Wilmington, DE, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Coal Gasification Market by Gasifier (Fixed Bed, Fluidized Bed, Entrained Flow), by Application (Fertilizers, Electricity Generation, Chemicals, Hydrogen Generation, Steel Production, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global coal gasification market generated $186.9 billion in 2022 and is anticipated to generate $544.2 billion by 2032, witnessing a CAGR of 11.4% from 2023 to 2032.
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Prime Determinants of Growth
Coal gasification reduces the dependence on natural gas and fossil fuels by offering clean energy sources like hydrogen. In addition, it offers a self-reliant supply of energy for the countries that have abundant reserves of coal. These factors are anticipated to drive the coal gasification market growth during the forecast period. However, the high costs associated with the setting up of coal gasification plant may hamper the coal gasification market growth in the coming period. On the contrary, the advancements IGCC power plants and the increasing investments in coal gasification technologies to offer growth opportunities for expansion of the coal gasification market in the 2023-2032 forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $186.9 billion |
| Market Size in 2032 | $544.2 billion |
| CAGR | 11.4% |
| No. of Pages in Report | 300 |
| Segments covered | Gasifier, Application, and Region |
| Drivers | Reduced dependence on fossil fuels & natural gas by offering clean energy sources |
| Increasing number of coal deposits in developing economies | |
| Growing demand for clean hydrogen across the globe | |
| Opportunities | Advancements in the integrated coal gasification combined cycle (IGCC) power plants |
| Adoption of technologies, such as decoupling gasification, plasma gasification, and supercritical water gasification | |
| Restraints | High cost involved in setting up a coal gasification plant |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global coal gasification market. The disrupted global supply chains greatly impacted the availability of raw materials necessary for coal gasification technologies.
- Moreover, travel restrictions designed to prevent virus spread limited the pool of skilled laborers. Thus, industries like coal gasification faced setbacks in ongoing or new projects.
- The coal gasification market is, however, projected to show steady growth in the future due to the sharp rise in utilization of different forms energy produced from the coal as it is becoming essential for the world to move towards cleaner energy options.
Gasifier: Fluidized Bed Sub-segment Projected to be Highly Dominant During the Forecast Period
The fluidized bed sub-segment accounted for the highest coal gasification market share in 2022 and is expected to grow at a CAGR of 11.8% during the forecast period. This is mainly because these gasifiers are widely preferred for coal gasification due to their high reaction rates, heat transfer sulfur capture, efficient mixing, and reduction in the tar formation. Also, fluidized bed gasifiers tend to produce heavy hydrocarbons and low tar compared to other gasification techniques, which is predicted to boost the sub-segment's growth by 2032.
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Application: Electricity Generation Sub-segment to Flourish Immensely by 2032
The electricity generation sub-segment generated the highest market share of 30.9% in 2022 and is predicted to continue to dominate in terms of market share by 2032. This is mainly because coal gasification is greatly used for electricity generation through Integrated Gasification Combined Cycle (IGCC). Besides, the syngas produced via coal gasification contains hydrogen, which can be used for various industrial applications, such as steel processing, chemical processing, power utilities, and fuel cell use.
Region: Asia-Pacific Market to be the Most Dominant by 2032
The Asia-Pacific region accounted for the highest share of 53.2% in the global coal gasification market in 2022 and is expected to rise at the highest CAGR of 11.8% during the forecast period. This is majorly because the countries in the region, such as India, China, Japan, Australia, Indonesia, and South Korea have been actively engaging in several coal gasification projects majorly due to the presence of significant coal reserves.
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Leading Players in the Coal Gasification Market:
- Sasol Limited
- Thyssenkrupp Uhde GmbH
- Andritz
- Air Products
- Air Liquide
- Dakota Gasification Company
- Linc Energy Ltd.
- Shanxi Lu’an Mining Group Co., Ltd.
- Mitsubishi Heavy Industries Ltd.
- Sedin Engineering Co Ltd.
The report provides a detailed analysis of the key players of the global coal gasification market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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