Biogas Market is expected to grow with a CAGR 4.1% from 2022 to 2028
As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e., Source, Application, and Region); the Global Biogas Market accounted for USD 59.1 Billion in the year 2021.
Biogas is considered to be a renewable fuel which is created by the breakdown of organic matter such as food scraps and animal waste. It can be utilized in ways such as vehicle fuel and for heating and electricity generation. The market is expected to witness growth because of the growing product demand from numerous packages including electricity, heat, automobile gas, upgraded Biogas, and cooking gas. Shifting cognizance toward using renewable energy, specifically in the electric power sector, has considerably pushed the demand for Biogas in electricity applications. In addition, the growing need to lessen dependency on fossil fuels is developing profitable possibilities for Biogas in automobile fuel applications.
Due to the COVID-19 pandemic, nations have passed through numerous regional and national degrees closing down residential, commercial, and industrial operations to include the spread of this viral infection. Various bioenergy tasks throughout the globe are dealing with major problems. Moreover, growth in the demand-supply gap, price volatility, and government policies including an accelerated emphasis in the direction of the bio-based products and incorporation of green initiatives are anticipated to influence the increase of numerous end-use industries. In phrases, of its instantaneously and long-term impact on industry and consumers, the COVID-19 pandemic has outpaced any headwind ever encountered.
“Key Factors Likely to Drive Growth of Biogas Market”
The increase of the worldwide waste-derived Biogas is anticipated to be pushed through a rise in environmental focus and growth in delivering concerns related to the use of fossil fuels. Moreover, speedy infrastructure development and upward push in energy demand from the commercial & business sectors act as the important factor driving the worldwide market. Furthermore, implementation of stringent pollution regulations, growth in the expertise of environmental conservation, upward thrust in concern about overuse of fossil fuels, and surge in company projects towards corporate social responsibility (CSR) activities are significantly contributing to the direction of the growth of the market.
However, the market growth is projected to be hampered in the coming years through steeply priced preliminary manufacturing setup costs. On the contrary, the surge in demand for renewable energy sources because of depleting fossil fuel resources and exponential growth in the populace is anticipated to offer profitable possibilities for the industry improvement during the forecast period.
Europe held the largest share in the Biogas Market and is expected to continue this trend in the forecast period.
Some of the key players in the Global Biogas Market include- Scandinavian Biogas Fuels International AB, Schmack Biogas Service, Gasum Oy, Total Energies, Agrinz Technologies GmbH, Homebiogas Inc., Xebec Adsorption Inc., DMT International, Air Liquide, Planet Biogas, BEKON GmbH, Wartsila Corporation, EnviTech Biogas AG, Greenlane Renewables, Asia Biogas and others.
Browse the full Report - Biogas Market Size, Share & Trends Analysis Report by Source (Municipal, Industrial, Agricultural), by Application (Vehicle Fuel, Electricity, Heat, Upgraded Biogas), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)