Gasification Market – Overview
The global gasification market is expected to expand at a healthy rate from 2021 to 2031 (forecast period). Gasification can not only generate power in an efficient and environmentally responsible manner, but it can also assist the manufacture of a wide range of fertilizers, chemicals, and liquid fuels, among other things. The constant advancement of gasification technology has piqued the attention of many countries, particularly those with large coal reserves, in the transformation of coal to liquid and coal to gas. In 2016, there were around 1,099 gasification projects with approximately 2,866 gasifiers. This number is estimated to grow further during the forecast period.
Factors such as the availability of ample coal deposits, the need for clean energy, the lack of viable alternatives to gasification are projected to boost the global gasification market. Moreover, increasing government participation and a growing preference for environmentally friendly power generation are anticipated to provide growth prospects in the global gasification market during the forecast period.
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Gasification Market – Competitive Landscape
Key players operating the global gasification market are General Electric Company, Royal Dutch Shell PLC, Siemens AG, Chicago Bridge & Iron Company N.V., Air Liquide SA (Lurgi), ThyssenKrupp AG, Mitsubishi Heavy Industries Ltd, Synthesis Energy Systems Inc., KBR Inc., and China Aerospace Science and Technology Corporation (HT-L).
Several players are increasingly investing in organic and inorganic developments to strengthen their position in the marketplace. Furthermore, the companies are increasing their manufacturing capacity by establishing new plants or enlarging current ones. For example, In January 2020, Jindal Steel and Power Ltd (JSPL) began operations at its coal gasification-based direct reduction iron (DRI) facility in Angul district, Odisha.
Gasification Market – Trends and Opportunities
The increase in environmental protection measures around the world is pushing the power generation industry to use cleaner, more environmentally friendly energy resources. Globally, major economies are focusing on expanding renewable energy capacities in order to minimize their reliance on conventional power generation, which necessitates fossil fuels. As a result, investment in anaerobic digestion plants is steadily expanding. Such plants can assist the world in both waste management and producing the energy and products required to power economic growth. In addition, the process represents substantial advancements over incineration. It avoids combustion by converting carbon-based materials straight into a synthetic gas, or syngas, in a closed reactor with little or no oxygen or air. As a result, rising demand for renewable energy is likely to propel the global gasification market.
Moreover, the increased demand for coal has resulted in the rise of the coal industry. The increased use of coal in the power generation sector is likely to create profitable prospects for the gasification market. The coal industry's growth can be traced mostly to an increase in coal use in the power generation sector. The coal industry is particularly booming in developing countries such as India and China. Another element expected to propel the gasification market is a spike in demand for coal from Eastern Europe and the construction of new coal-based power plants in Greece, Poland, and the Balkan region. In 2017, there was also a rebound in the seaborne trade of coal. This pattern continued in 2018, with an overall increase in coal imports. The coal industry is expected to grow due to the rising demand for power and coal in the industrial sector. Therefore, the growth of the coal sector is likely to bolster the global gasification market growth.
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Gasification Market – Regional Landscape
The Asia Pacific gasification market is anticipated to grow due to increased applications in end-use industries. Moreover, rising power demand in rural regions, notably for biomass gasification, is likely to draw market participants in the region's emerging countries such as China, India, and Indonesia.
The gasification market in North America and Europe is expected to expand throughout the forecast period, owing to the increasing demand for renewable energy and the adoption of underground coal gasification (UCG).
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.