Gasification Market

Global Gasification Market

Gasification Market- By Application, Type, Feedstock and Region.

Market Synopsis:

The Global Gasification Market is valued at USD 458.1 Billion in the year 2021 and is forecasted to reach a value of USD 610.3 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.9% over the forecast period.

Gasification is the process in which organic or fossil-based raw materials are converted into hydrogen and carbon monoxide gas thermo chemically with a menial amount of carbon dioxide and water. Mostly carbonaceous raw materials are used for this process. The end result of this process is known as syngas. This process is deployed majorly in chemical and power industries as they require to synthesize raw materials and end products to ensure proper use or disposal.

Rising demand for power owing to increasing global population, rapid industrialization and urbanization, increasing establishment of chemical manufacturing facilities, rising scope of application in waste management, and expansion of coal industry is projected to drive the overall Gasification Market growth across the forecast period. However, high installation costs associated with deployment of Gasification systems are anticipated to have a hindering effect on the Global Gasification Market growth through 2028.

The addition of carbon capture and storage technology to this process makes it more expensive and hence acts as another restraining factor for the overall Gasification Market growth through 2028. The COVID-19 pandemic had an adverse impact on the overall Gasification Market growth as multiple industrial facilities were shut down. As the pandemic has receded and restrictions have been lifted it is expected to bring Gasification Market growth at a steady pace through 2028.

Market Segmentation:

The Gasification Market is segmented on the basis of Application, Type, and Feedstock. Based on application, the market is segmented as Chemicals, Gas Fuels, Power, and Liquid Fuels. Based on feedstock the market is segmented as Coal, Natural Gas, Petroleum, and Biomass. Based on type the market is segmented as Entrained, Moving or Fixed Bed, and Fluidized Bed.

Based on Application:

On the basis of application, the market is segmented into Chemicals, Gas Fuels, Power, and Liquid Fuels. The chemicals segment is anticipated to lead the Global Gasification Market growth over the forecast period. Chemical plants largely utilize Gasification where majorly ammonia and methane liquids are produced. Increasing use of these materials for synthesis of gas is expected to drive demand for Gasification on the chemical application. Whereas, power application segment is anticipated to be the major revenue driver as demand for electricity bolsters across the world due to rising population, urbanization and industrialization.

Based on Feedstock:

On the basis of feedstock, the market is segmented into Coal, Natural Gas, Petroleum, and Biomass. The coal segment leads the market at present and is anticipated to maintain this stance for some years to come. However, increasing focus on sustainability is anticipated to drive the demand for natural gas and biomass across the forecast period. These two segments are estimated to emerge as highly opportunistic for all the major players in the Global Gasification industry landscape. However, coal Gasification is anticipated to be a major contributor to the overall market growth and this is expected to be the major focus of multiple Gasification Market players.

Asia Pacific Accounts for a Dominant Market Share

The Asia Pacific region is projected to account for a major market share and is expected to maintain a dominant stance throughout the forecast period. Increasing demand for energy owing to rising population is anticipated to be a major driver for the Gasification Market in this region through 2028. Increasing focus on sustainability is also expected to drive demand for clean energy technologies. Rising urbanization and industrialization in developing economies is projected to bolster demand for Gasification. China, India, Japan, and South Korea are anticipated to lead the market growth in the APAC region. Low costs of manufacturing and presence of coal reserves in this region are also factors that positively influence Gasification Market potential in this region through 2028. This region accounts for a market share of 39.1% in the global market landscape and accounted for a revenue total of 179.1 billion in 2021.

Competitive Landscape:

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.

Segmentation of the Global Gasification Market: