By Drew Robb
CO2 compressors are playing an increasing role as part of the decarbonization movement. They are needed for various aspects of the carbon capture, utilization, and storage (CCUS) value chain. Mitsubishi Heavy Industries (MHI) Compressor Corp. (known as MCO) is going all out to corner a large slice of the CO2 compression market. “CCUS facilities are designed to prevent atmospheric emissions by separating and capturing CO2 from the exhaust gases of chemical plants and power plants and storing them deep underground,” said Sasaki Yuichi, senior acting manager of the strategy planning department of MCO. “The process of compressing CO2 within these CCUS facilities contributes to the realization of a carbon-neutral society.”
The Carbon Capture Market Explodes
According to oil and gas analyst firm Wood Mackenzie, the CCUS market is about to witness 10X expansion in terms of capacity over the next decade. This follows a couple of decades of CCUS technology surviving largely on government handouts. Although slow, some progress was made over the years. By 2020, capacity arrived at 48 MTPA. By the end of 2023, it had surpassed 55 MTPA. Wood Mackenzie predicts that it will hit 440 MTPA by 2034. North America will lead the way, followed by Europe, Asia Pacific, and the Middle East.
Attaining those production levels won’t come cheap. It entails US$200 billion in funding, which could materialize if decarbonization initiatives remain front and center. The US Department of Energy (DOE), for example, has funded six front-end engineering design (FEED) studies for natural gas and five for coal plants to investigate CCUS. Geologically suitable sites for carbon storage exist in abundance throughout North America such as salt caverns. The bulk of investment will go into car bon capture and the rest will be split between transportation and storage.
“To deploy CCUS at scale, heavy emitters must … Click Here to continue reading this article in the May issue of Gas Compression Magazine.
