Market Overview:
Biogas is a mixture of different gases produced by the breakdown of organic matter in the absence of oxygen. Biogas is a renewable source of energy and provides eco-friendly fuels for heating, electricity and vehicles. It is produced from biomass or organic waste from municipal and agricultural sources.
Market key trends:
One of the key trends in the biogas market is the growing focus on renewable sources of energy. There is an increasing focus worldwide on replacing conventional sources of energy with renewable and clean sources to reduce carbon emissions. Biogas production from organic waste provides an effective way to produce renewable energy while managing waste. This has driven investments in biogas production plants across regions. Governments in many countries offer incentives and policies to encourage biogas production, boosting the market.
The global Biogas Market Trends is estimated to be valued at US$ 65.5 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Segment Analysis
The global biogas market is segmented by feedstock into organic residue & slurry, municipal & domestic waste, agricultural waste, and others. The agricultural waste segment dominates the market and is expected to continue its dominance over the forecast period. Large amounts of agricultural waste are produced around the world from crop harvesting, animal husbandry, and agro-food processing. Agricultural waste is an abundant, inexpensive, and renewable feedstock for biogas production.
Key Takeaways
The global biogas market is expected to witness high growth, exhibiting a CAGR of 4.2% over the forecast period, due to increasing need for renewable sources of energy and growing concerns regarding the environment.
Regional analysis
Europe dominates the global biogas market, accounting for over 35% share in 2023. Countries like Germany, France, and Italy have well-established biogas infrastructure and favorable government policies that encourage biogas production and use. Asia Pacific is expected to be the fastest growing regional market over the forecast period due to the huge potential in India and China arising from growing agricultural and urban waste.
Key players
Key players operating in the biogas market are Air Liquide, PlanET Biogas, Wartsila, EnviTech Biogas AG, Robert Bosch GmbH, Asia Biogas, and Schmack Biogas GmbH. Air Liquide is one of the world's largest suppliers of liquefied biogas for transportation. PlanET Biogas is a leader in designing, building and operating biogas plants globally. Wartsila provides biogas upgrading systems and solutions.
For More Insights, Read- https://www.pressreleasebulletin.com/renewable-energy-sources-to-boost-the-growth-of-biogas-market-share-analysis/
