Biogas Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

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The Biogas by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Biogas, The biogas market size has grown strongly in recent years. It will grow from $76.05 billion in 2023 to $82.89 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to emerging markets growth, increased demand for clean energy sources, high environmental impact of conventional power generation sources, growing demand from the automotive and transportation sectors, and increasing fuel costs..

The biogas market size is expected to see strong growth in the next few years. It will grow to $110.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to government support, global population growth and urbanization, the shift to alternative sources of power generation, increasing global awareness to reduce greenhouse gas emissions, and increasing research and development (r&d) activities. Major trends in the forecast period include focusing on liquified biogas, new investments, technological advancements, product innovations, strategic collaborations and partnerships, and facility expansions..

The increasing research and development activities will support the growth of the biogas market. Biofuels are fuels produced from hydrocarbon-rich living organisms (biomass) such as plants or microalgae by thermal, chemical or biochemical conversion processes. As with fuels, biofuels such as biodiesel, biogas and syngas are combusted to generate energy. The research and development activities include manufacturing, processing, testing, and inspecting the materials by using different types of technologies for better products. For example, in January 2023, the US Department of Energy (DOE) announced over $100 million in funding to expand US biofuels production, as the Biden administration works to cut greenhouse gas emissions from transportation and meet climate goals. The department plans to award $118 million to 17 projects designed to accelerate the production of biofuels, which can be made from biomass including agricultural waste, soybean oil and animal fats. The funds add to the more than $500 million the DOE has put into bioenergy and biorefinery research and development over the past two years. Therefore, the increasing research and development activities will drive the biogas market.

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The biogas market covered in this report is segmented –

1) By Source: Municipal Waste, Industrial Waste, Agricultural Waste, Other Sources

2) By Application: Residential, Commercial, Industrial

3) By End-User: Power Generation, Heat Generation, Cogeneration, Other End-Users

Companies operating in the biogas market are focused on advancement in technologies to strengthen their position in the market. For instance, in February 2023, Volvo Trucks, a Sweden-based truck manufacturer, launched a new, stronger gas-powered truck that can run on liquified biogas. The Volvo FH (Forward control High entry) and FM (Forward control Medium height cab) gas-powered trucks have 500 horsepower added to their existing 420 and 460 horsepower engines. The gas engines also receive significant technological improvements that increase their fuel efficiency by up to 4%. This, along with a new, 10% larger gas tank, results in a greater range.

The biogas market report table of contents includes: