Gasification Market is driven by demand for alternative clean energy sources
The gasification market involves the process of converting carbonaceous materials such as coal, petroleum and natural gas into syngas or producer gas through reactions with oxygen and steam at high temperatures. Gasification is considered an eco-friendly process as it helps reduce greenhouse gas emissions and offers an alternative to combustion. Syngas produced from gasification can be utilized for combined heat and power generation, chemical production, hydrogen production and transport fuel production. Gasification also helps improve energy security by enabling the utilization of feedstocks like biomass along with fossil fuels.
The global gasification market is estimated to be worth USD 50-100 million by 2024 and the market is expected to reach USD 50-100 million by 2031, exhibiting a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.Key players operating in the Gasification market are Air Liquide, Thyssenkrupp, Synthesis Energy Systems, TechnipFMC, General Electric, CB&I, Royal Dutch Shell, Mitsubishi Heavy Industries, Sedin Engineering Company and Siemens Energy. These companies offer Gasification Market Growth systems and technologies as well as provide engineering, procurement and construction services for gasification plants globally.
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