With the emergence and long-term Impact of COVID-19, Global Gasification Market to reach USD 735.74 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Gasification Market points towards a potential rise to USD 735.74 Billion by 2030. Gasification is the thermochemical conversion of carbonaceous raw materials into hydrogen and carbon monoxide gas, with minimal carbon dioxide and water. The resulting syngas has diverse uses, including fuel for industries and power generation, as well as a chemical feedstock for making fuels and chemicals.
The gasification market is driven by factors such as global increased demand for power and the expansion of the coal industry. Also, growing environmental awareness and sustainability concerns have contributed to the interest in gasification as a clean energy alternative. Additionally, there is a rising demand for gasification in the municipal sector for waste disposal and recycling purposes. Gasifiers provide a flexible and efficient solution for thermal applications by replacing fossil fuels with syngas in existing gas-fueled machinery.
Geographically, the global Gasification market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 with largest market share owing to surge in energy demand, with a particular emphasis on cleaner and source that is more efficient. This region confronts significant environmental issues resulting from population growth, urbanization, and industrialization.
North America is expected to fastest growing significantly during the forecast period, owing to the increasing demand for cleaner and sustainable energy sources. The region’s abundant coal reserves can be utilized as a feedstock for gasification, allowing for value extraction while minimizing environmental impact. Additionally, there is a strong emphasis on reducing carbon emissions and meeting sustainability goals in North America.
The global Gasification market is highly competitive owing to the presence of several key players such as Novamont S.p.A, Innovia Films, LtdNatureWorks, LLC, Braskem S.A, Ltd., Mondi Group, Taghleef Industries Inc., Clondalkin Group Holdings BV, Sonoco Products Company, Berry Plastics Group Inc., and others.
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Key findings of the study suggest:
- Global Gasification Market is anticipated to grow with a healthy growth rate of more than 5.7% over the forecast period 2023-2030.
- In the Feedstock segment, Coal emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to the surge in energy demand, with a particular emphasis on cleaner and source that is more efficient. This region confronts significant environmental issues resulting from population growth, urbanization, and industrialization.
- North America is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Type:
- Fixed Bed
- Fluidized Bed
- Entrained Flow
By Feedstock:
- Coal
- Petroleum
- Gas
- Petcoke
- Biomass
- Waste
By Feed Type:
- Dry
- Slurry
By Gasifier Medium:
- Air
- Oxygen
- Vapor
By Application:
- Electricity
- Chemicals
- Fertilizers
- Liquid Fuels
- Synthetic Natural Gas
- Hydrogen
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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