PUBLISHER: Allied Market Research | PRODUCT CODE: 1344263
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344263
According to a new report published by Allied Market Research, titled, "Global Gasification Market," The global gasification market was valued at $472.20 billion in 2022, and is estimated to reach $836.6 billion by 2032, growing at a CAGR of 5.7% from 2023 to 2032. Gasification is a process that converts carbonaceous materials, such as coal, biomass, or municipal solid waste, into a gaseous fuel called syngas (synthetic gas). It involves heating the feedstock at high temperatures in an oxygen-limited environment, resulting in the partial oxidation of the material. During gasification, the carbonaceous material reacts with a controlled amount of oxygen or steam, producing a mixture of gases composed mainly of carbon monoxide (CO), hydrogen (H2), carbon dioxide (CO2), methane (CH4), and other trace gases. The ratio of oxygen to carbon is carefully regulated to achieve the desired composition of the syngas.
Ongoing R&D activities are driving technological advancements in gasification. Improvements in process efficiency, feedstock flexibility, gas cleaning, and carbon capture technologies are making gasification more economically viable and environmentally sustainable. Advancements in gasification also enable the integration with other renewable energy sources, such as solar and wind, to create hybrid energy systems. Numerous governments are implementing policies, rules, and financial incentives into place to support clean energy technologies and lower greenhouse gas emissions. This assistance includes money for R&D, tax breaks, grants, and subsidies for gasification projects. These government programs create a positive business situation and encourage financial investments in the gasification market.
Gasification technology is complex and requires sophisticated equipment and processes. There are technical challenges involved in effectively handling and converting different feedstocks, ensuring gas quality, managing by-products such as ash and slag, and addressing operational issues like equipment maintenance and reliability. Overcoming these technical challenges can be time-consuming and resource-intensive.
An increasing understanding of sustainability and environmental awareness has led to an increase in interest in gasification as a clean energy replacement. Gasification techniques are being used in production and manufacturing facilities due to increased industrialization and the expanding electrical, chemical, and oil & gas sectors. The demand for biomass gasification in the municipal sector is quickly rising due to the widespread use of gasification for waste disposal and the recycling of complex compost.
The COVID-19 pandemic had significant impact on the market for gasification. The pandemic caused disruptions in project development activities due to lockdowns, travel restrictions, and supply chain disruptions. Construction activities, equipment procurement, and site inspections were delayed or halted, affecting the progress of gasification projects. The pandemic created economic uncertainty, which impacted investment decisions and financing availability for gasification projects.
The key players profiled in this report include: Royal Dutch Shell, Air Liquide, General Electric, Mitsubishi Heavy Industries, SEDIN Engineering Company Limited, Siemens, CB&I, KBR, Thyssenkrupp AG and Synthesis Energy Systems Inc. The market players are continuously striving to achieve an upper hand in this competitive market using strategies such as collaborations and acquisitions.