Biomass Gasification Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Biomass Gasification Market was worth US$ 62,456.2 Mn and is expected to grow at a CAGR of 7.5% over the forecast period. The market is expected to hit US$ 1,28,724.2 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 6.4%, the market underwent significant growth.
The demand for decentralized energy generation has increased due to the rising rate of rural electrification, particularly in emerging nations. This desire is a key factor propelling the worldwide biomass gasification market toward expansion.
THE INCREASING ENVIRONMENTAL CONCERN DRIVES THE MARKET
Biomass Gasification is a powerful greenhouse gas emission reduction method that combines the advantages of gasification processes with biomass. The main growth driving factors of the Biomass Gasification Market is increasing greenhouse gas emissions, increasing environmental anxieties among the population, and increasing adoption of environment-friendly energy sources.
STRINGENT GOVERNMENTAL REGULATIONS HELP THE MARKET GROWTH
The government also promotes the multifaceted Biomass gasification process to generate more power with the help of local biomass resources such as rice husks, wood chips, and cotton stalks. These initiatives are bringing more growth opportunities for the global Biomass Gasification Market.
SCARCITY OF BIO-FUEL SOURCE RESTRAINS THE MARKET
The rising awareness of renewable energy sources using biomass and the set of benefits associated with it are considered the primary factors are fuelling the growth of the global market. Moreover, increasing inter-regional investments in this industry might also bolster its demand. The global markets are also affected by challenges such as biofuel shortages, undesirable health consequences, and pollution.
Market Segments Covered in Report
By Fuel Type:
By Region and Country:
Why are Solid Biomass segment projected to have the highest revenue share?
Biomass gasification technology is a clean alternative coal-based feedstock that includes animal manure, paper, cotton, food waste, agricultural waste, crops, and wood residues, including sawdust. Developing environmental concerns and rising greenhouse gas emissions have further boosted the adoption of biomass gasification in various industries across the globe.
Why is the chemical segment expected to expand the fastest during the forecast period?
Demand for gasification in chemical and packaging industries is increasing due to low operating costs, high power efficiency, and low-value waste and feedstock requirements. The gasification process with high flexibility while producing chemicals is another factor expected to contribute significantly to revenue growth.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
As organic strategies become more challenging to implement in the market, leading manufacturers are developing an inorganic strategy. For example, mergers and acquisitions that increase production capacity or partnerships with other companies.
Some of the key developments that have taken place in the Biomass Gasification Market include the following:
A list of some of the key suppliers present in the market are:
Global Biomass Gasification Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Application, Fuel Type, Sources, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 7.5%.
Over the projected period, rising demand for renewable energy sources will be a major driver of market revenue growth.
Major global Biomass Gasification Market players are Cameron International, Aker Solutions, HCS Control Systems, General Electric Company, Zetechtics Ltd., KW Ltd., FMC Technologies Royal Dutch Shell, General Electric, Air Liquide, and SEDIN Engineering Company Limited.
High power generation is a significant element that, to some extent, inhibits market revenue growth. The adoption of gasification in various sectors would be hampered by the high cost of developing and manufacturing gasifiers and other gasification parts and equipment and the high initial capital expenditure required for installation.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Biomass Gasification market.
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