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Advancements in Biomass Gasification: Global Market Landscape 2024
Biomass Gasification Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Infineon Technologies AG, STMicroelectronics N.V, Texas Instruments Inc., Renesas Electronics Corp, NXP Semiconductors N.V, Robert Bosch GmbH, Toshiba Corporation, Micron Technology, Analog Devices Inc., ROHM Co. Ltd., Bharat Electronics Limited, Applied Materials, TSMC India, Solex Energy Limited, Masamb Electronics, Semtronics Micro Systems, Anchor Electricals Pvt Ltd, Havells India Ltd, CG Power and Industrial Solutions Limited (Crompton Greaves), MosChip Semiconductor Technologies, Enkris Semiconductor Inc, Sanan Integrated Circuit, Navitas Semiconductor, Cypress Semiconductor Corp, Advanced Semiconductor Engineering Inc, Will Semiconductor, Zhixin Semiconductor, UNISOC, YTMC, GigaDevice, CR Micro, Saankhya Labs, ASM Technologies, CDIL, Hyundai Electric, Mitsubishi Electric Corporation, Meidensha, Fuji Electric, Nissin Electric, Shihlin Electric, CHEM, Fortune Electric, Silan, GaN Systems, Exagan, UnitySC, Dialog Semiconductor Plc.
Biomass Gasification Market 2024 Key Insights:
• 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%.
• Biomass Gasification Market Set To Thrive Amidst Rapid Depletion Of Fossil Fuels
• Integration Of Artificial Intelligence Accelerates Biomass Gasification Processes
• Western Europe was the largest region in the biomass gasification market in 2023, and it is also expected to be the fastest-growing region in the forecast period
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