Pune, India, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The global gasification market size is expected to reach USD 663.72 billion in 2028, exhibiting a CAGR of 5.3% during the forecast period. The growing power consumption in the world will have a tremendous impact on the gasification market growth during the forecast period, states Fortune Business Insights, in a report, titled “Gasification Market, 2021-2028.” The market size stood at USD 434.49 billion in 2020.
Gasification is a thermochemical process that converts fossil fuel- based carbon materials into raw materials. The rising demand for renewable energy is expected to boost the product’s adoption. Furthermore, rising development, rapid urbanization, and increasing dependence upon electricity is expected to bolster the growth of the market in the upcoming years.
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COVID-19 IMPACT:
Decline in Oil & Gas Consumption to Affect Market Dynamics
The ongoing COVID-19 epidemic has triggered a full-fledged crisis, with travel restrictions and aircraft cancellations imposed to halt the virus's spread. Furthermore, travel, employment, and industry constraints caused by the coronavirus are predicted to eliminate billions of barrels of oil, trillions of cubic metres of gas, and millions of tonnes of coal from the global energy system in 2020 alone. Because biofuels are blended with gasoline or diesel under existing blending laws, their production is expected to be directly influenced by decreased demand for road transportation.
MARKET SEGMENTS:
Based on feedstock, the Gasification Market is segmented into coal, petroleum, natural gas, and biomass/waste.
Based on the application, the market is divided into chemical, liquid fuel, power, and gaseous fuel. The chemical segment is projected to lead the global market in 2020.
Geographically, the global market has been analyzed across five key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
This Report Answers the Following Questions:
- What are the Gasification Market growth drivers, hindrances, and dynamics?
- Which companies would lead the market by generating the largest revenue?
- How will the companies surge the processes adoption amid the COVID-19 pandemic?
- Which region and segment would dominate the Gasification Market in the coming years?
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DRIVING FACTOR:
Rising Clean Energy Demand to Bolster Growth
The development of environmental protection rules around the world encourages the power generation industry to use cleaner, more environmentally friendly energy resources. Globally, major economies are focusing on expanding renewable energy capacities in order to minimize their reliance on conventional power generation, which requires fossil fuels. As a result, investment in anaerobic digestion plants is steadily expanding. Such plants can assist the world in both waste management and producing the energy and products required to power economic growth. In addition, the technique represents substantial advancements over incineration. It avoids combustion by converting carbon-based materials directly into a synthetic gas, or syngas, in a closed reactor with little or no oxygen or air. As a result, rising demand for renewable energy is likely to propel the global gasification market growth.
Increasing Coal Production to Foster Growth in Asia Pacific
Asia Pacific is expected to lead the gasification market share during the forecast period. The region stood at USD 177.91 billion. The market growth may be ascribed to various factors, including rising energy consumption, considerable coal reserves, and increased demand for clean energy technology. China, India, and Japan are the other key revenue contributors to the Asia Pacific industry. Furthermore, according to the BP Statistical Review 2019, Asia Pacific coal production in 2019 was 2,853.1 million tonnes of oil equivalent. In 2018, the region accounted for almost 73 percent of world coal production.
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COMPETITIVE LANDSCAPE:
Expansion Strategies of Major Companies to Consolidate Industry
The global Gasification Market is extremely fragmented, with several large-scale competitors present. This group consists of 5-6 significant enterprises with a broader geographic footprint. Different market players throughout the world are increasingly investing in organic and inorganic developments to strengthen their worldwide market position. Furthermore, the corporations are increasing their manufacturing capacity by establishing new plants or expanding current ones. For example, on April 19, 2021, EQTEC announced the acquisition and re-commissioning of an Italian waste-to-energy plant. The acquisition allows for the construction of plants based on EQTEC's proprietary, patented technology.
Key Industry Development:
- May 2020: Andritz announced its plan for a biomass thermochemical plant and new handling line from Klabin for their Ortigueira mill in Brazil. The order includes supply of 51MW termochemcial plant, a belt dryer, a burner, biomass handling equipment with auxiliaries. The replacement of the unit with the Andritz gasification plant will help significantly reduce the carbon footprint produced by the mill.
Companies Profiled in the Gasification Market:
- Air Liquide (France)
- Shell (Netherlands)
- Mitsubishi Heavy Industries (Japan)
- ANDRITZ (Austria)
- Thyssenkrupp ag (Germany)
- Synthesis Energy Systems, Inc. (U.S.)
- Larsen & Toubro Limited (India)
- Dakota Gasification Company (U.S.)
- EQTEC plc (Ireland)
- GE (U.S.)
- Air Products (U.S.)
- Sedin Engineering Company Limited (China)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Gasification Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Gasification Market (USD Billion) (MW) Analysis, Insights, and Forecast, 2017-2028
- Key Findings
- Market Analysis, Insights and Forecast – By Feedstock
- Coal
- Petroleum
- Natural Gas
- Biomass/Waste
- Market Analysis, Insights and Forecast – By Application
- Chemical
- Liquid Fuel
- Gaseous Fuel
- Power
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Gasification Market (USD Billion) (MW) Analysis, Insights, and Forecast, 2017-2028
- Key Findings
- Market Analysis, Insights and Forecast – By Feedstock
- Coal
- Petroleum
- Natural Gas
- Biomass/Waste
- Market Analysis, Insights and Forecast – By Application
- Chemical
- Liquid Fuel
- Gaseous Fuel
- Power
- Gasification Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Feedstock
- Coal
- Petroleum
- Natural Gas
- Biomass/Waste
- Canada Gasification Market Analysis, Insights and Forecast – By Feedstock
- Coal
- Petroleum
- Natural Gas
- Biomass/Waste
- U.S. Market Analysis, Insights and Forecast – By Feedstock
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