The biogas industry is projected to increase from US$ 75 billion in 2023 to US$ 138 billion by 2033, demonstrating a CAGR of 6.3% from 2023 to 2033.
Because of all of its potential applications, biogas is in high demand on a global basis. As a result of multiple key dynamic forces, the terrain is changing at a rapid pace. Biogas is classified as a fuel because it is made from diverse organic wastes and is a renewable energy source. One of the primary drivers of the worldwide biogas industry’s rise is an increase in energy consumption. The worldwide biogas market is rapidly expanding in tandem with the demand for renewable energy.
The government is supporting biofuel and biogas in developing countries and assisting industrial expansion through a variety of programs. This component will fuel the global biogas market’s expansion over the forecast period.
The usage of biogas is widespread since it is seen as a safe and organic fuel. Over the anticipated term, the expanding use of biogas in various applications including vehicle fuel, cooking gas, heat, electricity and upgraded biogas is generating abundant prospects for the progress and expansion of the global biogas market.
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The demand for clean energy and low-carbon power is increasing, which is promoting the growth of the global biogas industry. Biogas is now being used to generate power in regions like Europe and North America. Additionally, many nations are cooperating, creating alliances, and concluding agreements to reduce greenhouse gas emissions and carbon emissions. The worldwide biogas market is expanding quickly as a result of this aspect.
Europe dominates the global biogas market. The construction of biogas facilities will be fueled by the ongoing shift toward a sustainable and circular economy and the growing emphasis on efficient ways to handle the waste. For the growth of the market, the European Union’s government is heavily spending on research and development.
KEY TAKEAWAYS
- The market for biogas in the United States is anticipated to grow at a CAGR of 5.9% through 2033.
- With a CAGR of 6.4%, the United Kingdom biogas market is expected to grow significantly during the forecast period.
- With a CAGR of 6.2% throughout the research period, Germany is predicted to grow rapidly in the market for biogas by 2033.
- The biogas market in China is expected to grow at a CAGR of 6.2% over the forecast period.
- With a CAGR of 5.9% throughout the research period, the market for biogas in India is anticipated to increase speedily.
- The agriculture category of the biogas market’s source segment is predicted to develop at a CAGR of 6.4% through 2033.
- In the market for biogas, the electricity section of the application category is estimated to showcase a CAGR of 6% over the forecast period.
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COMPETITIVE LANDSCAPE
Key companies in the biogas market are BioConstruct, EnviTec Biogas AG, Wärtsilä, Ductor, Air Liquide, Asia Biogas, SCANDINAVIAN BIOGAS FUELS INTERNATIONAL AB, Schmack Biogas GmbH, Swedish Biogas International AB, PlanET Biogas Global GmbH, S. P. Renewable Energy Source Pvt. Ltd, Agrinz Technologies GmbH, Greenlane Biogas and others.
To increase their biogas market share, these businesses have employed some strategies. They have employed both organic and inorganic development strategies, such as new product releases, acquisitions, corporate expansions, and collaborations, to boost its clientele and income.
RECENT DEVELOPMENTS
- In January 2022, with the German electricity trading firm Next Kraftwerke in Cologne, BioConstruct declared that it had signed a power purchase agreement (PPA). Delivering power from its biogas plants to its clients’ facilities is the responsibility of BioConstruct. The fixed-price PPA includes 86 biogas CHP units altogether.
- In April 2020, in Northern Poland, Ductor stated that it will be constructing three combination biofertilizer/biogas plants. The installed capacity of the first two of these plants is 0.5 MW, and the third will be 1 MW.
Key Segmentation
By Source:
- Agriculture
- Municipal
- Industrial
- Others
By Application:
- Electricity
- Heat
- Vehicle Fuel
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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