Transparency Market Research has published a new report "Biogas Market (Application - Electricity and Heat, Vehicle Fuel, and Others) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 - 2023" to its report store.
Albany, NY -- (SBWIRE) -- 12/15/2016 -- Global Biogas Market: Snapshot
Biogas is a mixture of different gases formed through processes such as anaerobic digestion and fermentation of organic matter with little or no oxygen. It is produced primarily from agricultural waste, municipal waste, plant and industrial waste, and sewage or edible waste. Biogas commonly finds application as a fuel for cooking, powering vehicles, space heating, and in generation of electricity and heat.
On account of it being an alternative renewable source of energy that leaves very little carbon footprint, its popularity has soared. Going forward, its market share in the global renewable energy portfolio is predicted to increase considerably on account of improvement in production technologies that would enable the generation of biogas much more efficiently on a broader scale. At present, the technology for producing biogas is not very sophisticated and has a lot of room for upgradation.
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The global biogas market is slated to expand at a substantial CAGR of 6.56% from 2015 and 2023. The market produced 22,488.0 KTOE in 2014 and the number is likely to go up to 39,845.58 KTOE by 2023.
Electricity and Heat Generation Applications to Dominate Market
Biogas so far has primarily found application in producing electricity and heat. Together the two accounted for about half the market in 2014 and are predicted to exhibit robust growth in the upcoming years as well. This is on account of a rising thrust on the usage of clean energy all over the globe which includes favorable regulatory policies to reduce dependence on highly polluting crude and fossil fuels. For example, the usage of upgraded biogas as a vehicle fuel is growing too due to stringent vehicle emission norms and its low cost.
Another important factor leading to the increased usage of biogas in electricity and heat generation is the unpredictable price swings and availability of crude and also the fast depleting fossil fuels like coal, which is used in thermal power generation. In the near future, the number of natural gas vehicles plying on the roads would likely increase, thereby boosting the segment's market share.
Regulatory Mandates Make Europe and North America Market Leaders
Geography-wise, the global biogas market can be segmented into Europe, North America, Asia Pacific, and the Rest of the World. Among them, North America and Europe are main markets. In fact, Germany was the leading producer of biogas in Europe in 2014. This is because Germany has numerous operational biogas plants. Besides Germany, other countries in Europe too, such as Sweden, the U.K., and France are adopting the eco-friendly biogas fuel to lessen greenhouse gas (GHG) emissions, especially in the transportation sector. The two continents are predicted to hold out a promise of growth in the coming years too on account of regulations to curb pollution.
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Other countries of the world, particularly in Asia Pacific, namely Malaysia, China, India, and Thailand, are building infrastructure for natural gas mainly to up the adoption of natural gas vehicles. The Asia Pacific countries are likely to emerge as hotbeds of biogas production on account of large amounts of agricultural waste and municipal waste generated. A key factor that might hurt the growth of the market in the region is the steep initial investments in setting up a plant and constructing miles long pipelines for transfer of biogas.
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