The Global Coal Gasification Market is projected to grow from USD 7.40 billion in 2023 to reach a valuation of USD 19.36 billion in 2029 and grow with a CAGR of 21.23% during the foreseen period 2024-2029.
Market Trends:
The global coal gasification market is predicted to witness expansion over the foreseen period. The growing call for clean and more efficient energy generation technology in industries as well as household applications is likely to fuel the market expansion.
Market Drivers:
The main market drivers in the worldwide coal gasification market are the escalated use of UCG and the flexibility of feedstock. Since a variety of feedstocks, such as petroleum coke, biomass, coal, and natural gas, can be employed for synthesis gas production, dependence on a particular feedstock decreases. Also, the latest gasifiers available on the market are highly advanced and have the ability to handle multiple feedstocks. The factor that could limit the expansion of the global coal gasification market is the increase in the cost of installing power plants. This technology anticipates a lower capital requirement and a reduction in the cost of plant installation are some of the main factors that are likely to encourage the expansion of the worldwide market for underground coal gasification in the coming years. Additionally, strict environmental obligations and a reduced need for road and rail infrastructure are predicted to accelerate market expansion in the near future. Also, the growing awareness of the benefits of these technologies is predicted to complement the market expansion in the coming years, being 35% more expensive than traditional coal technology. Another important factor, dominant over traditional combustion technology, is that biodegradable materials are raw materials for the process. The process is commonly employed in power generation industries. Furthermore, the escalating adoption of electric motor systems among end-user industries has escalated the call for energy in the industrial sector.
Market Restraints:
On the other hand, the negative impact of underground coal gasification on the environment, which is mainly due to drilling activities, is believed to slow the expansion of the worldwide market for coal gasification.
Market Opportunities:
However, the growing number of coal deposits in several developing economies is predicted to provide promising opportunities for the major players in the global coal gasification market in the coming years. The escalating call for energy around the world is predicted to have a positive impact on the expansion of the worldwide coal gasification market.
Market Challenges:
A strong call for oil from the petrochemical sector is predicted to hamper the expansion in the size of the global coal gasification market.
Market Recent Developments:
State-owned Coal India (CIL) plans to establish a coal gasification project with an estimated investment of Rs 5.8 billion in the Dankuni coal complex in West Bengal. The project, which is currently in the planning stage, will convert 1.5 million tonnes (MT) of fuel into other products and reduce emissions.
In a major reform effort, Prime Minister Narendra Modi launched the auction of 41 coal mines for commercial mining. Last seven decades of political restrictions aimed at boosting economic expansion, the auction formalizes the Cabinet Committee on Economic Affairs (CCEA) decision to allocate blocks of coal and lignite on the basis of revenue sharing.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
21.23% |
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Segments Covered |
By Application, Process Type, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
General Electric Company, Royal Dutch Shell Plc, Mitsubishi Heavy Industries, Ltd., Sedin Engineering, McDermott International, Inc., KBR, Inc., Oil and Natural Gas Corporation Ltd., ThyssenKrupp AG, and Petrochemical Corporation of Singapore (Private) Limited, and Others |
Market Segmentation:
The fertilizer segment is predicted to hold the largest market share during the foreseen period. In 2019, this segment had more than 40% of the market share by volume.
The moving bed segment is anticipated to hold the major market share during the outlook period.
Market Regional Analysis:
The Coal Gasification Report includes the segmentation of Regions with their respective Countries.
North America is predicted to represent a key share of the worldwide market and is predicted to dominate in the coming years. A significant contribution from the United States is likely to complement expansion in this area during the foreseen period. Also, Asia-Pacific is predicted to see a strong expansion in the coming years, thanks to strong development in various industries. In this region, India, Australia, and China are seen as key markets driving the expansion of the coal gasification market in Asia-Pacific. Also, the untapped markets in this region are predicted to create lucrative opportunities for the major market players. The research study has highlighted the key factors that are predicted to spur market expansion in the near future.
In 2019, the largest market share was held by the Asia Pacific region, followed by Latin America. The coal gasification market in the Asia-Pacific region is predicted to present lucrative opportunities, due to a large number of gasification activities in the syngas and chemical industries in China, Japan, and India. The Asia Pacific is supposed to be the largest market for coal gasification over the next five years due to the impressive expansion of end-use industries ranging from energy to chemicals. China, India, and Australia are key markets for coal gasification projects. China is the largest producer and consumer of coal-based energy. It consumes almost half of the total coal production to satisfy its energy call. China has conducted 17 UCG trials since 1991 to verify the economic viability of UCG.
Market Key Players:
The major players involved in the global Coal Gasification Market include
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