Biomass Gasification Market Growth Trajectory Through 2024-2033

Spread the love

The Biomass Gasification by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Biomass Gasification Market:

https://www.thebusinessresearchcompany.com/report/biomass-gasification-global-market-report

According to The Business Research Company’s Biomass Gasification, The biomass gasification market size has grown rapidly in recent years. It will grow from $106.28 billion in 2023 to $116.93 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to increasing adoption of renewable energy sources, an increase in government investments and abundant availability of biomass.

The biomass gasification market size is expected to see strong growth in the next few years. It will grow to $169.06 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to rapid depletion of fossil fuels, increasing construction of new gasification plants, government initiatives for research and development and rising greenhouse gas emissions. Major trends in the forecast period include focus on artificial intelligence tools such as machine-earning, developing new products, focus on developing novel gasification technology, mergers and acquisitions, and focus on partnerships and collaborations.

The rapid depletion of fossil fuels is expected to support the growth of the biomass gasification market in the forecast period. Fossil fuels like coal, oil, and gas are made from decomposing plants and animals. These fuels are considered nonrenewable and contain carbon and hydrogen, which can be burned for energy. To counter the consumption of fossil fuels, governments started focusing on the use of renewable energy sources such as biomass which can lead to the growth of biomass gasification to generate power and biofuels. For example, according to the Millennium Alliance for Humanity and the Biosphere, a US-based Alliance of individuals and organizations concerned about the existential threats to civilization, oil will end by 2052, gas will end by 2060, and coal will last till 2090. Thus, the rapid depletion of fossil fuels will promote the growth of the market.

Get A Free Sample Of The Report (Includes Graphs And Tables):

https://www.thebusinessresearchcompany.com/sample.aspx?id=7119&type=smp

The biomass gasification market covered in this report is segmented –

1) By Gasifier Type: Moving/Fixed Bed, Fluidized Bed, Entrained And Other Gasifier Types

2) By Source: Solid Biomass, Biogas, Municipal Waste, Liquid Biomass

3) By Application: Chemicals, Liquid Fuels, Power, Gas Fuels

Artificial intelligence technology is gaining popularity in the biomass gasification market. Most of the models used to understand the conversion of biomass into fuels and chemicals take a long time to become operational. Artificial intelligence tools such as machine-earning can hasten the modeling processes. For instance, in February 2022, the Indian Institute of Technology Madras, an India-based public technical university’s team used the machine-learning method called recurrent neural networks to study the reactions that occur during the conversion of biomass into energy-dense syngas (gasification of biomass). The novel machine-learning approach was able to predict the composition of the biofuel produced as a function of the time the biomass spends in the reactor.

The biomass gasification market report table of contents includes: