Gasification Market Size to grow by USD 116.6 billion between 2024-2028

The Gasification Market is segmented by Feedstock (Coal, Biomass/waste, Natural gas, and Petroleum), Application (Chemical, Liquid fuel, Gaseous fuel, and Power), and Geography (APAC, Europe, North America, Middle East and Africa, and South America). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 116.6 billion, at a CAGR of 4.36% during the forecast period. There are several companies that are contributing to the market as per this report. Rise in global coal production .

By Feedstock, the Coal segment is projected to dominate the market size in 2024

The International Energy Agency (IEA) reports a rebound in global coal demand in 2023, growing by over 1.4%, driven by robust economic expansion leading to heightened industrial output and electricity consumption. Amidst the global push towards net-zero emissions, coal gasification technology emerges as a viable solution. This technology enables the production of clean chemicals, liquid and gaseous fuels, power, and blended products using indigenous carbonaceous feedstocks. By implementing coal gasification, countries can meet their energy security objectives while reducing their environmental footprint and contributing to a more sustainable energy mix.

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By Application, Chemical segment is expected to hold the largest market size for the year 2024

In the contemporary business landscape, chemicals play a pivotal role in various industries, particularly in enhancing the properties of bulk materials such as metals, timber, and synthetic materials like plastics and rubber. These enhancements come in the form of protective coatings like varnishes and decorative coatings like paints. Furthermore, the agricultural sector heavily relies on chemicals in the form of fertilizers and agrochemicals to maintain productivity levels. With the maturity of the fertilizer market in several regions, the declining demand for chemicals in this sector is counterbalanced by the robust growth in the demand for plastics and other chemicals. According to the Sustainable Development Scenario of the International Energy Agency, global direct carbon emissions from the chemicals sector are projected to reach a peak in 2025. Thus, the chemicals market is experiencing significant expansion across multiple sectors, while also facing the challenge of reducing carbon emissions.

Why is APAC forecasted to hold the largest regional market size in 2024?

The gasification market is experiencing significant growth due to increasing demand for cleaner energy solutions. This process converts organic materials into synthetic gas, primarily used as a fuel source. Companies are investing heavily in gasification technology to reduce carbon emissions and improve energy efficiency. The market is projected to expand at a robust CAGR, driven by government initiatives and the rising need for sustainable energy solutions.

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Research Analysis Overview

The global Gasification market is witnessing significant growth due to the increasing demand for alternative fuels and the need to reduce carbon emissions. Gasification is a thermochemical conversion process that converts carbonaceous raw materials, such as coal, biomass, natural gas, and petroleum, into Syngas (a mixture of carbon monoxide gas, hydrogen, and other gases). The market for gasification is segmented into three major categories: gaseous fuel segment, power segment, and liquid fuel segment. The gaseous fuel segment is further divided into syngas for industrial use and syngas for transportation. The power segment includes the production of electricity from syngas, while the liquid fuel segment includes the production of methanol, ammonia, and other chemicals from syngas. The increasing urbanization and industrialization have led to a surge in demand for electricity, driving the power segment of the market. The chemical segment is also expected to grow due to the rising demand for chemicals such as methanol and ammonia. The use of biomass and waste as raw materials is gaining popularity due to the environmental benefits of gasification. The market is witnessing the adoption of various types of gasifiers, including fluidized-bed gasifiers, entrained-flow gasifiers, and fixed bed gasifiers. According to the BP Statistical Review, the coal industry is the largest contributor to the global gasification market. However, the use of natural gas and petroleum is also increasing due to their ease of use and higher energy density. The market is also witnessing the growth of anaerobic digestion plants for the production of syngas from biomass. The production of carbon dioxide and water as by-products of the gasification process is also a significant concern, and efforts are being made to reduce these emissions. In conclusion, the global Gasification market is expected to grow significantly in the coming years due to the increasing demand for alternative fuels, the need to reduce carbon emissions, and the growing adoption of gasification technology in various industries.

Market Research Overview

The industrial machinery and supplies and components market, a significant segment of the larger industrial machinery industry, encompasses businesses specializing in the manufacturing of industrial machinery, presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by these manufacturers supplying equipment for industrial applications. Key growth drivers for this market include expanding industrial production in process and discrete industries, fueled by increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages, primarily in developing countries. - The Gasification Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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