Gasification Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Gasification Market grew at a CAGR of 4.6% between 2017-2021 and is estimated to be US$ 3,97,563.2 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.8% and is expected to reach a valuation of US$ 6,35,358.7 Mn by 2032 end.
Throughout the projected period, the market for thermal conversion of biomass, coal, and other carbonaceous solid materials is growing as the demand for clean cooking and heating fuels increases worldwide.
THE RISE IN DEMAND FOR CLEAN ENERGY WILL BOOST THE MARKET
A growing focus on improving the environment has created a significant demand for clean energy. As a result, anaerobic digestion plant investment is always rising. These facilities can assist the globe in managing its garbage while also generating the energy and goods required to support economic growth. Additionally, the method offers a major improvement over incineration. Thus, it is anticipated that the rising need for clean energy will drive the global market.
HIGH INVESTMENT COSTS HAMPER THE MARKET GROWTH
Several Asian countries have huge electricity and climate-related issues. According to a joint study, half of the global CO2 emissions from coal come from China and India. In most of these countries, conventional power plants cannot meet the massive energy demand, particularly due to issues such as extreme climatic events. In addition, because of the use of commercial fossil fuels in coal power plants contribute greatly to air pollution problems.
THE RISE IN ELECTRIFICATION PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
Gasification is a process that converts naturally occurring hydrocarbon deposits into a gas that can be used to generate power or as a raw material. The industry has been rapidly advancing, particularly in recent years, with the development of more efficient gasification methods. Gasification technology has increased tremendously over the past 20 years, especially in developed countries, where more industrial and commercial applications are being explored. This paper examines the technological advancements in the past decade, which have made gasification cheaper, quicker, easier, and environmentally cleaner.
The abrupt coronavirus outbreak has had a negative impact on the expansion of utility applications. In several projects, the installation of Gasification systems declined in 2021. Additionally, the worldwide closure of production facilities in 2020’s first and second quarters is to blame for slowing the market’s expansion.
However, it is anticipated that the adoption of Cleaner Fuel and, therefore, the Gasification systems will expand due to the growing installation of Gasification systems in operational projects and the growing government focus on upgrading the electricity sector. The market value might not catch up to the pre-COVID-19 value until 2027.
Market Segments Covered in Report
By Region and Country:
Why is Coal Segment projected to ensure the most revenue during the forecast period?
The coal segment will lead the highest revenue, 40.0% of the market in 2021. The thermochemical process harnesses the full energy potential of the feedstock while reducing the costs associated with disposal and environmental impact. Also, the underground coal thermochemical process can further be used for converting coal into valuable gases without mining. Furthermore, the confidential coal thermochemical process also eliminates several activities associated with underground coal mining, including coal washing, coal stockpiling, and waste disposal, including ash handling and disposal.
Why is the utility segment expected to expand the fastest during the forecast period?
In 2021, The chemical segment was projected to lead the global market. Synthesis gas is the plant’s primary product and is used in manufacturing various products. Most of it is consumed in the chemical industry, where ammonia, methanol, liquid fuels, and hydrogen are produced. Chemicals such as methanol are used as an intermediate for synthesizing many chemicals and fuels. The growing need for renewable energy and the increasing requirement for a consistent and efficient power supply in most locations causes the increased demand for Gasification systems in the utility industry.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The global gasification market is highly fragmented, with the presence of several large-scale players across the world. The major players in the United States and Europe have adopted a diplomatic approach toward shaping new market strategies by adding new product portfolios and improving existing product quality.
Some of the key developments that have taken place in the Gasification Market include:
A list of some of the key suppliers present in the market are:
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 Fuel, Application, 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 4.8%.
The global market for power management devices is expected to see huge growth in the next five years owing to increasing power consumption across the globe and growing demand for clean energy.
Major global Gasification Market players are Air Liquide, Shell, Mitsubishi Heavy Industries, ANDRITZ, Thyssenkrupp ag, Synthesis Energy Systems, Inc., Larsen & Toubro Limited, Dakota Gasification Company, EQTEC plc GE, Air Products, Sedin Engineering Company Limited.
The cost of the technology is anticipated to be 35% more than that of traditional coal technology. Additionally, it becomes considerably more expensive when carbon capture and storage (CCS) technology is added to deploy Gasification systems is constrained by market growth.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Gasification market.
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