According to the latest report by IMARC Group, titled “Biomass Gasification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global biomass gasification market size reached US$ 111.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 162.1 Billion by 2028, exhibiting a growth rate (CAGR) of 6.31% during 2023-2028.
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Biomass gasification represents a technological pathway that uses a controlled procedure to transform biomass into carbon monoxide (CO) and hydrogen by utilizing oxygen, heat, carbon dioxide (CO2), steam, etc. The energy released through the procedure can be used for preparing food, generating electricity, heating, transportation, etc. As compared to traditional gas-powered systems, these gasifiers provide an optimum decentralized energy source at a low price. The integration of biomass gasification with gas turbines and steam provides an efficient, clean, modern, etc. In line with this, it is eco-friendly in nature, cost-effective, and an optimum decentralized energy source.
Biomass Gasification Market Trends:
The depleting fossil fuels, and the growing rural electrification rate are propelling the demand for decentralized electricity generation, which is primarily augmenting the biomass gasification market. Furthermore, the inflating popularity of these systems in waste processing as a substitute for conventional techniques, including incineration and landfill, is positively influencing the global market. Apart from this, the increasing investments by key market players and government bodies across countries in the development of advanced technologies are acting as significant growth-inducing factors. Moreover, an enhanced focus on sustainable development and the widespread adoption of biomass gasification as an alternative to coal-based power generation are also bolstering the market growth. Besides this, they aid in the conversion of waste plastics and municipal solid waste (MSW) into clean synthesis gas, which is further catalyzing the market growth. Additionally, the rising levels of industrialization and extensive R&D activities are expected to fuel the biomass gasification market in the coming years.
Biomass Gasification Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the global biomass gasification market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
Breakup by Source:
- Solid Biomass
- Municipal Waste
- Liquid Biomass
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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