A recent study on the biogas market by Transparency Market Research states that the global biogas market is anticipated to witness a steady rise in the near future. This is mainly due to the development of robust generation techniques that allow the production of biogas on a broad regional scale in an efficient manner. Growing energy security concerns have further supported the market’s growth as governments are investing in waste to energy projects. Moreover, there is a rampant imposition of stringent environmental laws to minimize carbon footprints. These factors have contributed to an uptake in the biogas market during the forecast period of 2015 to 2023.
Biogas Market to Propel at a 6.56% CAGR in Terms of Volume
The study on the global biogas market projects it to rise at a steady CAGR of 6.56% due to the introduction of new generation techniques for the production of biogas. The global biogas market is anticipated to record 39,845.58 kilo ton of oil equivalent by the end of the forecast period.
Prominent players in the market are resorting to collaborations and technology transfer to sustain their position in the global biogas market. For instance, Brightmark Energy LLC, a U.S. based company has recently acquired Wisconsin dairy biogas project that will convert 90,000 gallons of dairy waste per day into biogas. Similarly, Nat-Ur-Gas Solschen, a German biogas company is using Atlas Copco oxygen generator to produce clean and sustainable methane.
Apart from these collaborations, technological innovations such as the development of a system that converts seaweed into biogas and waste-to-energy conversion have propelled the global biogas market’s growth.
North America and Europe to Lead the Bandwagon of Biogas Market
The report projects North America and Europe to dominate the global biogas market owing to strict laws pertaining to carbon emissions. Moreover, the non-profit organizations and federal governments in these regions are making considerable contributions to the market’s growth in these regions. North America is following a three-legged sustainability model for biogas production. This model takes economic, social, and environmental sustainability into consideration.
Europe is pushing the envelope forward by establishing a goal of building a low carbon economy by 2050 that reduces GHG emissions by 80% approximately. It has laid down the Energy Roadmap 2050 that explores the methods of decarbonization of the energy system. Although other region vying towards biogas production, the U.S and Europe are the leading contributors to the global biogas market.
Rise in the Use of Biogas for Road Vehicles to Surge Growth
There has been a rise in the use and demand for natural gas vehicles (NGV) owing to advantages such as low emissions as compared to diesel and low fuel costs. Countries such as Brazil, China, Germany, India, Sweden, Switzerland, and Colombia have a well-established NGV infrastructure that promotes the use of NGV vehicles.
There are numerous technologies for biogas purification and upgrading available in standardized modules. This reliability of biogas production technologies has further supported the global biogas market’s growth.
Anaerobic digestion is the most popular method of biogas production across the world. This is majorly because the resultant biogas can be used to produce heat or electricity as well as a vehicle fuel. The heat and electricity application segment accounted for more than 50% of the biogas market’s share in 2014 and is expected to hold a leading position throughout the forecast period.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Biogas Market (Application - Electricity and Heat, and Vehicle Fuel) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 – 2023.”
The global biogas market is segmented based on:
- Electricity & Heat
- Vehicle Fuel
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World (RoW)
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