Biogas Market to Rise at a CAGR of 9% during Forecast Period, notes TMR Study
- Increasing the use of biogas as well as other renewable energy sources is likely to help reduce carbon footprint, which is expected to drive the global market in the forthcoming years
- Businesses in the biogas sector are focusing on rural areas to build facilities since biogas assists in handling the increasing volume of biomass
WILMINGTON, Del., Aug. 29, 2022 /PRNewswire/ — By 2030, it is expected that the value of global biogas market would be clocked at more than US$ 10.6 Bn. Demand analysis of biogas market anticipate the market to expand at CAGR of 9% during the forecast period, from 2020 to 2030. The forecast timeframe is likely to observe growth in the global biogas market due to increasing use of biogas in the power supply as well as automotive industries.
In order to reduce the price of biogas, businesses across the globe have recently made large investments in R&D. In recent years, technical developments have led to a fall in the price of biogas. In the foreseeable future, it is predicted to fall even further. In the forthcoming years, it is anticipated that this drop in biogas prices is expected to drive sales of biogas market in the years to come.
In developing nations, where a sizable proportion of the population still uses conventional firewood for household reasons like cooking fuel, biogas production firms are opening up significant development potential. Gandaki Urja Pvt. Ltd., a biogas factory in Nepal, is becoming well known for providing compressed biogas to consumers in Pokhra.
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Key Findings of Market Report
- It is difficult to address waste management challenges and achieve low greenhouse gas (GHG) emissions. Businesses in the biogas industry are seizing this potential to build tools that support a circular economy. Businesses in the biogas industry are expanding their R&D capacities to create tools that optimize and track the whole biomass conversion procedure by reacting to variations in gas composition and also humidity.
- The positive biogas market outlook is being driven by an increase in public concern for green energy and environmental safety. Growing public understanding about green energy and adoption of strict government laws on carbon emissions are pressuring businesses to offer highly efficient and pollution-free energy producing techniques. This is one of the emerging trends of the biogas market that is projected to raise demand in the global market.
- The need for waste treatment has increased due to rising discretionary income as well as living standards in emerging nations. Industrial effluents, sewage, agricultural waste all need to be handled and disposed of appropriately. Organic waste can be converted into biogas at biogas facilities, which can then be used to generate heat and energy. Organic waste is expected to offer largest opportunity for biogas market in the years to come.
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Global Biogas Market: Growth Drivers
- Over the past few years, public concern regarding pollution caused by coal and other fossil fuels has grown. Compared to combustion engines, biogas emits less pollutants. Thus, there is a growing emphasis on using green fuel to produce electricity and heat. Power solutions are anticipated to rely heavily on biogas. Due to the advantages biogas has for the environment, it is predicted that demand for it will rise in the coming years.
- Installations of brand-new, home biogas technology that are built by apprentice technicians continue to be found throughout South Africa. Pay-per-unit metres are being installed in private residences by biogas firms in East Africa. As a result, the biogas business has significant growth prospects in East Africa.
Global Biogas Market: Key Players
Some of the key market players are
- Scandinavian Biogas Fuels International AB
- PlanET Biogas Global GmbH
- Biofrigas Sweden AB
- WELTEC BIOPOWER GmbH
- Wärtsilä Oyj Abp
- Air Liquide S.A.
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Global Biogas Market: Segmentation
- Municipal Waste
- Animal Waste
- Agricultural Waste
- Power Generation
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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