Expansion in the agricultural sector and surge in government support for biogas infrastructure are the factors that drive the growth of the market.
PORTLAND, Ore., April 8, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Biogas Market by Source (Landfill Gas, Livestock Waste, Municipal Waste, and Others) and Application (Power Generation, Co-Generation, Buildings, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “biogas market” was valued at $59 billion in 2022, and is estimated to reach $88.6 billion by 2032, growing at a CAGR of 4.2% from 2023 to 2032.
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Prime determinants of growth
Growing environmental concerns, stringent regulations promoting cleaner energy sources, advancements in technology enhancing efficiency and accessibility, and government incentives and policies supporting renewable energy are key drivers fueling the demand for biogas and driving its market growth. By addressing these factors and leveraging the opportunities they present, we can accelerate the development and expansion of the biogas market, promote sustainable waste management and renewable energy production, and contribute to the global transition towards a more sustainable, resilient, and low-carbon energy system. However, high initial investment costs is anticipated to hinder the growth of the market. Nevertheless, the expansion of renewable energy is expected to offer lucrative opportunities for market growth in the coming years.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$59 billion |
|
Market Size in 2032 |
$88.6 billion |
|
CAGR |
4.2 % |
|
No. of Pages in Report |
250 |
|
Segments covered |
Source, Application, and Region. |
|
Drivers |
Expansion in the agricultural sector
Surg in government support for biogas infrastructure |
|
Opportunity |
Expansion of renewable energy |
|
Restraint |
High initial investment costs |
The livestock waste segment to maintain its lead position during the forecast period.
By source, the municipal waste segment accounted for the largest share in 2022, contributing to more than half of the global biogas market revenue, and is projected to maintain its lead position during the forecast period. It is projected to grow at a CAGR of 3.9% from 2023 to 2032. Municipal solid waste (MSW) can be a valuable feedstock for biogas production through anaerobic digestion, offering a sustainable and environmentally friendly solution for waste management and renewable energy production. Let’s explore the potential of using municipal waste for biogas production, its benefits, challenges, and opportunities.
Municipal waste typically contains a significant amount of organic materials, such as food waste, yard waste, and paper, which are suitable for biogas production through anaerobic digestion. Municipal waste is generated continuously, providing a consistent and reliable supply of feedstock for biogas production. Biogas production from municipal waste helps in diverting organic waste from landfill disposal, reducing the environmental pollution and greenhouse gas emissions associated with landfilling. The byproduct of anaerobic digestion, known as digestate, can be used as a nutrient-rich fertilizer, promoting soil health and reducing the dependency on chemical fertilizers.
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The co-generation segment to maintain its lead position during the forecast period
By application, the power generation segment accounted for the largest share in 2022, contributing to more than one-third of the global biogas market revenue, and is projected to maintain its lead position during the forecast period. It is projected to grow at a CAGR of 4.1% from 2023 to 2032. Biogas is an increasingly popular and sustainable alternative for power generation. It is produced through the anaerobic digestion of organic materials such as agricultural residues, animal manure, sewage, food waste, and municipal solid waste. Biogas can be used directly in gas engines or turbines to generate electricity, or it can be upgraded to biomethane and injected into the natural gas grid for various energy applications, including power generation.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global biogas market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 4.5% from 2023 to 2032. The biogas market in the Asia-Pacific (APAC) region has been experiencing significant growth due to increasing energy demand, rapid industrialization, growing agricultural activities, and a strong focus on environmental sustainability and renewable energy development. China is one of the leading countries in the APAC region in terms of biogas production and utilization. The Chinese government has been promoting biogas as a renewable energy source and has implemented various policies, incentives, and funding programs to support the development of biogas infrastructure, particularly in rural areas. India has a significant potential for biogas production due to its large agricultural sector and substantial organic waste generation. The Indian government has been promoting biogas technology through various initiatives, including the National Biogas and Manure Management Program (NBMMP), to address energy access, waste management, and environmental sustainability.
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Leading Market Players: –
Wärtsilä
EnviTec Biogas AG
Air Liquide
Hindustan Petroleum Corporation Limited
PlanET Biogas Group
BoxLNG Pvt. Ltd.
Bharat Biogas Energy Ltd.
Primove Engineering Pvt. Ltd.
GAIL Gas Limited
GPS Renewables Pvt. Ltd.
The report provides a detailed analysis of these key players in the global biogas market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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