New York, USA, July 06, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global gasification market is anticipated to generate a revenue of $836.6 billion and rise at a CAGR of 5.7% over the estimated timeframe from 2023 to 2032.
As per our analysts, the increasing focus on the adoption of cleaner energy sources to reduce greenhouse gas emissions is expected to foster the growth of the gasification market over the analysis timeframe. Besides, the growing utility of fossil fuels in generating electrical power at the residential and industrial levels is predicted to uplift the growth of the market during the forecast period. Additionally, the rising global population, increasing establishment of chemical manufacturing, and rapid urbanization are the factors expected to augment the growth of the market over the estimated timeframe. Moreover, the increasing installation of gasification processes owing to technological advancements, developing chemical, power, oil & gas industries, and rapid industrialization is expected to create wide growth opportunities for the gasification market throughout the forecast timeframe. However, limited infrastructure and the high cost of gasification projects may hinder the growth of the market over the analysis timeframe.
Request an Exclusive PDF Sample of the Gasification Market (Including Tables, TOC, and Figures)
Segments of the Gasification Market
The report has divided the market into segments based on type, feedstock, feed type, gasifier medium, application, and region.
Type: Fixed Bed Sub-Segment to be Most Productive
The fixed bed sub-segment held the largest market share in 2022. This is mainly due to the increasing demand for clean and sustainable energy solutions across businesses. Moreover, the fixed bed gasifiers offer better control of the process parameters, enable the utilization of a wide variety of feedstock materials, provide cost-effective operations, and allow the capture and removal of pollutants which is expected to uplift the growth of the gasification market sub-segment during the analysis period.
Feedstock: Coal Sub-Segment to be Most Profitable
The coal sub-segment held the highest market share in 2022. This is mainly because coal reserves offer a reliable and accessible source of feedstock for gasification processes. In addition, syngas obtained from coal gasification can be utilized for a wide range of applications including power generation, and many more which is expected to propel the growth of the market sub-segment forward.
Feed Type: Dry Feed Sub-Segment to be Most Beneficial
The dry feed sub-segment generated the highest revenue in 2022. This is majorly due to the increased efficiency and flexibility of dry feed gasification systems in converting a variety of feedstocks into syngas. Moreover, the growing environmental benefits of gasification with dry feed such as offering efficient energy production by reducing harmful emissions are expected to augment the growth of the gasification market’s sub-segment over the analysis period.
Gasifier Medium: Air Sub-Segment to be Most Gainful
The air sub-segment held the biggest market share in 2022. This is mainly because air is a cost-effective oxidizing agent compared to other alternatives such as oxygen. Furthermore, air gasification can be used across various industries including chemicals, power generation, fuel production, and many more which is predicted to bolster the growth of the gasification market sub-segment further.
Application: Chemicals Sub-Segment to be Most Lucrative
The chemicals sub-segment registered the maximum revenue in 2022. This is mainly due to the increasing demand for chemicals derived from alternative feedstocks and the need for sustainable and efficient production processes. Additionally, syngas derived from gasification can produce a wide range of chemical products such as ammonia, methanol, synthetic natural gas (SNG), hydrogen, and many more which is expected to fuel the growth of the market sub-segment forward.
Ask an Expert Analyst or Schedule a call to Get the Latest Trends on Gasification Market
Region: Asia-Pacific Market Held the Highest Market Share in 2022
The Asia-Pacific region of the gasification market generated the biggest revenue in 2022. This is mainly due to the increased energy demand across the region. Moreover, the increasing use of gasification technologies across industries to produce heat, electricity, and chemicals by utilizing coal, biomass, and other carbon-based feedstocks is predicted to drive the regional growth of the market over the estimated period.
Covid-19 Impact on the Gasification Market
The outbreak of the Covid-19 pandemic has had a significant impact on the gasification market, unlike various other industries. Initially, the fluctuations in electricity consumption and disruptions in industrial activities have badly impacted the businesses for gasification projects, especially those focused on power generation applications. This further highlighted the importance of resilience and sustainability in energy systems and increased emphasis on clean and resilient energy solutions over the crisis. However, the Covid-19 impact on the gasification market varied in different locations based on various factors such as government measures, the pace of the overall economic recovery, and the intensity and duration of the pandemic. This has resulted in decreased industrial activities and lowered the demand for syngas-based products such as fertilizers, chemicals, and transportation fuels.
Key Players of the Gasification Market
The major players of the global market include
- Siemens
- SEDIN Engineering Company Limited
- CB&I
- Mitsubishi Heavy Industries
- KBR
- General Electric
- Thyssenkrupp AG
- Air Liquide
- Synthesis Energy Systems Inc.
- Royal Dutch Shell
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development.
Request an On-Demand Customization of the Specific Segments or Regions on the Gasification Market
For instance, in November 2021, Shell Global Solutions BV (Shell), a global group of energy and petrochemical companies announced its collaboration with Baker Hughes, one of the world's largest oil field services companies. With this collaboration, the companies aimed to accelerate the global energy transition by helping each other by meeting their respective commitments for net-zero carbon emissions and promoting solutions to decarbonize energy and industrial sectors.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Gasification Market:
- Gasification Market Size Projected To Generate A Revenue Of $836.6 Billion By 2032
- Indonesia to Go Green by Adopting Gasification of Palm Oil Remainders
