Biogas Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Biogas Market grew at a CAGR of 5.9% between 2017-2021 and is estimated to be US$ 57,421.8 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.4% and is expected to reach a valuation of US$ 1,06,780.8 Mn by 2032 end.
Improved government policies are expected to drive increased production and consumption of Biogas. These policies will include increasing transportation fuel use targets for renewable fuels, promoting the distribution of renewable energy sources, and providing incentives for using clean and renewable energy sources.
RISING DEMAND FOR ELECTRICITY WILL DRIVE THE MARKET FOR BIOGAS
As the electricity demand continues to grow in the global market, the development and growth of the biogas industry are also creating huge opportunities. According to the IEA, the electricity demand has grown in industrial and commercial areas for a decade. Moreover, the market and need for electricity have increased over time due to rising urbanization. As a result, the growing electricity demand is driving the growth and development of the biogas market.
HIGH INVESTMENT COSTS HAMPER THE MARKET GROWTH OF BIOGAS
The biogas plants are robust, reliable, and highly effective. The biogas plants require huge amounts of land, capital investments, and other resources. The costs of machines, equipment, and materials add to the high manufacturing cost. Similarly, the labor force is also required to carry out tasks in generating Biogas from waste material. Moreover, storage of waste also requires a huge place for storing them. Thus, high capital investments for biogas plants restrict biogas market growth over the projected period.
EXPANDING GOVERNMENT PROGRAMMES WILL CREATE OPPORTUNITIES FOR NEW PLAYERS
In the upcoming years, there are expected to be many opportunities for adopting Biogas systems due to the worldwide increase in rural electrification projects.
The global biogas market is gradually increasing in demand and awareness. The government of developed and underdeveloped regions has started taking action to grow this industry. Governments across the globe are striving to save the environment by implementing clear guidelines and policies. As a result, increasing initiatives by the government are creating lucrative opportunities to expand the global biogas market.
Market Segments Covered in Report
By Region and Country:
Why are municipal source segments projected to ensure the most revenue during the forecast period?
At 42.0% of the market, a municipal source had the greatest revenue share due to the Waste to Energy program on municipal waste management for using Biogas in domestic, industrial, and commercial applications. The main goal of this initiative is to offer renewable fuel by transforming municipal waste into gas that has the potential to contribute significantly towards reducing the environmental burden from conventional fossil burning.
Why is Electricity Generation expected to dominate the market during the forecast period?
Global electricity generation is expected to witness a year-on-year growth rate of 9%. The world saw a constant increase in global electricity generation due to increasing energy demand from ever-increasing population levels, industrialization, and urbanization.
Biogas is a vital source of electricity generation in the power sector, thereby contributing to the clean energy transition. The age of electricity from Biogas is an established technology extensively implemented worldwide. CHP engines are often used for electricity generation and heat recovery.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The global biogas market is expected to be driven by increasing demand for the energy segment among newer and developing economies, increasing implementation of various government policies to promote renewable energy sources and major players in the renewable energy sector investment in improved facilities and advancements.
These actions have enabled market participants to increase their clientele and revenue. With the increasing demand for biogas in the worldwide industry, market players in the Biogas Market can anticipate attractive growth prospects in the future.
Some of the key developments that have taken place in the Biogas Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Source, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 6.4%.
With the growing demand for renewable energy sources to achieve sustainability and the increasing adoption of Biogas as vehicle fuel, biogas batteries are expected to play a significant role in the global market.
Major global Biogas Market players are Air Liquide, Wartsila, EnviTech Biogas AG, Asia Biogas, SCANDINAVIAN BIOGAS FUELS INTERNATIONAL AB, Schmack Biogas GmbH, Swedish Biogas International AB, PlanET Biogas Global GmbH, S. P. Renewable Energy Source Pvt. Ltd, Agrinz Technologies GmbH, Greenlane Biogas.
Market growth is constrained by the high capital investment needed to deploy Biogas systems. Implementation of Biogas is met with increased capital investment for purchasing and installing biodigester.
The Europe region is expected to account for the largest market revenue share in the Global Biogas market.
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