Newark, May 18, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 924 million onboard carbon capture system market will reach USD 2089.1 million by 2032. Over the forecast period, the global aviation industry will likely contribute considerably to market revenue growth. According to the International Energy Agency (IEA), the aviation industry will account for around 2% of total global CO2 emissions in 2021. Due to the necessity to accomplish decarbonization across the aviation industry, commercial and defence aircraft manufacturers seek long-term solutions. By delivering innovative technology, onboard carbon capture systems play a critical role in addressing global demands for energy and climate goals. The International Air Transport Association (IATA) issued a resolution in October 2021 to achieve net-zero carbon emissions from their operations by 2050. Key global aviation industry participants collaborate with onboard carbon capture technology companies to produce economical, scalable, and realistic aircraft decarbonization solutions. Airbus, a worldwide aerospace pioneer, will collaborate with Carbon Engineering Ltd. in March 2022 to deliver carbon removal through direct air capture technology to the aviation industry. Furthermore, research and development in onboard carbon capture technology fuel market growth.
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North America to account for the largest market size during the forecast period.
North America is expected to have the most significant onboard carbon capture system market share. With the development of shale gas technology and the new government’s interest in carbon capture, it is estimated that the market for CCUS will increase in the country, boosting North America’s market share in the onboard carbon capture system market.
The capture segment dominated the market with the most significant revenue of USD 341 million.
The capture segment dominated the market with the most significant revenue of USD 341 million. The initial stage of the CCUS process is carbon capture, which entails capturing CO2 from its source. It applies to large-scale emission processes, such as coal-fired power plants, gas and oil production, and manufacturing industries like iron, cement, and steel. The cost of CO2 capture is highly influenced by economic, technical, and financial issues related to the design and operation of the manufacturing process and the design and operation of the CO2 capture equipment.
The post-combustion capture segment dominated the market with the most significant revenue of USD 323 million.
The post-combustion capture segment dominated the market with the most significant revenue of USD 323 million. Coal electricity generation accounts for 66% of China’s total energy mix. The number of permits for new coal plants has declined to historic lows in China and India, which have accounted for 85% of new coal power capacity since 2005, although new plants are still in the pipeline. As a result, rising electricity demands in these nations will likely increase the number of coal-fired power plants during the forecast period, accelerating the deployment of post-combustion carbon capture technology in the future.
The oil & gas segment dominated the market with the most significant revenue of USD 314 million.
The oil & gas segment dominated the market with the most significant revenue of USD 314 million. For over three decades, carbon dioxide has been used in enhanced oil recovery projects in Texas (U.S.). EOR accounts for over 20% of total oil output, with some fields achieving recoveries of nearly 70%. The Kyoto Clean Development Mechanism is primarily used by OPEC nations favouring CCUS technology.
For example, Abu Dhabi National Oil Corporation reduced petrol flaring from approximately 1,500 million cubic feet per day in the early 1980s to less than 200 million cubic feet per day. This reduced air pollution while increasing the gas supply for export or internal use.
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Latest Development:
● In June 2021 – Carbon engineering and Storegga announced plans to collaborate on designing and engineering the first large-scale direct air capture (DAC) facility in the United Kingdom, with a capacity of 0.5 to 1 MTPA.
Market Dynamics:
Drivers: Increasing Installation
The increasing installation of onboard carbon capture systems in ships fuels market expansion. Eastern Pacific Shipping Pte. Ltd. of Singapore installed an onboard Value Maritime (VM) filtering system on its managed vessel in February 2023. Furthermore, increasing advancements in onboard carbon capture projects throughout the aviation industries will likely drive market growth over the forecast period.
Restraint: Co2 Leakage
The risk of an onboard carbon capture (OCC) system is CO2 leakage from the storage system, which could contribute to climate change or pollute nearby water supplies. These limitations are expected to hamper market expansion in the following years.
Opportunity: Investment in Bank Funds
OCC system manufacturers are securing investment bank funds to accelerate the development of onboard carbon capture systems. For example, Gaztransport & Technigaz SA (GTT), a French naval engineering and LNG containment expert, received USD 5.08 million in financing from the French investment bank Bpifrance as part of the MerVent 2025 project.
Challenge: High Cost
The high cost of carbon capture, as well as falling crude oil prices, are likely to stymie the growth of the onboard carbon capture system market throughout the forecast period.
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Some of the major players operating in the onboard carbon capture system market are:
● Alfa Laval AB
● MAN Energy Solutions
● Gaztransport & Technigaz SA (GTT)
● Wärtsilä Corporation
● Panasia Co, Ltd.
● Aker Carbon Capture ASA
● BASF SE
● Samsung Heavy Industries (SHI) Co., Ltd.
● Carbon Engineering Ltd.
● Saudi Arabian Oil Co. (Aramco)
● Lanza Tech, Inc.
● VICI International
● CO2 Capsol AS
Key Segments cover in the market:
By Service:
● Capture
● Utilization
● Transportation
● Storage
By Technology:
● Oxy-Fuel Combustion Capture
● Pre-Combustion Capture
● Post-Combustion Capture
By End-User:
● Oil & Gas
● Iron & Steel
● Power Generation
● Chemical & Petrochemical
● Cement
● Others
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About the report:
The global onboard carbon capture system market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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