Pune, Aug. 25, 2020 (GLOBE NEWSWIRE) -- The global gasification market size is expected to reach USD 901.51 billion by 2027, exhibiting a CAGR of 8.4% during the forecast period. The rising need for clean energy across the globe will subsequently aid the expansion of the market, states Fortune Business Insights, in a report, titled “Gasification Market Size, Share & COVID-19 Impact Analysis, By Feedstock (Coal, Petroleum, Natural Gas, and Biomass/Waste), By Application (Chemical, Liquid Fuel, Power, and Gaseous Fuel), and Regional Forecast, 2020-2027.” The market size stood at USD 479.13 billion in 2019.
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The coronavirus emergency has created a hassle and distraught for industries and across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The report on the gasification market incorporates:
- Extensive study of this market
- Intuitive data about future developments
- Leading market drivers
- Through analysis of dominant regions
- Insights into the competitive landscape
- Coronavirus impact on the global market
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Coal Industry to Offer Impetus to Market
The growing demand for coal has led to the expansion of the coal industry. The rising utilization of coal in the power generation sector is expected to spur lucrative opportunities for the market. According to the BP Statistical Review, 2019, coal production output rose at a rate of 4.3% y-o-y in 2018, the fastest in the last five years. The growing coal mining activities in the developing nations will contribute positively to the growth of the market. Additionally, the development of coal-based power plants in European countries will have a tremendous impact on the market. Nonetheless, the countless benefits of gasification will further enhance the scope of the market during the forecast period.
Delay in Biofuel Production to Limit Market During Pandemic
The constraint on transportation and production will directly affect the growth of the market. The low production rate will thus curb the supply of trillions of cubic meters of gas, billions of barrels of oil and millions of tons of coal from the global energy system. The lockdown and have narrowed the biofuels extraction activities, which in turn, will hamper the market. The delay in gasification projects around the globe will further diminish market development during the coronavirus pandemic.
Inflated Energy Demand to Boost Market in Asia Pacific
The market in Asia Pacific is expected to dominate the global market during the forecast period. The growth in the region is attributed to the growing energy demand from various countries. The inclination towards clean energy sources is expected to contribute heavily to the growth of the market. The presence of coal reserves in China, India, and Japan are expected to enable speedy expansion for the market. According to the BP Statistical Review 2019, coal production in the Asia Pacific stood at 2,853.1 million tons of oil equivalent in 2019. The growing coal consumption will subsequently promote the growth of the market. North America and Europe are expected to witness a substantial growth rate during the forecast period. The growth in Europe is attributed to well-established biomass gasification plants with a capacity of more than 15,000 MW.
March 2020: EQTEC PLC, a major bioscience energy company based in the United Kingdom announced that it has signed a contract for the engineering design and installation of the first advanced gasification plant in Greece.
List Of Key Companies in the Gasification Market:
- Air Liquide (France)
- Mitsubishi Heavy Industries (Japan)
- ANDRITZ (Austria)
- Thyssenkrupp ag (Germany)
- Synthesis Energy Systems, Inc. (U.S.)
- Larsen & Toubro Limited (India)
- Dakota Gasification Company (U.S.)
- EQTEC plc (Ireland)
- Air Products (U.S.)
- SEDIN ENGINEERING COMPANY LIMITED (China)
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Detailed Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Gasification Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Gasification Market Analysis (USD Billion) (GW), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Feedstock
- Natural Gas
- Market Analysis, Insights and Forecast – By Application
- Liquid Fuel
- Gaseous Fuel
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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