Global Coal Gasification Market 2019-2023
About this market
The growth of the global economy has significantly increased energy demand. The demand is driven by countries such as the US and other emerging economies such as China and India. The proliferation of electronically connected devices, digitization across countries, and the electrification of transportation and the heating sector are some of the factors that are being responsible in increasing the demand for energy. The growth in the disposable income of the urban population has led to an increase in the demand for energy services such as air conditioning. Also, the increased adoption of electric motor systems among end-user industries has increased the demand for energy in the industrial sector. The growing demand for energy across the world is expected to positively impact the growth of the global coal gasification market size at a CAGR of over 24% during 2019-2023.
Economic benefits of coal gasification
Coal gasification uses low-cost feedstocks to produce high-value, clean energy products. Coal gasification has a lesser environmental impact and reduces the costs associated with disposal as it harnesses the full potential of feedstocks. Moreover, underground coal gasification eliminates the need for mining as it converts coal into useful gases in-situ.
Competition from alternative sources
The increased focus toward clean energy has led to a significant rise in the demand for renewable sources of energy. Additionally, the strong demand for oil from the petrochemicals sector is expected to hinder the growth of the global coal gasification market size.
For the detailed list of factors that will drive and challenge the growth of the coal gasification market size during 2019-2023, view our report.
The market appears to be fragmented with many players occupying the market share. Companies such as Air Products and Chemicals Inc. and KBR Inc. have intensified the competition. Factors such as the rise in global energy demand and the economic benefits of coal gasification will provide significant growth opportunities for coal gasification companies. Air Products and Chemicals Inc., KBR Inc., Mitsubishi Heavy Industries Ltd., Sasol Ltd., and Siemens AG are some of the major companies covered in this report.
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