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

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“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 markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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