WASHINGTON, June 21, 2022 (GLOBE NEWSWIRE) -- Gasification Market is considered as a thermochemical process that converts fossil or organic fuels into small amounts of carbon monoxide and water. The growing concerns of environmental sustainability and stringent regulations of government bodies are expected to drive the Gasification Market in the years to come.
The Global Market revenue stood at a value USD 458.1 Billion in the year 2021.
The Global Gasification Market size is forecasted to reach USD 610.3 Billion by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.9% during the forecast period; states Vantage Market Research, in a report, titled “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)”.
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Clean Energy Increases the Demand to Stimulate Market Growth
As environmental regulations are being strictly followed globally it is accelerating progress towards clean and eco-friendly energy generation. Many countries are expanding renewable capacities to minimize reliance on conventional power generation, which requires fossil fuels. Hence investment in anaerobic digestion plants is increasing consistently. Such plants can help the world manage both its waste and produce the energy and products needed to fuel economic growth. The process also represents significant advances over incineration. Thus, the growing demand for clean energy is expected to drive the global market in the years to come.
Expansion of the Coal Industry to Augment Market Growth
The synthesis of gas production is conducted by a different type of feedstock where the most used resource is coal. The number of coal gratifiers has seen the largest growth in 2017 and 2018 in terms of installations. Furthermore, according to the GSTC database, coal accounts for the majority of planned projects under current conditions, and this trend is expected to continue in 2020 and 2021.
As stated in the 2019 BP Statistical review, the output of coal production increased at 4.3% y-o-y during 2018, recording the fast growth rate in past 5 years. Demand for coal has also increased by 1.4%y-o-y during 2018. The growth of the coal industry is largely due to an increase in coal use in the power generation sector. The coal industry is expanding rapidly in India and other emerging countries where coal takes up a major part of the energy generation mix. Other factors boosting the industry include a rise in coal demand from Eastern Europe and the construction of new coal-fired power facilities in Poland and the Balkan region. Hence, the coal industry is likely to see an increase in demand for power and coal in the industrial sector. Thus, the expansion of the coal industry is expected to augment the growth of the global market in the near future.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Gasification market is predicted to grow at a CAGR of roughly 4.9% during the forecast period.
The Gasification market was estimated to be worth roughly USD 458.1 Billion in 2021 and is expected to reach USD 610.3 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Gasification market.
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Segmentation of the Global Gasification Market:
Moving or Fixed Bed
Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the renewables industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
The report on Gasification Market Highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates, and Forecast
Global and Regional Dynamics
Asia Pacific Dominated the Global Gasification Market
Asia Pacific held the largest market share in 2021. The rise in this region is majorly due to the major manufacturers and key investors for the Gasification Market. Also, factors such as rising demand for energy, presence of significant raw material for production, and availability of cheap labor make this region prominent for the market to flourish during the forecast period. Furthermore, according to statistics given by BP, coal production in this region is accounted to be about 2,853.1 million tons of oil equivalents in 2019.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "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)".
List of Prominent Players in Gasification Market:
HCS Control Systems
General Electric Company
May 2020: Andritz announced its plan for a biomass thermochemical plant and a 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 Market plant will help significantly reduce the carbon footprint produced by the mill.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Gasification Market?
How will the Gasification Market change in the upcoming six years?
Which application and product will take a lion’s share of the Gasification Market?
What is the Gasification market drivers and restrictions?
What will be the CAGR and size of the Gasification Market throughout the forecast period?
This market titled “Gasification Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
Region & Counties Covered
• North America
• Cameron International
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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