Gasification Market size is set to grow by USD 116.6 billion from 2024-2028, Rise in global energy demand boost the market, Technavio

NEW YORK, June 24, 2024 /PRNewswire/ — The global gasification market size is estimated to grow by USD 116.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.36%  during the forecast period. Rise in global energy demand is driving market growth, with a trend towards rise in global coal production. However, high operating and maintenance costs  poses a challenge. Key market players include Air Liquide SA, Air Products and Chemicals Inc., Andritz AG, Basin Electric Power Cooperative, CASE GROUP, China National Chemical Engineering Co. Ltd., Chiyoda Corp., EQTEC Plc, General Electric Co., KBR Inc., Larsen and Toubro Ltd., Linde Plc, McDermott International Ltd., Mitsubishi Heavy Industries Ltd., Oil and Natural Gas Corp. Ltd., Shell plc, Siemens AG, Synthesis Energy Systems Inc., ThermoChem Recovery International Inc., and thyssenkrupp AG.

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Market Driver

The global gasification market is anticipated to experience growth due to the increasing coal production worldwide. China, as the largest coal producer, is a significant contributor to this trend. The relaxation of import restrictions in China has stimulated production in countries like Indonesia and the US. Furthermore, Russia and India are also increasing their coal output, aligning with their governments’ goals to reduce coal imports. This rising coal production is expected to positively impact the gasification market during the forecast period. 

The Gasification market is experiencing significant growth, driven by the increasing demand for sustainable energy solutions. Fuel and feedstocks, such as biomass and coal, are commonly used in gasification processes. These processes convert organic materials into synthetic gas, which can be utilized for power generation and industrial applications. The use of Chemicals and chemicals in the process is crucial for efficient gasification. Power and thermochemical processes are trending in the industry, with an emphasis on reducing greenhouse gas emissions. Carbon monoxide and hydrogen are key components of synthetic gas, making gasification an attractive option for decarbonization efforts. The market is expected to continue growing, with an increasing focus on improving efficiency and reducing costs. 

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Market Challenges

The gasification market faces challenges due to the high costs associated with waste-to-energy methods like incineration and landfilling. Incineration plants require substantial investments and ongoing expenses, which can be influenced by factors such as plant size, local infrastructure, design, energy utilization, and waste disposal. Landfilling costs also vary based on location. These expenses may hinder the adoption of efficient gasification processes and limit market growth during the forecast period.The gasification market faces several challenges in the combustion industry. Technological difficulties in achieving high efficiency and low emissions remain a concern. Carbon monoxide and dioxide production are significant issues that need to be addressed. The use of catalysts and proper temperature control is essential to minimize these gases. The cost of implementing and maintaining gasification systems is also a challenge for many businesses. Additionally, the availability and cost of feedstocks can impact the profitability of gasification projects. Proper planning and careful consideration of these factors are crucial for success in the gasification market.

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Segment Overview 

This gasification market report extensively covers market segmentation by  

Feedstock 1.1 Coal1.2 Biomass/waste1.3 Natural gas1.4 PetroleumApplication 2.1 Chemical2.2 Liquid fuel2.3 Gaseous fuel2.4 PowerGeography 3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America

1.1 Coal-  The International Energy Agency reports a 1.4% increase in global coal demand in 2023, driven by economic growth. Countries aim for net-zero emissions, but coal gasification offers a solution. This technology converts coal into clean chemicals, fuels, power, and blends, reducing environmental impact. Economically, coal gasification is more cost-effective than offshore wind power, making it an attractive clean energy choice, particularly in developing economies.

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Research Analysis

The Gasification Market encompasses various types of gasifiers, including fixed bed, entrained-flow, and fluidized-bed gasifiers. These technologies convert carbonaceous raw materials, such as biomass/waste, coal, and petroleum into Syngas (a mixture of hydrogen, carbon monoxide gas, and other impurities like carbon dioxide and water). The resulting Syngas can be utilized in multiple sectors: Chemical segment for producing fuels like Ammonia and Methanol; Liquid fuel segment for upgrading Syngas into transportation fuels; Power segment for generating electricity; and Gaseous fuel segment for direct use as fuel. The Gasification Market is significantly influenced by industrialization and urbanization trends, with increasing demand for cleaner and more efficient energy sources. According to the BP Statistical Review, the global gas consumption for power generation and industrial processes has been growing steadily, with natural gas and coal being the primary feedstocks. The Gasification Market is expected to continue expanding due to the increasing focus on thermochemical conversion processes for producing Hydrogen as a low-carbon fuel.

Market Research Overview

The Gasification market refers to the global industry dedicated to the conversion of organic materials into synthetic gas through the process of gasification. This process involves the partial oxidation of carbon-containing materials in the absence of oxygen, resulting in a synthetic gas called synthesis gas or producer gas. The generated gas can be further processed to produce hydrogen, methanol, or other chemicals. The Gasification market is driven by the increasing demand for cleaner and more efficient energy sources, as well as the growing focus on reducing greenhouse gas emissions. The market is segmented based on feedstock type, technology type, and application. Feedstocks include biomass, coal, and natural gas, while technologies include fixed bed, fluidized bed, and entrained flow. Applications include power generation, chemical production, and industrial processes. The Gasification market is expected to grow significantly in the coming years due to its ability to provide a sustainable and versatile energy solution.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

FeedstockCoalBiomass/wasteNatural GasPetroleumApplicationChemicalLiquid FuelGaseous FuelPowerGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio