Imperative requirement to combat carbon emissions and improvisation in biogas digestion facilities are prime factors driving the growth in global biomethane market in the forecast period, 2023-2027.
According to TechSci Research report, “Biomethane Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, the global biomethane market stood at USD3944.28 million in 2021 and is projected to grow at a CAGR of 5.80% in the forecast period. The growing relevance of the decarbonization narrative and waste management methods are the key factors driving the demand for the global biomethane market in the next five years. An increase in the environmental concerns and stringent emission norms implemented by the government of various countries are accelerating the demand for alternate fuel automobiles. The volatility in crude oil/natural gas prices and their limited availability on earth are fueling the adoption of Bio-CNG vehicles across the globe. City gas distributors incorporating the supply of renewable natural gas in existing network of pipelines is supporting the mission of energy transition from Carbon based to Carbon Free economy. The rise in adequate infrastructure, better waste management facilities, and incentivized production support across the globe are aiding the growth of the global biomethane market in the forecast period.
The government is encouraging a sustainable environment and energy-efficient living to decarbonize energy which is expected to spur the demand for biomethane as they emit less carbon-di-oxide when ignited. The existing gas distribution setup is reliable and can be used to transport biomethane without disrupting the original pipeline integrity network. The call for better waste management has also attributed to the maturity of the biomethane market in broader prospects. However, the availability of substitutes like electric vehicles may deaccelerate the economic growth of the biomethane market in the forecast period.
Browse over 119 market data Figures spread through 110 Pages and an in-depth TOC on “Global Biomethane Market“
The global biomethane market is segmented into feedstock type, production method, application, region, and competitive landscape. Based on Application, the market is divided into Automotive, Power Generation, and others. The Automotive industry led the market with a market share of 48.85% in 2021. The rise in blending with natural gas and ongoing technological innovations in the waste digestion facilities bolster the production of biomethane across the globe. The entry of new market players and huge untapped potential in developing countries is expected to create lucrative growth opportunities for the automotive industry in the forecast period, hence contributing to the segmental growth.
Going through regional analysis, the European region dominated the market and held a market share of 53.88% in 2021 and is expected to maintain its dominance through the next five years. Countries like Germany and United Kingdom are undergoing massive technological advancements and are the fastest growing countries in Renewable Energy Sector. Rapid industrialization and immense installation of Portable biogas digestors in different countries of Europe are expected to boost the production of biomethane by wider limits. Consequently, with the enhancement in production, more private players would come up, resulting in the reduction in the production rates which further lead to balance of the demand-supply dynamics in global gas-based economies.
Major market players operating in the global biomethane market are:
- EnviTec Biogas AG
- CNG Services Ltd.
- Future Biogas Ltd.
- VERBIO AG
- PlanET Biogas Global GmbH
- Gazasia Ltd.
- Biogas Products Ltd.
- Schmack Carbotech GmbH
- The Southern California Gas Company (SoCalGas)
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“The growing awareness about Net Zero emissions and consistent development in the gas infrastructure to improve the efficiency of green automobiles drives the industrial transformation across the globe. The governments across the globe are laying the framework and promoting the implementation of industry 4.0 to drive the sustainable growth of the industries, thereby fueling the demand for biomethane for various applications. The rise in the number of plants and the growing adoption of novel technologies is expected to propel the global biomethane market growth till 2027”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Biomethane Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027 Segmented By Feedstock Type (Agricultural Waste, Animal Manure, Organic Household Waste, Energy Crops, and Others), By Production Method (Fermentation v/s Gasification), By Application (Automotive, Power Generation, and Others), By Region”, has evaluated the future growth potential of global biomethane market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global biomethane market.
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