EXTENSIVE INDUSTRIAL DEVELOPMENT UPSWINGS THE GLOBAL SYNGAS MARKET AT 9.52% OF CAGR DURING 2017-2026
“According to a new market research report published by Inkwood Research, The Syngas market is expected to develop from $ 133270 MW in 2016 to $ 330273 MW by 2026, at a CAGR of 9.52% throughout the forecasting years 2017 and 2026.”
“Browse 10 market data Tables and 39 Figures spread through 131 Pages and in-depth TOC on “syngas Market Forecast 2017-2026.”
Flexibility in the feedstock, use of gasification techniques and rising demand for electricity, fuel, and agricultural products are the key factors responsible for the growth of the Syngas Market across the globe.
Biomass/ waste is the fastest growing feedstock segment
The gasification of biomass is a thermal procedure that results in a high volume of gaseous products and small quantities of ash and char. The environment-friendly and carbon-neutral nature of biomass as feedstock is aiding the growth of the market. It can also be used in combination with other feedstock such as coal and natural gas. The co-firing technique will provide fuel flexibility and will boost the market growth. In the process of conversion of biomass to Syngas, Optimal drying is necessary because of higher moisture content, as the energy produced by the material is low. The moisture content has to range from 10% to 13% before the gasification process. These technical complexities could affect the growth of this segment.
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The Asia Pacific dominates the market by holding the highest market share
APAC syngas market is expected to grow from 40023 MW in 2016 to 96559 MW by 2026 at a CAGR of 9.21% throughout the forecast period 2017-2026. The production of syngas in APAC is expected to upsurge mainly due to increasing number of upcoming and operating production plants in the region. China, Mongolia, India, and South Korea are countries that have the increased number of installations in the region. China holds the largest market share in Asia Pacific region and is expected to rise at a CAGR of 8.33% throughout the forecast period 2017-2026. India, Japan, Taiwan, and Singapore have also been increasing their syngas production. For instance, Reliance Jamnagar refinery in India is undertaking a project that will gasify petcoke to produce electricity, SNG, hydrogen, and chemicals. This region accounts for a significant share of the total syngas plants that have been planned for construction during the forecast period.
The major market players in the global Syngas market are Agrium Inc., Dakota Gasification Company, General Electric Company, Royal Dutch Shell Plc, and Sasol Limited.
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