The growth of the global biomethane market is driven by the environmental benefits, energy security & successful waste management, versatility of applications.
NEW CASTLE, DELAWARE, UNITED STATES, September 4, 2023/EINPresswire.com/ — The global biomethane industry generated $3.1 billion in 2022 and is estimated to reach $5.5 billion by 2032, exhibiting a CAGR of 5.7% from 2023 to 2032.
Biomethane, also referred to as renewable natural gas (RNG), is produced either by gasification of solid biomass or by removing CO2 and other contaminants present in the biogas. Biomethane is widely used for generating power, fueling vehicle, and heating purposes.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝟐𝟔𝟕 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) @ https://bit.ly/3ONixhk
The growth of the global biomethane market is driven by the environmental benefits, energy security & successful waste management, versatility of applications and policies in support, and financial incentives & R&D. However, production involves complex technological processes, and there are ongoing challenges in optimizing these processes for efficiency and cost-effectiveness, which is hindering the growth of the market. Moreover, biomethane provides an opportunity to diversify the energy mix. Communities and countries are projected to reduce their dependence on imported fossil fuels by utilizing locally available organic waste materials. This enhances energy security and reduces exposure to geopolitical risks associated with fossil fuel imports.
Depending on the feedstock, the energy crops segment held the highest market share in 2022, accounting for more than one-third of the global biomethane market. It is also expected to grow at a significant CAGR of 6.0% during the projection years. This is attributed to their high energy content, which allows for efficient conversion into biomethane. Moreover, these crops are typically fast-growing and have high cellulose or starch content, which are expected to be easily digested by microorganisms during anaerobic digestion.
Depending on the production method, the anaerobic digestion segment held the highest market share in 2022, accounting for more than three-fifths of the global biomethane market. It is also expected to grow at a significant CAGR of 5.8% during the projection years. Biomethane produced through anaerobic digestion is considered a renewable energy source. It is derived from organic materials that would otherwise decompose and release methane, a potent greenhouse gas, into the atmosphere. In addition, ongoing advancements in anaerobic digestion technologies, process optimization, and supportive policies help to overcome these challenges and promote the broader adoption of biomethane as a sustainable energy option.
Depending on the application, the automotive segment held the highest market share in 2022, accounting for around two-thirds of the global biomethane market. It is expected to grow at a significant CAGR of 5.9% during the projection years. It is considered a low-carbon fuel because it is derived from organic waste materials rather than fossil fuel reserves. In addition, biomethane reduces emissions of air pollutants, such as particulate matter, nitrogen oxides (NOx), and sulfur oxides (SOx), compared to gasoline and diesel fuels. Using biomethane as a transportation fuel helps improve air quality and reduce the environmental impact of vehicle emissions.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global biomethane market revenue, and is likely to dominate the market during the forecast period. The region is also expected to witness the fastest CAGR of 6.0% from 2023 to 2032. Biomethane remains a significant component of the energy mix in Asia-Pacific. China has been actively promoting the production of biomethane as part of its efforts to increase the use of renewable energy sources. India has been investing in biomethane production from various organic waste sources, including agricultural residues, animal manure, and food waste.
𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬: –
– EnviTec Biogas AG
– VERBIO Vereinigte BioEnergie AG
– Future Biogas Ltd.
– Gazasia Ltd.
– Orbital Gas Systems
– PlanET Biogas Global GmbH
– CNG Services Ltd.
– ETW Energietechnik GmbH
– AB HOLDING SpA.
The report provides a detailed analysis of these key players in the global biomethane 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.
𝐖𝐚𝐧𝐭 𝐭𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐚𝐥 𝐃𝐚𝐭𝐚 𝐚𝐧𝐝 𝐆𝐫𝐚𝐩𝐡𝐬, 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬’ 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬: https://www.alliedmarketresearch.com/biomethane-market/purchase-options