Gasification Market - Increase in Demand for Renewable Energy is expected to Lead Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 4.9% from 2022 to 2028
As stated in our extensive report; providing insights on Key Drivers, Key Restraints, and Segments (i.e., by Application, Type, Feedstock, and Region); the Global Gasification Market accounted for USD 458.1 Billion in the year 2021.
“Key Factors Likely to Drive Growth of Gasification Market”
Gasification is involved in a thermochemical process that converts fossil fuel-based carbon materials into raw materials. There is an increase in demand for renewable energy which is expected to boost the product’s adoption. Furthermore, rising development, rapid urbanization, and increasing dependence upon electricity are expected to boost the growth of the market in the upcoming years. The market is bifurcated into petroleum, coal, natural gas, and biomass/waste. The Asia Pacific is expected to dominate the market.
The market growth may be ascribed to various factors, including rising energy consumption, considerable coal reserves, and increased demand for clean energy technology. India and Japan are the other major revenue generators in the Asia Pacific region. Furthermore, according to the BP Statistical Review 2019, Asia Pacific coal production in 2019 was 2,853.1 million tons of oil equivalents. In 2018, the region had accounted for almost 73 percent of world coal production.
Another essential factor that distinguishes biodegradable materials from traditional combustion technology is that they are used as raw materials in the process. In industries, the method is widely utilized to generate electricity. Over the next seven years, increasing electricity generation through biofuels is expected to hamper the worldwide market growth.
Asia Pacific is the most dominant with the largest market share at present owing to the presence of evolving economies. The region is also projected to show fast growth. Emerging economies in the region such as India and Indonesia are expected to attract market participants due to growing demand in the rural areas, selectively for biomass Gasification. Europe and North American markets are characterized by an increase in demand for biomass Gasification. Hence, offers a lucrative opportunity for the market and contributes to the market growth.
Some of the key players in the Global Gasification Market include- Cameron International, Aker Solutions, HCS Control Systems, General Electric Company, Zetechtics Ltd., KW Ltd., FMC Technologies, and others.
Browse the full Report - Gasification Market Size, Share & Trends Analysis Report by Application (Chemicals, Gas Fuels, Power, Liquid Fuels), by Type (Entrained, Moving or Fixed Bed, Fluidized Bed), by Feedstock (Coal, Natural Gas, Petroleum, Biomass), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)