LONDON, Oct. 10, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the biomass gasification market, increasing adoption of environment-friendly energy sources is expected to propel the growth of the biomass gasification market going forward. Environmentally friendly energy sources refer to any energy type that is generated from natural resources such as sunlight, wind, or water. Renewable energy from biomass using a gasification system is an environmentally friendly method and helps to reduce the dependence on fossil fuels. For instance, in April 2022, according to the Global Energy Review, a publication released by the International Energy Agency, the global percentage of renewable electricity generation climbed to 29 % in 2020 from 27 % in 2019. Therefore, the increasing adoption of environmentally friendly energy sources is expected to boost demand for biomass gasification during the forecast period.
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The global biomass gasification market size is expected to grow from $90.56 billion in 2021 to $98.63 billion in 2022 at a compound annual growth rate (CAGR) of 8.9%. The global biomass gasification market size is expected to grow to $139.49 billion in 2026 at a compound annual growth rate (CAGR) of 9.1%.
Strategic partnerships and collaborations are a key trend gaining popularity in the biomass gasification market. Gasification is a process that turns carbonaceous materials derived from biomass or fossil fuels into gases, with nitrogen, carbon monoxide, hydrogen, and carbon dioxide constituting the main fractions. Many companies operating in the biomass gasification market are undergoing partnerships to strengthen their position in the biomass gasification market. For instance, in Jan 2022, Lahti Energia Oy, a Finnish energy company which also operates in biomass gasification, partnered with Nordic Ren-Gas Oy, a Finland-based company that develops and delivers sustainable energy projects. This partnership aims to cooperate on a Power-to-Gas (P2G) project worth EUR 250 million ($220 million) that will include the production of green hydrogen and renewable methane. Further, in November 2020, Indian Oil and the Indian Institute of Science in Bangalore (IISC) signed a memorandum of understanding. This partnership aims to develop and test hydrogen-generating technology based on biomass gasification. As part of Indian Oil's broader initiative to usher in the country's hydrogen economy, the procedure will aid in the production of bus fuel quality hydrogen.
Major players in the biomass gasification market are Corenso United, Outotec Oyj, ANDRITZ AG, Shangqiu Haiqi Machinery Equipment, Chanderpur Works, Valmet Corporation, CASE GROUP, Infinite Energy, Ankur Scientific Energy Technologies, Thyssenkrupp AG, Sedin Engineering Company Limited, Sodra Cell Varo Pulp Mill, CB&I, Mitsubishi Heavy Industries, and KBR.
The global biomass gasification market segmentation is categorized by gasifier type into moving/fixed bed, fluidized bed, entrained, others; by source into solid biomass, biogas, municipal waste, liquid biomass, others; by application into chemicals, liquid fuels, power, gas fuels.
Western Europe was the largest region in the biomass gasification market in 2021, and it is also expected to be the fastest-growing region in the global biomass gasification market report during the forecast period. The regions covered in the biomass gasification market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Biomass Gasification Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide biomass gasification market overviews, analyze and forecast market size and growth for the whole market, biomass gasification market segments and geographies, biomass gasification market trends, biomass gasification market drivers, biomass gasification market restraints, biomass gasification market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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