The latest report by IMARC, titled “Biomass Gasification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global biomass gasification market size reached US$ 111.9 Billion in 2022. Biomass gasification is a procedure that converts organic material, such as agricultural waste, forestry residues, or municipal solid waste, into a gaseous fuel known as synthesis gas or syngas. The process involves heating the biomass feedstock in a low-oxygen environment to produce a mixture of hydrogen, carbon monoxide, and carbon dioxide. The syngas can then be used as a fuel for power generation, heating, or as a feedstock to produce chemicals and fuels. Biomass gasification has various advantages over traditional biomass combustion, including higher energy efficiency and lower emissions of greenhouse gases and pollutants. This process can also help reduce waste disposal problems and promote sustainable agriculture and forestry practices. In recent years, biomass gasification has gained traction as it is a promising technology that can contribute to the development of a more sustainable and low-carbon energy system.
Global Biomass Gasification Market Trends:
One of the primary factors driving the market is the increasing demand for renewable energy sources in confluence with the need to minimize greenhouse gas emissions. As a result, governments and industries seek to reduce their dependence on fossil fuels and promote a more sustainable energy mix like biomass, thus positively influencing the market growth. Besides this, biomass gasification offers a way to convert organic waste into usable fuel, thus reducing the need for traditional fossil fuels. Furthermore, converting biomass into a gaseous fuel can help reduce the amount of carbon dioxide and other greenhouse gases released into the atmosphere, compared to traditional biomass combustion, which is propelling the market growth. Moreover, there has been a growing interest in sustainable waste management practices, including the use of biomass gasification to convert organic waste into useful products, which can help reduce waste disposal problems while providing a source of renewable energy. Looking forward, IMARC Group expects the market value to reach US$ 162.1 Billion by 2028, expanding at a CAGR of 6.31% during the forecast period (2023-2028).
- On the basis of the source, the market has been divided into solid biomass, biogas, municipal waste, and liquid biomass. Currently, solid biomass dominates the market.
- Region-wise, the market has been classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Presently, Europe holds the leading position in the market.
- The competitive landscape of the market has also been analyzed, along with the detailed profiles of the key players operating in the industry.
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