Global biogas market revenues are estimated to reach US$ 48,761.2 million growing at a steady 6.5 percent CAGR during the period 2016-2026, says a new research from Future Market Insights.
The industry was valued nearly US$ 24.5 Bn in 2015. Between 2016 and 2026, the global biogas revenues are projected to double, with Asia-Pacific (APAC) and Latin America among the key regions fuelling demand, the research said.
During the forecast period, the APAC biogas market is expected to attain fastest growth by registering an impressive 9.2 percent CAGR, while Latin America will account for more than 50 percent of the global biogas revenues.
In North America, adoption of biogas plants is projected to drop considerably, owing to the rising preference for solar power in the US.
By 2026-end, North America’s biogas plant will be valued over US$ 9.6 billion, while nearly 20,000 kilotons of volume will be sold in Western Europe. On the other hand, regions such as Middle East & Africa (MEA) and Eastern Europe will exhibit a comparatively nascent growth in terms of biogas revenues, through 2026.
Government initiatives will be one of the strongest growth drivers for the global biogas market, and rampant enactment of stringent environmental laws which curb the GHG emissions will actively promote the use of biogas across end-use industries.
In terms of sourcing materials for production of biogas, the global agricultural sector is expected to be the largest attributor for global revenues throughout the forecast period.
By 2026, over US$ 22 billion global revenues will be accounted by biogas sourced from agricultural waste, which will be nearly US$ 3 billion more than biogas emanating from municipal sources.
Throughout the forecast period, electricity applications will continue to dominate the global biogas revenues.
The variety of feedstock materials and their global availability favors the adoption of biogas systems in residential sectors around the world, the research said.
Additionally, increasing expenditure on waste management is directing surplus incentives for development of advanced & high-capacity biogas systems.
Although, the feasibility of using biogas as energy resource remains quite limited as large scale heating processes in heavy industries require high power output and low processing time, which cannot be availed through biogas plants.
Targeting production of biogas on a large and commercial scale is a major challenge for biogas companies. Air Liquide, Schmack Biogas and Wartsila are among the established players according to Future Market Insights’ report.
On the other hand, EnviTech Biogas and Scandinavian Biogas Fuels International are extending their market presence through strategic expansions, joint ventures, and partnerships.
Other prominent biogas manufacturers profiled in the report include, Asia Biogas, Greenlane Biogas, S.P. Renewable Energy Source, Swedish Biogas International, Agrinz Technologies, and PlanET Biogas Global.
editor@greentechlead.com