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South Korea Biomass Gasification Market
The biomass gasification market in South Korea is expanding as the country seeks to enhance its renewable energy capabilities and reduce greenhouse gas emissions. Biomass gasification technology in South Korea converts organic materials into clean energy, supporting the country's energy diversification goals. The South Korean government has been actively promoting renewable energy projects, including biomass gasification, through various policies and incentives.
South Korea's limited biomass feedstock resources pose a challenge, but advancements in technology and increasing investment in research and development are helping to address these issues. The market's growth is driven by the need for sustainable energy solutions and the country's commitment to reducing reliance on fossil fuels. South Korea's biomass gasification market presents opportunities for innovation and investment, particularly in developing efficient technologies and expanding feedstock sources.
Biomass is obtained from organic matter such as animal waste or plant waste. It is transformed into a combustible gas mixture through the biomass gasification process. The energy released in this process is used for electricity generation, cooking, transportation, and heating. Biomass is an effective alternative to coal-based power generation.
Biomass gasification is used for converting biomass into hydrogen and carbon monoxide with the help of oxygen, heat, carbon dioxide, and steam. The gasification starts with devolatilization, followed by combustion and reduction.
During the COVID-19 period, the Biomass Gasification Market faced a challenging situation.
In 2020, various restrictions were imposed, such as shutdown, social distancing, lockdown, and other restrictions, which affected the market’s growth. The market lost its investors, and projects were kept pending and delayed due to the lockdown. Moreover, it also faced productivity issues, decreased sales, transportation problems, lack of workforce, etc. Therefore, the pandemic has disrupted the supply chain of the Biomass Gasification Market.
The major factors driving the Biomass Gasification Market are an increased rate of greenhouse gas emissions, environmental concerns, and higher adoption of environment-friendly energy sources. Hence, the global market will acquire a higher growth rate during the research period.
The Biomass Gasification Market will obtain a significant value and a CAGR of 8.50% in the forecast period by 2030.
Key Players:
- ThyssenKrupp AG
- Siemens
- Mitsubishi Heavy Industries Ltd
- Sedin Engineering Company Limited
- Cb&l
- General Electric, Kbrinc
- Air Liquide
- Synthesis Energy Systems Inc.
- Royal Dutch Shell Plc, and others
Market Segments
The Biomass Gasification Market is segmented into major applications and fuel types.
The application segment consists of power and gas fuels, chemicals, and liquid fuels. The power & gas fuel segments will obtain a higher market size due to the higher demand for power and gas fuel worldwide.
The fuel type segment of the market is comprised of animal waste, wood, and others. All these fuel types will enhance the market performance in the forecast period. The fuel type segment will witness a higher growth rate by acquiring the largest size of the market.
Regional Analysis
Based on the regional growth analysis, the Biomass Gasification Market is showing remarkable growth in the topmost regions across the world. The prominent regions covered are Asia Pacific regions, Latin America, North America, the Middle East, and Africa.
The European Union has noticed the highest growth rate in the past years. Further, in the future forecast period, the market is estimated to acquire a higher share value in the forecast period. The increased demand for biomass in major parts of the European region is driving the regional market.
The Asia-Pacific regional market will display moderate growth in the forecast period due to higher electrification in the rural regions in emerging countries such as India and China.
Industry News
In August 2021, Mitsubishi Power, a market player, participated in a research study to develop a commercial supply chain for sustainable fuel production for the aviation sector from wood biomass gasification and the integration with FT synthesized technology.
Spanner Re GmbH is, a German-based company leading biomass gasification plants manufacturer, revealed its new launch, called the combined heat and power plant or new wood-based CHP.
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