NEW
YORK, June 24, 2024 /PRNewswire/ -- The
global gasification market size is estimated to grow by
USD 116.6 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 4.36% during the forecast period. Rise in global
energy demand is driving market growth, with a trend
towards rise in global coal production. However, high
operating and maintenance costs poses a challenge. Key market
players include Air Liquide SA, Air Products and Chemicals Inc.,
Andritz AG, Basin Electric Power Cooperative, CASE GROUP, China
National Chemical Engineering Co. Ltd., Chiyoda Corp., EQTEC Plc,
General Electric Co., KBR Inc., Larsen and Toubro Ltd., Linde Plc,
McDermott International Ltd., Mitsubishi Heavy Industries Ltd., Oil
and Natural Gas Corp. Ltd., Shell plc, Siemens AG, Synthesis Energy
Systems Inc., ThermoChem Recovery International Inc., and
thyssenkrupp AG.
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
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Gasification Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.36%
|
Market growth
2024-2028
|
USD 116.6
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.1
|
Regional
analysis
|
APAC, Europe, North
America, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 48%
|
Key
countries
|
China, US, Germany,
India, and UK
|
Key companies
profiled
|
Air Liquide SA, Air
Products and Chemicals Inc., Andritz AG, Basin Electric Power
Cooperative, CASE GROUP, China National Chemical Engineering Co.
Ltd., Chiyoda Corp., EQTEC Plc, General Electric Co., KBR Inc.,
Larsen and Toubro Ltd., Linde Plc, McDermott International Ltd.,
Mitsubishi Heavy Industries Ltd., Oil and Natural Gas Corp. Ltd.,
Shell plc, Siemens AG, Synthesis Energy Systems Inc., ThermoChem
Recovery International Inc., and thyssenkrupp AG
|
Market Driver
The global gasification market is anticipated to experience
growth due to the increasing coal production worldwide.
China, as the largest coal
producer, is a significant contributor to this trend. The
relaxation of import restrictions in China has stimulated production in countries
like Indonesia and the US.
Furthermore, Russia and
India are also increasing their
coal output, aligning with their governments' goals to reduce coal
imports. This rising coal production is expected to positively
impact the gasification market during the forecast
period.
The Gasification market is experiencing significant growth,
driven by the increasing demand for sustainable energy solutions.
Fuel and feedstocks, such as biomass and coal, are commonly used in
gasification processes. These processes convert organic materials
into synthetic gas, which can be utilized for power generation and
industrial applications. The use of Chemicals and chemicals in the
process is crucial for efficient gasification. Power and
thermochemical processes are trending in the industry, with an
emphasis on reducing greenhouse gas emissions. Carbon monoxide and
hydrogen are key components of synthetic gas, making gasification
an attractive option for decarbonization efforts. The market is
expected to continue growing, with an increasing focus on improving
efficiency and reducing costs.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The gasification market faces challenges due to the high costs
associated with waste-to-energy methods like incineration and
landfilling. Incineration plants require substantial investments
and ongoing expenses, which can be influenced by factors such as
plant size, local infrastructure, design, energy utilization, and
waste disposal. Landfilling costs also vary based on location.
These expenses may hinder the adoption of efficient gasification
processes and limit market growth during the forecast period.
- The gasification market faces several challenges in the
combustion industry. Technological difficulties in achieving high
efficiency and low emissions remain a concern. Carbon monoxide and
dioxide production are significant issues that need to be
addressed. The use of catalysts and proper temperature control is
essential to minimize these gases. The cost of implementing and
maintaining gasification systems is also a challenge for many
businesses. Additionally, the availability and cost of feedstocks
can impact the profitability of gasification projects. Proper
planning and careful consideration of these factors are crucial for
success in the gasification market.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This gasification market report extensively covers market
segmentation by
- Feedstock
- 1.1 Coal
- 1.2 Biomass/waste
- 1.3 Natural gas
- 1.4 Petroleum
- Application
- 2.1 Chemical
- 2.2 Liquid fuel
- 2.3 Gaseous fuel
- 2.4 Power
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Coal- The International Energy Agency reports a
1.4% increase in global coal demand in 2023, driven by economic
growth. Countries aim for net-zero emissions, but coal gasification
offers a solution. This technology converts coal into clean
chemicals, fuels, power, and blends, reducing environmental impact.
Economically, coal gasification is more cost-effective than
offshore wind power, making it an attractive clean energy choice,
particularly in developing economies.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Gasification Market encompasses various types of gasifiers,
including fixed bed, entrained-flow, and fluidized-bed gasifiers.
These technologies convert carbonaceous raw materials, such as
biomass/waste, coal, and petroleum into Syngas (a mixture of
hydrogen, carbon monoxide gas, and other impurities like carbon
dioxide and water). The resulting Syngas can be utilized in
multiple sectors: Chemical segment for producing fuels like Ammonia
and Methanol; Liquid fuel segment for upgrading Syngas into
transportation fuels; Power segment for generating electricity; and
Gaseous fuel segment for direct use as fuel. The Gasification
Market is significantly influenced by industrialization and
urbanization trends, with increasing demand for cleaner and more
efficient energy sources. According to the BP Statistical Review,
the global gas consumption for power generation and industrial
processes has been growing steadily, with natural gas and coal
being the primary feedstocks. The Gasification Market is expected
to continue expanding due to the increasing focus on thermochemical
conversion processes for producing Hydrogen as a low-carbon
fuel.
Market Research Overview
The Gasification market refers to the global industry dedicated
to the conversion of organic materials into synthetic gas through
the process of gasification. This process involves the partial
oxidation of carbon-containing materials in the absence of oxygen,
resulting in a synthetic gas called synthesis gas or producer gas.
The generated gas can be further processed to produce hydrogen,
methanol, or other chemicals. The Gasification market is driven by
the increasing demand for cleaner and more efficient energy
sources, as well as the growing focus on reducing greenhouse gas
emissions. The market is segmented based on feedstock type,
technology type, and application. Feedstocks include biomass, coal,
and natural gas, while technologies include fixed bed, fluidized
bed, and entrained flow. Applications include power generation,
chemical production, and industrial processes. The Gasification
market is expected to grow significantly in the coming years due to
its ability to provide a sustainable and versatile energy
solution.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Feedstock
-
- Coal
- Biomass/waste
- Natural Gas
- Petroleum
- Application
-
- Chemical
- Liquid Fuel
- Gaseous Fuel
- Power
- Geography
-
- APAC
- Europe
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio