LONDON--(BUSINESS WIRE)--The global petcoke gasification market is projected to grow to 67.28 gigawatts by 2021, at a CAGR of close to 17% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global petcoke gasification market for 2017-2021. Based on application, the market is divided into power generation, chemical, and gaseous fuel segments.
|Gasification is a process that converts carbon material, biomass, or municipal waste into another form of energy or products. It converts solid as well as liquid end-products into gas through a chemical reaction. The global rise in crude oil extraction is allowing for increased production of petcoke, which is driving the growth of the global market.|
Technavio’s research study segments the global petcoke gasification market into the following regions:
Petcoke gasification market in APAC
“APAC dominated the global petcoke gasification market by a large margin in 2016, holding over 80% of the overall shares. The region is set to continue its market dominance, due to rising demand from China, India, and Japan,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for oil and gas research.
APAC is an important importer of crude oil and natural gas, which will contribute to the market growth. Also, with the rising fuel requirements in APAC countries, there is a higher dependency on heavy crude oil supplies, which will lead to the production of more petcoke.
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Petcoke gasification market in EMEA
The growth of the petcoke gasification market in EMEA will be driven by the large number of heavy crude refineries in the region. These refineries are mainly based in Germany, Spain, and the UK, where the high processing of heavy crude oil result in a proportionally high production of petcoke.
The IGCC power plants also use petcoke gasification for the production of syngas, which is later used to produce steam through steam turbines from which electricity is generated. The future demand for energy, petrochemicals, and the need to adhere to government regulations will propel the demand for the petcoke gasification market.
Petcoke gasification market in the Americas
“The Americas is projected to be the fastest growing segment of the petcoke gasification market, driven by the production and refining of shale gas and tight oil. Also, the need to follow government regulations for petcoke waste disposal will contribute to the growth of the petcoke gasification market in the Americas,” says Thanikachalam.
There are many heavy crude oil refineries in North America, which have a very high heavy crude oil refining capability, which is directly impacting the petcoke market. The US government is also providing loans for the adoption of petcoke power projects, which will further boost the growth of the petcoke gasification market.
The top vendors in the global petcoke gasification market highlighted in the report are:
- Air Liquide
- GE Energy
- Royal Dutch Shell
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