Gasification Market Size Worth $758.45 Billion By 2032 | CAGR: 5.50%

Gasification Market Size Worth $758.45 Billion By 2032 | CAGR: 5.50%

The global gasification market size is expected to reach USD 758.45 billion by 2032, according to a new study by Polaris Market Research. The report “Gasification Market Share, Size, Trends, Industry Analysis Report, By Feedstock Type (Biomass, Coal, Natural Gases, and Petroleum); By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides an analysis of future market growth.

The market is anticipated to increase as a result of rising demand for energy generation technology that is both cleaner and more effective for industrial and domestic uses. When using other technologies to generate energy, energy is lost during combustion. Gasification, on the other hand, is a more efficient method of producing sustainable energy. Another significant factor driving the expansion of the gasification sector is the gas's ability to provide more energy than fossil fuels when burned directly.

With the help of this gas, methanol and hydrogen can be produced, as well as synthetic gas, which is utilized in fuel cells and internal combustion engines. In September 2021, the Indian government states that all around the world, methanol is used as a clean energy source, a ship engine fuel, and a motor fuel. Di-methyl ether (DME), a fuel that is produced from methanol and is remarkably similar to diesel, can be used in place of diesel by making just minor modifications to current diesel engines. Natural gas is the primary source of methanol production worldwide, and it is a reasonably simple process.

With assistance from the NITI Aayog, the BHEL R&D center at the Hyderabad working ion the ash coal gasification in 2016 to produce 0.25 tonnes of methanol/day. The Department of Science and Technology provided a grant of INR 10 crore to the project. BHEL also successfully demonstrated a plant to produce 0.25 TPD of methanol from relatively high Indian coal using a 1.2 TPD bed gasifier after 4 years of arduous effort. Between 98 and 99.5 per cent of the crude form of methanol generated is pure methanol.  Due to India's limited natural gas supplies, manufacturing methanol from imported natural gas results in a loss of foreign currency and is occasionally un-profitable because of high natural gas costs. Therefore, gasification technology adoption is increased to produce natural gas and energy naturally.

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Additionally, the major government and non-government players in the market are adopting this technology to establish gasifier plants for energy generation is another factor driving the growth of the market, For instance, in August 2022, Only Haryana erected biomass gasifier facilities in area, and they have a 6,463 kWeq (kilowatt equivalent) capability to generate electricity from biomass and grain. The list of 19 states that have erected or are working to develop biomass gasifier facilities does not include Punjab, even though it produces close to 20 million tonnes (MT) of paddy residue annually. Annual paddy straw production in Haryana is close to 7.5 MT. Thus, the rising demand for energy which has increased the gasification technology adoption is driving the market growth.

Gasification Market Report Highlights

  • The natural gases segment is anticipated to grow at a highest rate over the forecast period due to the growing acceptance of clean and green energy sources in both developed and developing nations
  • The Biomass is dominating the global market. Globally, the use of biomass power generation is expanding to satisfy governmental goals for a secure, affordable, and stable energy supply
  • Asia Pacific is growing with a fastest CAGR over the forecast period because of its highly developed healthcare system, and rising urbanization and industrialization in developing nations will increase demand for gasification.
  • The global players include Air Liquide, ANDRTZ Corporation, Air Products Company, Dakota Gasification,  EQTEC.,  GE Corporation, Larson&Turbo Limited,  Mitsubishi Heavy Industries, Shell Industries, Synthesis Energy System,  and Sedin Engineering.

Polaris Market Research has segmented the Gasification Market report based on feedstock type, application, and region:

Gasification Market, Feedstock Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Biomass
  • Coal
  • Natural Gases
  • Petroleum

Gasification Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Chemical
  • Gas Fuel
  • Power
  • Liquid Fuels

     Gasification Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa