Growth Of Biogas Market 2015 – 2023
The global biogas market is growing at a CAGR of 6.56% from 2015 to 2023 in terms of volume. The market generated 22,488.0 KTOE in 2014. By 2023, the global biogas market is estimated to generate 39,845.58 KTOE, according to a research report released by Transparency Market Research, titled “Biogas Market – Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 – 2023”.
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According to the report, the global biogas market is primarily driven by the rising greenhouse gas emissions. The rise in the environmental pollution caused by GHGs has prompted national energy bodies to adopt cleaner fuel sources. The report expects multiple biogas plants to be planned and constructed over the given forecast period.The global biogas market is, however, restrained by the heavy installation costs as well as the high initial investments required.
Key segmentations of the global biogas market are done using the criteria of geography and applications. The application sectors of the global biogas market include vehicle fuel, electricity and heat, as well as other minor applications. The report states that the electricity and heat application segment was the largest segment of the global biogas market in 2014. The electricity and heat segment is also expected to keep growing at a fast pace in the near future.The report also predicts that the number of vehicles that use biogas or biogas sources as fuel will increase over the forecast period. The list of countries currently employing natural gas cars and other vehicles includes Malaysia, Thailand, India, China, Sweden, and Germany. Their growing adoption of natural gas vehicles is likely to boost the global biogas market.
Of the many countries that make use of biogas, Germany has an above average share in the market. The report cites the multiple biogas plants installed in the country as the reason for this.The report also mentions the dominance France, the U.K., and other European countries have had in the adoption of cleaner energy sources, including biogas.The key players in the global biogas market include EnviTec Biogas AG, Scandinavian Biogas Fuels International AB, Cryonorm BV, Biofrigas Sweden AB, Cryonorm BV, Gasrec Ltd., Cryostar SAS, Swedish Biogas International AB, Vanzetti Engineering S.r.l., Wärtsilä Corporation, and Air Liquide Advanced Business & Technologies.
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According to the report, most of the top companies involved in the global biogas market are vertically integrated firms that produce multiple offerings and services across the global biogas market’s value chain. High initial investment costs and fluctuating availability of feedstock continue to act as hindrances to the global biogas market.Multiple government bodies have boosted the global biogas market by providing incentives towards renewable and clean energy generation plants.Biogas is considered to be a clean source of energy and has received substantial attention over the past few years. The growing environmental concerns over emission levels have led to many governments and regulatory bodies to release mandates that make energy producers focus more on renewable sources than the conventional ones.
The global biogas market has been segmented as follows:
Global Biogas Market: Application Analysis
- Electricity & Heat
- Vehicle Fuel
Global Biogas Market: Regional Analysis
- Rest of Europe
- South Korea
- Rest of Asia Pacific
Rest of the World (RoW)
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