Newark, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The Gasification market was estimated at around 450.2 billion in 2021, growing at a CAGR of nearly 4.6% during 2022-2030. The market is projected to reach approximately USD 692.3 billion by 2030.
Gasification Market: Overview
The desire for cleaner and more effective energy generation technology in commercial and residential applications is anticipated to drive market expansion. Energy is lost during the combustion process in other energy producing processes. However, gasification is a better method of producing energy with maximum energy efficiency. Syngas, also referred to as producer gas, is the process' end product and has a higher calorific value than fossil fuels. Another significant factor driving the expansion of the gasification industry is the fact that this gas offers more energy than the direct combustion of fossil fuels. This gas is utilised in fuel cells, internal combustion engines, to make methanol and hydrogen, as well as synthetic gas. These goods are used in numerous industrial processes which is predicted to drive the market growth.
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Growth Factors
Rising greenhouse gas emissions, expanding environmental concerns among the populace, and rising acceptance of environmentally friendly energy sources are the main development drivers of the biomass gasification market. As a result, it has been predicted that the global market will expand rapidly over the research period.
The gasification business has expanded significantly, with 686 gasifiers and 272 operational gasification facilities worldwide, according to the Global Syngas Technologies Council. As a result, this may accelerate the expansion of the biomass gasification sector during the predicted period.
Due to the increasing acceptance of environmentally friendly energy sources by numerous businesses, the abundance of biomass, and the government's assistance through various laws and regulations, the global market has additional potential opportunities. Additionally, the government encourages the development of multimodal biomass gasifier-based power plants that use local biomass resources like cotton stalks, wood chips, and rice husks to produce additional electricity. These kinds of activities are expanding the global biomass gasification market's potential for growth.
Segmental Overview
By feedstock type, it is estimated that the biomass segment will account for the largest revenue share during the projected time frame. Biomass is a clean substitute for coal-based fuel and includes resources including animal manure, paper, cotton, food scraps, agricultural waste, crops, and wood residues like sawdust and firewood. As environmental concerns and carbon and greenhouse gas emissions have grown globally, so has the use of biomass gasification.
The gasification application market is divided into four categories: gas fuels, liquid fuels, chemicals, and power. Over the next seven years, the market for power applications, which dominated the global market in 2021, is anticipated to increase at the fastest rate. Rising energy consumption for industrial and domestic uses is what fuels growth. Following electricity, liquid and gas fuel application markets are expected to experience slow growth soon.
Regional Overview
North America is predicted to hold the largest market share during the forecasted period. By integrating new technologies into the product lineup, leading businesses like General Electric and Siemens will hasten market expansion. Over the forecast period, Europe is anticipated to experience a considerable revenue CAGR. Gasification is being more widely used in the area as the need for eco-friendly solutions and sustainable energy sources to replace fossil fuels grows. Additionally, it is anticipated that expanding trade activities will accelerate gasification operations in the market due to the increased demand for syngas and other chemicals in European nations. Additionally, the presence of numerous coal reserves in the area and rising energy demand are some additional factors influencing market revenue growth over the projection period.
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Report Scope
| Base Year | 2021 |
| Forecast period | 2022-2030 |
| Report Coverage | Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Market Size(unit) | USD Billion |
| Gasification Market CAGR | 4.6% |
| Segments Covered | By Product By Application |
List of the prominent players in the Global Gasification market:
• Cameron International
• Aker Solutions
• HCS Control Systems
• General Electric Company
• Zetechtics Ltd.
• KW Ltd.
• FMC Technologies
• Royal Dutch Shell
• Air Liquide
• SEDIN Engineering Company Limited
The global Gasification market is segmented as follows:
By Product
• Biomass
• Coal
• Natural Gas and
• Petroleum
By Application
• Chemicals
• Gas Fuels
• Power
• Liquid Fuels
• Others
By Region/Geography
• North America
o The U.S.
o Canada
o Mexico
• Europe
o France
o The UK
o Spain
o Germany
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o UAE
o South Africa
o Egypt
o Kuwait
o Rest of the Middle East & Africa
• Latin America
o Brazil
o Argentina
o Rest of Latin America
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About the report:
The global Gasification market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of 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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