Biogas Market Size Worth USD 37.02 Billion, Globally, by 2028 at 5.4% CAGR
Fortune Business Insights
6 min read
Fortune Business Insights
The global biogas market size to grow from USD 25.61 billion in 2021 to USD 37.02 billion by 2028, growing at CAGR of 5.4% during forecast period. Factors such as development of new technologies, such as advanced anaerobic digestion techniques and biogas upgrading technologies, is driving the growth of the Biogas industry. Also globally increased demand for biomethane as a transportation fuel, grid injection, and heating fuel are boosting the biogas market.
Pune, India, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The biogas market size was valued USD 24.03 billion in 2020 and USD 25.61 billion in 2021 respectively. The global market size for biogas is predicted to grow significantly, reaching USD 37.02 billion by 2028, and is expected to grow at a CAGR of 5.4% over the forecast period of 2022 to 2028. This information is provided by Fortune Business Insights, in its report, titled, “Biogas Market, 2022-2028.”
According to analysts, government regulations and policies for reducing carbon emissions and promoting the use of renewable energy to help Biogas industry to flourish during forecast period of 2022 to 2028.
October 2019: Mazoon Dairy Company (MDC) inaugurated a biogas plant in Oman. The biogas plant is part of MDC’s strategy to utilize waste to generate energy and efficiently support waste management.
June 2020: Gasum inaugurated liquefied natural gas (LNG) and liquefied biogas (LBG) filling station near Arlanda Airport in Stockholm. The station is Gasum’s first in the Stockholm area.
Report Highlights:
Report Coverage
Details
Forecast Period
2021-2028
Forecast Period 2021 to 2028 CAGR
5.4%
2028 Value Projection
USD 37.02 Billion
Base Year
2020
Market Size in 2020
USD 24.03 Billion
Historical Data for
2017-2019
No. of Pages
220
Segments covered
Biogas Market Size, Share & COVID-19 Impact Analysis, By Feedstock (Organic Residue & Wastes {Biowaste, Municipal & Sewage, Agricultural Waste, and Others}, and Energy Crops), By Application (Electricity Generation, Heating, Combined Heat and Power, and Others) And Regional
Growth Drivers
Heavy Demand for Purified Biomethane Version to Bolster Growth
Emphasis on Increased Production Capacity by Major Companies to Consolidate Business
Driving Factor:
The growing inclination towards biogas with an aim to reduce dependence on oil and maintain sustainability can have an excellent effect on the market. The growing knowledge about the high-energy methane gas, which is an upgraded version of biogas, will spur opportunities for the market during the forecast period. For instance, Purified biomethane has similar properties as natural gas and also acts as a highly efficient and environmental-friendly fuel for natural gas cars or natural gas grid. According to the International Renewable Energy Agency (IRENA), biogas as vehicle fuel can reduce greenhouse gas emissions by about 60% to 80% compared to fossil-based fuels. Also, the shift from conventional fossil fuel to biogas owing to the rising global and environmental problems will bode well for the biogas market growth
Growth in the agricultural sector: The growth in the agricultural sector, particularly in emerging markets, is driving the demand for biogas systems for use in farming and agricultural processes.
COVID-19 Impact:
Unavailability of Raw Materials to Retard Development During COVID-19
There is a halt on bioenergy projects owing to the restrictions imposed on travel, work, industrial operations, and logistics & transportation. Moreover, the unavailability of raw materials, components, and technical support has adversely impacted the biogas market share. In March 2020, construction on the Tees Renewable Energy Plant (Tees REP), a 299 MW biomass power plant in the U.K., was suspended due to the COVID-19 pandemic. The social distancing protocols formed by the governments have resulted in fewer workforce, thus diminishing the production and operations during the pandemic.
Based on feedstock, the market is divided into organic residue & wastes, and energy crops. Organic residue & wastes are further divided into biowaste, municipal & sewage, agricultural waste, and others. Based on the application, the market can be segmented into electricity generation, heating, combined heat and power (CHP), and others. Geographically, the global biogas market is classified across five key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Regional Analysis:
Implementation of Stringent Policies to Aid Expansion in Asia Pacific
The market in Asia Pacific is predicted to witness a significant growth rate during the forecast period. The implementation of strict regulations to curb carbon footprint by the government in economies such as China and India will enable speedy expansion of the market in the region. According to the Indian ministry, the country generated approximately 1.45 lakh metric tonnes of waste per day, only 53 percent of waste was processed under the Swachh Bharat Mission (SBM), a flagship program of the Prime Minister. The growing emphasis on managing and treating solid waste will positively affect the market in India.
Various firms from across the world are progressively investing in organic and inorganic advancements in order to increase their worldwide market position. The majority of businesses focus on increasing their production capacity by adding new factories or expanding existing ones. Weltec Biopower, for example, established a biogas facility in Veria, Greece, in May 2020.
A List of Key Manufacturers Operating in the Global Market:
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