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July 30, 2019 | Energy & Power
WELTEC BIOPOWER begins construction of a new biomethane plant in the U.K. in February 2019. This biogas plant has the ability to produce 7.3 million cubic meters of biomethane and plans to provide energy to 9600 households. The rising demand for biomethane among households is driving the Global Biogas Market. Fortune Business Insights in a new study, titled “BIOGAS: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2018-2026” predicts that the global market was worth US$ 20,852.20 Mn in 2018 and is projected to reach US$ 29,984.92 Mn by 2026. As per the report, the global market is expected to rise at a CAGR of 4.65% through the forecast years. Biogas is a green fuel that helps to reduce waste production and minimizes the dependency on fossil fuels. The growing demand for energy across the world is expected to surge the biogas market share in the forthcoming years.
Biogas, a category of biofuel is produced when feedstock such as sewage waste, animal manure, and food scraps are decomposed due to lack of oxygen. This releases different gases, primarily carbon dioxide and methane. Biogas helps to curb carbon emissions to ensure a stable energy supply.
ENGIE’s Leading Position to Give Impetus to the Market
The report profiles some of the major players functioning in the global market. These players include Engie, Conveco S.r.l., DMT Environmental Technology, WELTEC BIOPOWER, EnviTec Biogas AG, Viessmann, Börger GmbH, Wärtsilä, WAMGROUP S.p.A., BEKON GmbH, Air Liquide, and BioConversion Solutions. Currently, ENGIE is leading the global market mainly on account of its strong worldwide presence and global customer reach. Several companies are planning to adopt strategies in order to foster the biogas market size. Some of the industry developments include:
Growing Need for Electricity Generation to Increase the Usage of Biogas
The use of biogas is majorly used in generating electricity. As per the report, the electricity segment is expected to surge the biogas market share in the forecast years. The demand for energy is increasing especially in developing countries, which is driving the electricity segment. This, coupled with rising concerns over clean fuel energy, is surging the usage of biogas predominantly for generating electricity. The increasing use of biogas as a biofuel for electricity generation has significantly reduced fossil fuel dependency in the past few years.
Improving Industrial Infrastructure to Boost the Market in Asia Pacific
Presently, Asia Pacific covers the maximum share in the global biogas market. Increasing biogas production is the primary factor responsible for positively impacting the growth of the market in this region. As per the European Biogas Association, the member states need to use 32% of renewable energy sources for energy consumption by 2030. This shows that the biogas market potential in Europe is likely to be high during the forecast horizon. Apart from Asia Pacific and Europe, Latin America is also expected to witness considerable growth in the forecast years. This is ascribable to the increasing demand for combined heat and power (CHP) generation and electricity across countries such as Chile and Mexico.
The market in North America is anticipated to grow at a higher CAGR over the projected horizon. Among countries in North America, the U.S. holds the maximum biogas market share owing to the rapid advancements in applications such as electricity, heating, and others. Driven by this, companies are planning to install biogas generators in their biogas plants to reduce carbon emissions and waste production.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/biogas-market-100910
The global biogas market can be segmented into the following categories:
· Organic Residues & Waste
· Biowaste, Municipal, Sewage
· Agricultural Waste
· Energy Crops
· North America (the USA and Canada)
· Europe (France, Italy, Germany, Spain, UK and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia and Rest of Asia Pacific)
· Latin America (Mexico, Chile and Rest of Latin America)
· Middle East & Africa (South Africa and Rest of the Middle East & Africa)