Key Highlights of Biogas Market
- The global biogas market is expected to expand at a CAGR of 6.62% during the forecast period. In terms of volume, the biogas market is anticipated to record 51,581.99 kilo tons of oil equivalent (KTOE) by 2027.
- Based on application, the electricity and heat application segment held dominant share of the global biogas market in 2018. It is also forecast to show a healthy growth rate in the upcoming years on account of a rising demand for clean energy globally. This includes the introduction of favorable regulatory policies towards greener fuels while reducing the overall global dependence on fossil fuels. Additional factors leading to the growth of the global biogas market and the applications of biogas in electricity and heat generation is the currently volatile nature of pricing and availability of crude oil. In the near future, the number of natural gas vehicles plying on the roads would likely increase, thereby boosting the segment’s market share.
- The biogas market in Europe is likely to expand at a significant pace during the forecast period. The market growth is attributed to the development of robust generation techniques that allow the production of biogas on a broad regional scale in an efficient manner. Growing energy security concerns have further supported the biogas market growth as governments are investing in waste to energy projects. Moreover, there is a rampant imposition of stringent environmental laws to minimize carbon footprints. These factors have contributed to an uptake in the biogas market during the forecast period of 2019 to 2027.
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Competition Landscape of Global Biogas Market
- Key players operating in the global biogas market are Cryonorm BV, Vanzetti Engineering S.r.l., Swedish Biogas, Air Liquide Advanced Business & Technologies, Scandinavian Biogas Fuels, EnviTec Biogas AG, Wärtsilä Corp., Cryostar SAS, Gasrec Ltd., Biofrigas Sweden AB, and others.
- Market players adopt various strategies such as mergers & acquisitions, investments in new plants, and technological innovations in order to boost their share in the global biogas market. For instance, Brightmark Energy LLC, a U.S. based company has recently acquired Wisconsin dairy biogas project that will convert 90,000 gallons of dairy waste per day into biogas. Similarly, Nat-Ur-Gas Solschen, a German biogas company is using Atlas Copco oxygen generator to produce clean and sustainable methane.
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