Global Bioenergy with Carbon Capture and Storage (BECCS) Market Research Report: Forecast (2024-2030)

Market Definition

Bioenergy with carbon Capture and Storage (BECCS) is a technology that aims to reduce the amount of carbon dioxide (CO2) in the atmosphere by combining biomass for energy generation with carbon Capture and Storage (CCS). It involves using organic materials, such as crops, plants, or forestry waste, to produce energy through processes like gasification or combustion. The CO2 emitted during this process is then captured using carbon Capture and Storage technology, involving separating the CO2 from other gases, compressing & storing it in underground reservoirs or other storage facilities.

Market Insights & Analysis: Global Bioenergy with Carbon Capture and Storage (BECCS) Market (2024-30)

The Global Bioenergy with Carbon Capture and Storage (BECCS) market is projected to grow at a CAGR of around 19.27% during the forecast period, i.e., 2024-30. The market is still in its initial stage & is expected to grow significantly in the coming years as countries & companies strive to reduce greenhouse gas emissions & meet their climate goals. By using biomass as energy source & capturing the resulting CO2 emissions, BECCS can possibly produce emissions that remove more CO2 from the atmosphere than it emits. It makes this technology a potentially important means in efforts to mitigate climate change & meet emissions reduction targets.

However, the rising concerns about the sustainability & environmental impacts of large-scale biomass production, along with the long-term safety & effectiveness of CO2 storage, would positively escalate the market growth in the coming years. By 2100, BECCS would potentially contribute to about 15% of the cumulative CO2 emissions reductions needed to limit global warming to 2°C or less, according to the International Energy Agency (IEA). Also, about 40 bioethanol facilities, of which around 30 as part of the Midwest Carbon Express project in the US, are proposed to start capturing CO2 before 2030, totaling over 15 Mt of biogenic CO2 capture capacity. Thus, the growing plans for this technology deployment remain sufficient across all sectors to attain net zero carbon emissions by 2030. It is expected that approximately 60 Mt/yr would be captured in the power sector, nearly 170 Mt/yr in the fuel transformation sector, and about 20 Mt/yr in industry, mainly cement, by 2030.

Furthermore, the advancement & acceptance of carbon capture technology depends on a range of factors, including government policies, market incentives, and the availability of sustainable biomass feedstocks worldwide. A large biomass-fired power plant situated in Japan was retrofitted with CO2 capture, while no other storage site has yet been found as stated in 2020. However, in the same year, the Drax power plant, in the UK, started a seized pilot, capturing up to 1 Mt CO2/day at one of its four 660 MW biomass units (the CO2 is released after capture). Hence, reducing the carbon emissions from different sectors, such as power, industrial, etc., is expected to escalate the market during 2024-2030.

Global Renewable Energy Industry Outlook, 2024

The Global Renewable Energy Storage industry has been growing rapidly in 2022 & this growth would continue to grow in the coming years. The renewable energy industry is driven by several factors such as descending costs, increasing demand, and governmet supportive policies for renewable asset development around the world.  In addition, solar & wind energy is anticipated to remain the dominant renewable energy sources, with continued growth in both utility-scale & distributed generation projects.

According to International Energy Agency (IEA), solar & wind power accounted for around 70% of the total growth in renewable electricity generation in 2022. In recent years, the integration of this technology with renewable energy sources can provide additional opportunities for sustainable energy production across the globe. Thus, the deployment of renewable energy sources is presumed to provide a significant source of electricity to power BECCS facilities in the coming years.

Global Bioenergy with Carbon Capture and Storage (BECCS) Market Driver:

Increasing Demand for Bioenergy to Drive the Market Growth - Bioenergy involves the production of energy from biomass & is a growing sector driven by increasing demand for sustainable energy sources across the globe. BECCS can provide a more sustainable form of bioenergy by capturing & storing CO2 emissions from biomass combustion. Along with this, the surging production of biofuels to obtain bioenergy from biomass in a way that heat & power can be generated during the process is further escalating the growth of the market in the forthcoming years.

Global Bioenergy with Carbon Capture and Storage (BECCS) Market Possible Restraint:

Shortage of Biomass Availability at Large Scale - With the growing bio-economy, there is rising competition for biomass resources & land across the globe. This augmented the pressure on sustainable biomass production & land use. The rising biomass demand for bioenergy with carbon Capture and Storage impacts both the industrial & power sectors, as sustainable management & appropriate sustainability standards are necessary for biomass. This is owing to the BECCS feedstock produced on land that does not impact food production, biodiversity, soil carbon stocks, or causes negative land use changes. In addition, a shift in the usage of biomass feedstock production has been proposed for both abandoned & existing agricultural land that is inefficient for food production. Therefore, the lack of sustainable biomass resources & land is predicted to hamper the market revenue in the coming years.

Global Bioenergy with Carbon Capture and Storage (BECCS) Market Growth Opportunity:

Government Targets to Curb CO2 Emissions to Augment the Market - The increasing government initiatives to decarbonize industrial sectors, such as iron & steel, power generation, etc., are estimated to uplift the demand for this technology in the coming years. Governments in the countries like the US, India, Vietnam, Brazil, etc., are planning to go carbon-neutral shortly, i.e., to reduce carbon emissions in their countries.

Furthermore, as technology advances & economies of scale are achieved, the price of carbon capture is anticipated to drop in the coming years. Thus, the need for bioenergy with this technology is expected to rise as more nations establish high goals to develop renewable energy sources. Hence, governments are making decarbonizing strategies & taking necessary initiatives by providing their support to drive economies toward renewable energy.

Global Bioenergy with Carbon Capture and Storage (BECCS) Market Key Trend:

R&D Investment and Booming Innovation in Emerging BECCS Technologies - In recent years, rising technological advancements, such as advanced gasification for hydrogen production or low-energy-penalty capture technologies, could reduce costs & enhance efficiency & flexibility. Along with this, expanding R&D for the development of sustainable low-carbon energy vectors is encouraged by climate mitigation policies in those countries committed to achieving net-zero emission performance by 2050. For instance, in 2020, the government of Norway announced that the Brevik Norcem plant would capture around 0.4 Mt/yr unit at their cement manufacturing. The project is currently under construction and is targeted to start operations in 2024. Furthermore, growing investment in commercial BECCS projects across the globe also results in the escalating market growth in the forthcoming years.

Global Bioenergy with Carbon Capture and Storage (BECCS) Market (2024-30): Segmentation Analysis

The Global Bioenergy with Carbon Capture and Storage (BECCS) Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:

Based on Application:

• Biomass Conversion
• Carbon Storage

Based on Application, Biomass conversion is anticipated to hold a significant share in the Global Bioenergy with Carbon Capture and Storage (BECCS) Market in the coming years. This process occurs by digestion or fermentation, producing gaseous & liquid fuels, respectively. The most common fuel is bioethanol, which produces a pure stream CO2 stream during the fermentation process. The CO2 is compressed & stored, omitting the need for capture, thus the subsequent combustion of biofuel or gas also produces CO2, further resulting in declining overall carbon emissions.

Based on Technology:

• Oxy-combustion (Oxyfuel)
• Pre-combustion
• Post-combustion
• Others (Direct Air Capture, Chemical Looping, etc.)

Post-combustion technology holds the major share in the Global Bioenergy with Carbon Capture and Storage (BECCS) Market during the historical years. It is utilized to extract CO2 emissions from biomass fuel resources. In this technology, CO2 is detached from the other gases in the flue gas stream after the biomass fuel is burnt & then goes through a separation process. Further, it has the ability to retrofit to some existing power plants, such as steam boilers. According to the IEA, the efficiency of post-combustion technology is expected to be around 95%, while pre-combustion and oxy-combustion capture CO2 at an efficient rate of 85% & 87.5%, respectively. Therefore, post-combustion technology is viewed as a better option than pre-combustion technology to contribute to the revenue growth of the market going forward.

Global Bioenergy with Carbon Capture and Storage (BECCS) Market Regional Projection

Geographically, the market expands across

• North America

• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Of all the regions globally, Europe is projected to attain a significant market share in the Global Bioenergy with Carbon Capture and Storage (BECCS) Market during 2024-2030. Countries in the Europe region, such as Norway & Sweden are aiming to achieve the net-zero target & net-negative emissions by 2030. The launch of Strategic Long-term Climate Vision, in 2018 strongly relies on both Carbon Capture and Storage (CCS) and Direct Air Capture (DAC) for all of its net-zero by 2050 scenarios intending to reduce greenhouse gas emissions from all sectors like power and iron & steel.

Moreover, this technology is one of the major low-carbon solutions, which is projected to be beneficial for countries such as the UK & Germany, among others, to transit to net-zero by 2050 & create a low-carbon economy. In 2019, the UK revised the Climate Change Act, where the country targeted to achieve net-zero by 2050, which was earlier an 80% reduction in emissions by 2050. Hence, for the decarbonization of the economy, the countries are introducing new plans, including the growing adoption of this technology in the forthcoming years.

Global Bioenergy with Carbon Capture and Storage (BECCS) Industry Recent Developments 

• In 2022, around 23 R&D projects selected, out of which four were BECCS projects, which includes three bio hydrogen projects. In these BECCS projects, nearly USD6.16 million investments was done. 
• In 2022, the seven large-scale energy projects received funding from the EU Innovation Fund, which included two BECCS projects such as the BECCS STHLM waste-to-energy project in Sweden with an approximate investment of around USD675?million, and the K6 Lumbres cement plant in France with an investment of nearly USD285 million.
• In 2021, the Carbon Removal X-Prize launched in the US, in which around USD100 million was invested for four-year to develop & demonstrate carbon dioxide removal technologies.  

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