Change in lifestyle and human desire to own various modes of transport, clothes, and other luxuries has resulted in pollution. Of late, researchers found an innovative way to use the polluted air emitted into the atmosphere to their advantage through Carbon Capture and Storage (CCS).
CCS - Further Insights
CCS is a method used to capture Carbon Dioxide (CO2) emissions from power plants and convert them into energy. It is also known as carbon capture and sequestration. CCS works by capturing CO2 using precombustion, oxycombustion, industrial separation, & postcombustion and transports it safely via ships or tankers.
The U.S. government has transported huge quantities of CO2 using pipelines to recover the remaining oil from oilfields. This process is referred to as Enhanced Oil Recovery (EOR) and has been successfully adopted by oil & gas companies.
Tuticorin Alkali Chemicals and Fertilizer Limited (TACFL), a company based in India, came up with a novel technique to use CCS. It converted CO2 into soda ash. Soda ash is used for manufacturing toothpaste, food additives, detergents & other industrial products. CCS will allow this firm to prevent the emission of 60,000 tons of CO2 annually. TACFL owes its CO2 removal technology to Carbon Clean Solutions, a UK-based firm.
Petra Nova Parish Holdings, a venture undertaken by Japan’s JX Nippon Oil and Gas Exploration and America’s NRG Energy, is expected to capture & store 1.4 million tons of CO2 annually. The project would rely on the CCS technology of Mitsubishi Heavy Industries, a Japanese electronics company. It is said to be the largest postcombustion CCS plant in the U.S. The captured CO2 can be used to pump nearly 15,000 barrels of oil per day from the West Ranch Oil Field.
The global CCS market is anticipated over USD 8.7 billion by 2025. Its postcombustion capture segment will expand at around 15.6% CAGR from 2016 to 2025. EOR could reach a global value of over USD 6.1 billion by 2025. Some of the key market players are Statoil ASA, Mitsubishi Heavy Industries, and Shell CANSOLV. Constant innovations may enable the control of global CO2 emissions. This will be a big step in the reduction of overall carbon footprints.
In-depth report on Carbon Capture and Storage (CCS) market by Grand View Research: