Biomethane Market Size to Grow USD 5.5 Billion by 2032 at a CAGR of 5.7% | Valuates Reports
BANGALORE, India, Feb. 8, 2024 /PRNewswire/ -- Biomethane Market is Segmented By Feedstock (Organic Household, Animal Manure, Energy Crops, Agricultural Waste, Sewage Sludge, Industrial Food Processing Waste), By Production Method (Anaerobic Digestion, Gasification, Fermentation), By Application (Automotive, Power Generation, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Biomethane Market was valued at USD 3.1 Billion in 2022, and is estimated to reach USD 5.5 Billion by 2032, growing at a CAGR of 5.7% from 2023 to 2032.
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Major Factors Driving the Growth of Biomethane Market
A favorable environment for biomethane is being created by governments throughout the world enforcing strict laws that favor renewable energy sources in response to growing worries about climate change. Technological advancements in manufacturing techniques increase productivity and reduce expenses, ensuring the economic viability of biomethane. Initiatives pertaining to the circular economy and the waste-to-energy trend support the market and are in line with sustainability objectives. Because of increased consumer awareness of environmental issues and its ability to diversify the energy mix, biomethane helps with energy security and is in high demand. Widespread biomethane adoption is facilitated by the development of infrastructure and connectivity with the gas grid.
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TRENDS INFLUENCING THE GROWTH OF BIOMETHANE MARKET
The global transition to sustainable energy sources and growing environmental concerns are driving the biomethane market's strong rise. Stricter laws are being implemented by governments and regulatory agencies throughout the globe to lower greenhouse gas emissions and support renewable energy. Sustainable natural gas produced from organic waste, biomethane, supports these environmental objectives. An environment that is conducive to the production and use of biomethane is created by supportive laws, incentives, and subsidies that further expand the market.
The market for biomethane gains from the increasing focus on waste-to-energy and circular economy projects. The idea of turning organic waste into useful energy is consistent with trash reduction tactics and environmental objectives.
By varying the energy mix, biomethane enhances energy security. Biomethane, being a locally generated and sustainable fuel, lessens reliance on imported fossil fuels. A diverse energy portfolio is becoming more and more important to businesses and governments, and biomethane's ability to supply a consistent and sustainable energy source goes a long way towards ensuring energy security. Consumers' growing consciousness of the environmental consequences of traditional energy sources has resulted in a sharp increase in demand for greener alternatives, such as biomethane. Customers' tastes are changing in the market, and more people and companies are selecting biomethane as a greener and more sustainable solution for their energy demands.
For the biomethane industry to flourish, infrastructure must be expanded. This includes modernizing facilities and adding injection points into already-existing natural gas networks. Biomethane can now be distributed and used more effectively thanks to integrated gas grid systems, opening up the fuel to a larger range of users. Continuous investments in the development of infrastructure support the biomethane market's scalability and competitiveness. Biomethane production is becoming more economically viable and cost-competitive as technology develops and economies of scale are achieved. Biomethane is becoming a more appealing alternative for investors and end users due to its declining production costs, which is further accelerating the market's growth trajectory.
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BIOMETHANE MARKET SHARE ANALYSIS
It is divided into power generating, automotive, and other segments based on application. The biomethane market growth was primarily driven by the automotive industry, which is expected to continue to dominate the market over the forecast years. It is projected that cars intended to run on liquefied natural gas (LNG) or compressed natural gas (CNG) would employ biomethane as a transportation fuel.
The biomethane markets in North America, Europe, Asia-Pacific, and Latin America are analyzed regionally. The biomethane market was led by the Asia-Pacific region in 2022, and this area is expected to develop at a higher CAGR of over 6.0% going forward. Japan has been investigating the synthesis of biomethane from various organic waste sources, including food waste, sewage sludge, and agricultural leftovers.
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Key Companies:
- CNG Services Ltd.
- PlanET Biogas Global GmbH
- VERBIO Vereinigte BioEnergie AG
- EnviTec Biogas AG
- AB Holding SPA
- Gazasia Ltd.
- Orbital gas systems
- ETW Energietechnik GmbH
- Future Biogas Limited
- Ecofinity
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