(MENAFN- PR Newswire)
SAN FRANCISCO, Oct. 26, 2021 /PRNewswire/ -- The global biogas market size is expected to reach USD 81.37 billion by 2028, according to a new report by Grand View Research, Inc . The market is expected to expand at a CAGR of 4.4% from 2021 to 2028. Electricity was the dominant application segment in 2020 with a revenue share of 30.05%. Shifting focus towards the use of renewable sources of energy, mainly in the electricity sector, has considerably augmented the demand for biogas in electricity applications. In addition, the growing need to reduce dependency on fossil fuels is forming lucrative prospects for biogas in applications, such as vehicle fuel. The COVID-19 pandemic is impacting product demand in heat generation applications.
Key Insights & Findings:
- In terms of revenue, the municipal segment accounted for a prominent share in 2020 and is projected to expand further at a steady CAGR over the forecast period
- Europe was the largest regional market in 2020 due to favorable regulatory policies along with high government investments
- However, it is likely to lose its share to the APAC regional market by 2028, which will lead the global market
- The MEA region is estimated to register the second-fastest CAGR from 2021 to 2028 on account of supportive initiatives by the regional governments
- For instance, the Dubai Municipality built a biogas plant at the Warsan sewage treatment plant with an aim to decrease carbon dioxide emission levels
- This project is guided by the Dubai Clean Energy Strategy 2050, and with this strategy, the city aims to become the world's minimum carbon footprint city by the year 2050.
Read 80 page market research report, " Biogas Market Size, Share & Trends Analysis Report By Source (Municipal, Agricultural), By Application (Vehicle Fuel, Electricity), By Region (North America, Europe, APAC, CSA), And Segment Forecasts, 2021 - 2028 ", by Grand View Research
Sluggish industrial activities have reduced the demand for heat consumption, thereby negatively affecting the market. The shifting priorities of consumers to focus on essentials, such as food and medicines, are further affecting the product demand in the cooking gas application segment owing to the high initial investments associated with setting up digesters. The growing trend of the circular economy, particularly in European countries, is shifting the focus of the food and beverage industries towards proper management of food waste to attain a zero-waste economy. Therefore, companies, such as Nestlé S.A., PepsiCo, Inc., and Unilever plc, have started directing some food waste to biogas production to generated power for manufacturing units.
The increasing adoption of biogas in Canada drives the market in North America. Biogas production is expected to increase owing to the high demand for fuel with low emission of harmful gases and the need for a reduction in Greenhouse Gas (GHG) emissions. Manufacturers are adopting strategies, such as mergers and acquisitions, to increase their production capacity and market share in the region. South Africa is expected to provide ample growth opportunities to the global market on account of rising concerns regarding GHG emission levels in the country. The country is focusing on developing its market to limit carbon emissions.
Grand View Research has segmented the global biogas market on the basis of source, application, and region:
- Biogas Source Outlook Source Outlook (Revenue, USD Million, 2017 - 2028)
- Agricultural
- Dairy
- Poultry
- Swine Farm
- Agricultural Residue
- Industrial
- Municipal
- Biogas Application Outlook (Revenue, USD Million, 2017 - 2028)
- Electricity
- Heat
- Vehicle Fuel
- Upgraded Biogas
- Cooking Gas
- Biogas Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Switzerland
- France
- Spain
- U.K.
- Russia
- Germany
- Italy
- Asia Pacific
- China
- India
- South Korea
- Australia
- Japan
- Central & South America
- Middle East & Africa
List of Key Players of the Biogas Market
- Biogas Fuels International AB
- Schmack Biogas Service
- Gasum Oy
- Total
- Agrinz Technologies GmbH
- HomeBiogas, Inc.
- Xebec Adsorption, Inc.
- DMT International
- Air Liquide
- PlanET Biogas.
Check out more studies related to renewable energy generation and sources, conducted by Grand View Research:
- Waste To Energy Market – The global waste to energy market size was valued at USD 31.0 billion in 2019 and is projected to register a CAGR of 7.4% from 2020 to 2027.The U.S. WTE market is projected to witness substantial growth.
- Waste To Diesel Market – The global waste to diesel market size was valued at USD 390 million in 2016. Globally, increasing demand from transportation, jet airways, construction, and automotive sector is projected to be a key factor.
Browse through Grand View Research's coverage of the Global Renewable Energy Industry .
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact: Sherry JamesCorporate Sales Specialist, USAGrand View Research, Inc.Phone: 1-415-349-0058 Toll Free: 1-888-202-9519Email: [email protected] Web: Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.
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