LONDON--(BUSINESS WIRE)--The global coal gasification market is expected to post a CAGR of nearly 24% during the period 2019-2023, according to the latest market research report by Technavio.
Underground coal gasification eliminates the need for various activities such as coal stockpiling, coal washing, and waste handling and disposal. This results in significant cost savings along with the technique being environmentally friendly. Thus, the economic and environmental benefits associated with the adoption of coal gasification technology are driving the growth of the market.
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As per Technavio, the rise in the adoption of clean energy technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Coal Gasification Market: Rise in the Adoption of Clean Energy Technologies
Growing concerns over CO2 emissions, particularly from coal-fired power generation has compelled governments across the world to encourage the adoption of clean energy sources such as coal gasification. In addition, the growing need for decarbonization of the transportation and chemical sectors are driving the demand for clean energy technologies. Therefore, such factors are expected to boost the growth of the global coal gasification market during the forecast period.
“Apart from the rise in the adoption of clean energy technologies, rise in global coal production and rising collaborations in the coal gasification market are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Coal Gasification Market: Segmentation Analysis
This market report segments the global coal gasification market by application (chemicals, fuels, and power) and geography (APAC, EMEA, and the Americas).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to factors such as the growing need for energy, presence of significant coal reserves, and rising demand for clean energy technologies in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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