Market for CCS is strong

WooEB news writes about the global market for carbon, capture and storage.  Unfortunately, it does not say what the growth rate is.

Carbon capture and storage market forecast to attain revenues of US$6.7Bn in 2014

The global carbon capture and storage market is forecast to total revenues of US$6,692 million in 2014. Carbon gas emissions as a result of human activity are thought to be contributing to a global climatic change, and accelerating natural global climate change. The emissions of carbon gases are sourced from burning carbon intensive fossil fuels in particular coal, oil and to some extent natural gas for power generation. Other heavy industries such as iron and steel production, cement and lime production are also large producers of greenhouse gases (GHG).

Pollutants, other than CO2, such as SO2 and NO2 and other minor gases as part of pollutants are also captured along with CO2 gas. Although the agricultural sector and other sectors such as transport, emit vast amounts of CO2, none is as heavy a producer of carbon gases as power production from coal industry. Because there has to be economies of scale in carbon capture and storage, distributed CO2 emitters of carbon gases cannot be captured effectively. Hence, the big coal burning power plants are the prime target for carbon capture technologies.

The Carbon Capture & Storage (CCS) market is currently facing many barriers. The costs of deployment are high, there are significant gaps in regulation and legal frameworks, and there remains concern over long term storage and leakage. This is complicated further by a distinct lack of marketplace for the captured CO2 as emissions legislation is currently too weak and carbon prices are presently too low to incentivise a transition to CCS. This has resulted in project cancellations and delays worldwide. However, there is some promise. R&D for the technology is active and funding is increasingly being made available. CO2 is also increasingly being seen as a commodity; for both EOR purposes and food grade CO2 there is significant potential for growth. Growth is being seen in North America, Australia, China, as well as parts of Europe, the Middle East and South America. With more effective legislation, large-scale integrated demonstration projects, increased funding opportunities and improved economics from a higher carbon tax, the global CCS market could boom.