Shift in Focus Toward Developing Nations to Significantly Augment the CCS in Power Generation Market Until 2020, Says Technavio
According to the latest research report released by Technavio,
the global carbon capture and storage (CCS) in power generation market
is expected to record a CAGR of about 60% until 2020.
This report titled ‘Global
CCS in Power Generation Market 2016-2020‘, provides an in-depth
analysis of the market in terms of revenue and emerging trends. The
report segments the CCS in power generation market by the different
types, which include:
-
Market segmentation by capture technology
-
Market segmentation by transportation technology
-
Market segmentation by application
Request sample report: http://bit.ly/29uH485
“The CCS projects have created a significant buzz in the developed
economies' market, where the power generation sector has reached its
maturity, and the reduction of the carbon emissions is at the center of
all attention. These economies have matured technologies and have sorted
the demands from energy sector demands out, which coupled with
significant investments, have made it possible for them to shift to the
low carbon technologies,” said Sayani Roy, one of Technavio’s lead
industry analysts for power.
Some of the other driving forces behind the growth of the global
carbon capture and storage (CCS) in power generation market are as
follows:
-
Over-dependence on fossil fuels and abundant supplies
-
Booming investments and advances in technology
-
Stricter environmental requirements
Over-dependence on fossil fuels and abundant supplies
The modern era that we live in is marked by booming economies and
bustling technological revolutions. The needs of these bustling
economies are based on the availability of energy to sustain the demand.
In this aspect, energy security is one of the key topics that tops the
national agenda for any economy.
Since the discovery of the commercial uses of oil and natural gas in the
late eighteenth and early nineteenth centuries, the dominance of fossil
fuels in satisfying the ever ballooning global energy demand has only
grown. Fossil fuels, at present, account for more than 80% of the
world's energy demand. The global energy demand is expected to increase
by 35% by 2020, and fossil fuels are projected to meet 75% of this
increased demand. The major growth in the demand for this fossil fuel
will likely shift to the Non-OECD countries such as China and India
backed by their booming economies.
Booming investments and advances in technology
For next-generation capture technologies, investments in R&D have
increased over the years. Besides, there are government initiatives
promoting carbon capture and storage technology, which also contribute
to the growth of the market. Both private and public sectors are
investing heavily in testing and commercializing low-carbon technology
to reduce carbon costs and protect the environment.
Advances in energy technologies and in carbon capture and storage
technology enable development of cost-effective solutions that tackle
the global issue of climate change by reducing carbon emissions.
Recent studies of the costs of implementation of CCS have estimated that
for new coal-fired plants built in the 2020s, the three different routes
to carbon capture on coal-fired generation have comparable costs using
today’s technologies, post the successful achievement of large-scale
demonstration.
Stricter environmental requirements
The significant impacts that rapid industrialization over the past
century has had on the environment is slowly getting more visible. The
most significant impact is seen in the increasing of the global surface
and water temperatures, which have been seen some record-breaking years
in the current millennium. The primary reason attributed for this is the
greenhouse effect, wherein the increase in the concentration of
greenhouses gasses, such as carbon dioxide and methane, significantly
increase the amount of trapped solar heat and thus lead to a rise in
temperatures.
This increase in temperatures has been responsible for many severe
natural catastrophes over the past decades. The increased global
temperatures lead to a faster melting of the polar ice caps, increasing
the sea levels world over, flooding the low-lying coastal areas.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
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and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
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