globalinsightservices.com/reports/carbon-capture-and-storage-market/