ALBANY, N.Y., Oct. 26, 2020 /PRNewswire/ -- Rising demand for clean energy fuels has spurred the strides in the biogas market. The governments have played an active role in the evolution of the market. Policies and regulations that promote low-carbon economy are the huge undercurrent for the technological advances in the biogas market.
Globally, the biogas market is expected to reach worth of 51,581.99 kilo tons of oil equivalent (KTOE) by the end of 2027, clocking CAGR of 6.62% during 2019 – 2027.
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Some of the key applications of biogas are in space heating, powering vehicles, cooking, and production of heat and electricity. TMR analysts assert that biogas production technologies are likely to keep pace bolstering the adoption rate of biogas as renewable energy source.
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Key Findings of Biogas Market Report
- In 2018, the global valuation of the biogas market was pegged at 28,989.86 kilo tons of oil equivalent (KTOE)
- Of the various key applications, electricity and heath accounted for sizable share in the market
- The aforementioned segment is forecast to rise at promising growth rate during the forecast period
- Europe and North America expected to present sizable revenues to the global market during the 2019 – 2027
- Asia Pacific is expected to be next source of massive investments
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Biogas Market: Key Driving Factors and Promising Avenues
- Worldwide, there is a significant shift toward increasing the share of renewable energy in the overall energy mix. The trend has spurred the evolution of the biogas market.
- Stringent implementation of regulations pertaining to reduction of carbon footprints of various industries has also boosted the adoption of biogas as a renewable source.
- Demand for alternative energy source in the transportation sector has boosted the prospects of biogas. The demand has gathered strength on the back of focus of governments to reduce the dependence on fossil fuels.
- Expected influx of natural gas vehicles in developed parts of the world is expected to boost the biogas market.
- Energy security concerns have been attracted attention of international policies. These are expected to favorably impact the evolution of the demand in the biogas market.
- Advances being made in biogas production technologies are unlocking new prospects in the biogas market.
- Efforts made by non-profit organizations and federal governments in promoting renewable fuels in various applications have also spurred the revenue potential.
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Biogas Market: Competitive Assessment
The biogas market is gathering momentum from growing number of mergers, acquisitions, and contracts. Top players are leaning on improving the biogas production infrastructure considerably. Numerous companies in the biogas market are focused on adopting state-of-the art technologies for extraction of energy from agriculture waste.
Some of the aspiring players in the global biogas market are Biofrigas Sweden AB, Cryostar SAS, Wärtsilä Corp., EnviTec Biogas AG, Scandinavian Biogas Fuels, Air Liquide Advanced Business & Technologies, Swedish Biogas, Vanzetti Engineering S.r.l., and Cryonorm BV.
Biogas Market: Regional Assessment
Geographically, Europe held the leading share in the biogas market in 2018. Various countries in the region have pledged to lower the GHG emissions by 2050 by 80 – 95%. This will fuel the investment avenue in the biogas market. Also, the regional market has seen thriving opportunities from the strict implementation of the energy norms. A case in point is Energy Roadmap 2050.
Advances in biomethane production units have also boosted the regional market prospect.
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The Biogas Market has been segmented as follows:
Global Biogas Market, by Application
- Electricity & Heat
- Vehicle Fuel
Global Biogas Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of World
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